The IRS has just made a historic announcement that millions of families have been waiting months for. Remember when we told you we were going to unveil an update on the 4th stimulus checks? That is precisely what we have received and are going to share with you, especially after the rumors that are gaining more and more momentum. This is what will happen this May and you should know.
$2000 4th stimulus checks in May? Historic announcement from the IRS
Stimulus check is a one-time payment made to households of the United States to help ease financial losses and stimulate the economy during the COVID-19 pandemic. To date, the federal government has released three different tiers of stimulus checks from April 2020 to March 2021.
The first round granted $1,200 per individual and $500 for each eligible younger dependent. The second round provided relief of $600 per adult and dependent. The third draw increased the amount more to $1,400 for each adult and dependent child.
In all, the three stimulus packages sent $850 billion in relief. It helped provide basic needs like food and the day-to-day expenditures for millions of Americans at the peak of the pandemic. Congressmen and other people with interest groups are again pushing for a fourth round of $2,000 monthly checks until the inflation crisis is over.
They advocate for more stimulus checks as support for families and individuals in their economic recovery. However, whether the other round can get approved or not remains unclear, but we have the answer to your question: will there be a 4th round of stimulus checks in May? We´ll cover it now.
A massive petition and a historic response: what has happened in the Congress
A number of legislators and advocacy organizations have been adamant for more $2,000 stimulus payments to be distributed to Americans. Another presidential hopeful Sen. Bernie Sanders was among the most passionate ones and advocated for $2000 per month be sent to every American during the pandemic.
Sanders reasoned that the $1200 and $600 one-time stimulus payments were not enough for families that were becoming increasingly financially burdened because of the covid19 pandemic. He suggested $2000 per month for every American explaining that this would ‘create a bridge to the millions of Americans who need it the most .
An online petition started this 2024 asking for the federal government to provide $2,000 monthly payments got 3 million signatures. It also used arguments from the petition saying that “recurring checks would give stability and security” to people losing income because of the inflation crisis.
4th stimulus checks? Maybe, but not for now: that´s what will happen
With pressure for more $2000 stimulus checks not being off to a stop, a second wave of direct payments has not been passed in Congress as of now. It should also be noted that the recent Inflation reduction Act that was passed by Congress in August 2023 did not include any future stimulus checks for Americans.
The chances of another round of universal stimulus checks seem quite remote at this point in time. Although economists and other experts still believe that the streak of inflation might be over and the economy continues to expand, there’s much reasoning that additional checks are not necessary.
There is also a high deficit level in the federal budget after massive spending in addressing the pandemic meaning it is incredibly difficult to make more stimulus checks possible politically and economically. Some argue that the previous checks in 2020 and 2021 again were too general catering to all of Americans.
As you can see, so far everything is still guesswork after the IRS announced that they are analyzing the economic situation to give way to 4th stimulus checks. In any case, it is now clearer that the Government does not plan to distribute them in the short term, but that it does not rule out the possibility of doing so in the medium to long term. Perhaps the 2.5 million signatures that have been presented to Congress will have an influence.
