A popular online petition seeking $2,000 monthly stimulus payments for "every" American continues to gain traction, with the total number of signatures reaching 3 million. Most Americans are still unemployed, and many have suffered significant financial hardship as a result of the ongoing COVID-19 pandemic.
Although the economy is improving and unemployment is reducing, millions of Americans feel the federal government should issue a fourth stimulus check or recurring monthly payments to help families and individuals. The Change.org petition asking that every American be paid $2,000 per month has exceeded 2.63 million signatures as of early Saturday afternoon.
Americans urge for more stimulus checks
The petition's current objective is to collect 3 million signatures, and scores of members of Congress have already expressed support for more stimulus funding. Following President Joe Biden's inauguration in January, Democrats pushed through an extra COVID-19 relief package in March, which distributed $1,400 third stimulus checks.
Meanwhile, more than 80 Democratic members of Congress have openly stated their support for giving Americans more stimulus checks. Many people have endorsed the Change.org petition's request for $2,000 per month direct payments. Since last spring, Vermont Senator Bernie Sanders and other prominent progressives have encouraged their legislative colleagues to approve recurring payments to Americans, as per Newsweek.
Multiple factors appear to be working against more stimulus checks. The economy's recovery from COVID-19 is gaining traction, as demonstrated by the better-than-expected 850,000 jobs gained in June.
The Biden administration has shifted its focus to other important issues, such as the huge infrastructure bill. Perhaps most striking, the Democratic-controlled Congress' new $3.5 trillion budget proposal includes another round of relief payments.
The ongoing relief assistance amid the pandemic
One argument against further stimulus checks is that the government already helps those who are trying to make ends meet and cope with debt while the pandemic's impacts persist. In the previous week alone, more than $20 billion in stimulus money was disbursed.
The IRS started distributing direct payments to families with children on Thursday as part of a beefed-up child tax credit. The most recent pandemic relief package, which President Joe Biden signed in March, included a one-year increase in the credit's maximum per-child amount from $2,000 to $3,600.
Biden has suggested extending the increased child tax credit until at least 2025, and top Democrats such as House Speaker Nancy Pelosi want the move to be permanent. According to the Internal Revenue Service (IRS), around 35 million households will receive the first child tax credit payments, totaling over $15 billion. The IRS has launched a helpful website for parents to check their eligibility and track their payments.
The IRS began issuing a new batch of 4 million refunds to Americans who were unemployed last year on Wednesday. Officials estimate that the returns are worth an average of $1,265, amounting to a total of $5.06 billion.
The IRS says it will continue to issue refunds for unemployment taxes paid throughout the summer. You'll get your refund automatically if you've previously filed your taxes and are entitled for one. However, because the IRS is dealing with a 35 million tax return backlog, refund delays are conceivable.
Emergency rental aid of $46.6 billion has been made available at the state and local levels for renters who have been unable to afford the cost of housing. Renters who qualify may be eligible for up to 18 months of the rent reduction.
The extent of assistance varies by state. Some states provide tenants up to $4,600 per month if they qualify. Others are offering lump-sum payouts of up to $25,000 in some cases. You must demonstrate that you are in need to receive rental help.
Homeowners who are facing foreclosure due to their inability to make their mortgage payments can also apply for stimulus aid. The COVID aid measure passed in March established a $10 billion homeowner help fund, with the District of Columbia and Puerto Rico receiving at least $50 million. You can apply through your state's or territory's housing agency, according to MoneyWise via MSN.
Monthly stimulus checks will help struggling families
The IRS's distribution of child tax credit is the first of six new monthly stimulus checks that will be distributed to an estimated 35 million American families. There will be one every month from now until December. On Thursday, the IRS provided the following key facts regarding the first wave as per BGR:
- Direct deposit payments should already be in the bank accounts of the recipients. Paper checks, on the other hand, will take a few days to arrive in the mail.
- Payments were provided to qualified households who submitted income tax returns in 2019 or 2020.
- These IRS stimulus payments are made regularly. If a family is qualified for the funds, they are not required to do anything.
When it comes to eligibility, there isn't much to it. The stimulus checks are based on the number of children in a family. " Each payment is up to $300 per month for each kid under the age of six," the IRS stated in a Thursday summary of the $1.9 trillion stimulus package passed in March.
Alternatively, payments of up to $250 per month for each kid aged 6 to 17 will be made. Unless they unenroll, anybody who receives a payment this month will receive a payment every month for the remainder of 2021, according to the IRS press release.