The pandemic of COVID-19 led to a large-scale economic disturbance in the early months of 2020. In return, the federal government used stimulus checks to send these out directly to Americans so that they could pay for their necessities. The first round of stimulus checks was enacted in 2020.
The initial stimulus check was worth up to $1,200 per adult plus a maximum of $500 per child dependent. The CARES Act, designed to help protect the quality of life of the American people, was approved in March 2020. The second stimulus payment was worth up to $600 a person and $600 per dependent child.
In addition to the expanded unemployment benefits through the three COVID-19 aid packages, the economic relief included one-time stimulus checks of $1,200 individually and $1,200 each for child dependents, distributed in March 2021 via the American Rescue Plan Act.
The Reality Behind The 4th Stimulus Checks In 2024: IRS And The Rumors
The duration of a potential 4th stimulus check in 2024 or its amount is unclear at this moment. With the proposed personal amounts mentioned, a 4th stimulus check could financially be in line with $1200 – $2000 per person if the idea wins the green light.
The last offer the congress has put on the table similarly clustered stimulus check numbers to earnings, with those individuals with higher income only receiving reduced payments. Thus, this could also influence the magnitude of your fourth check.
The amount shown represents the down payment until the lawmakers reach an agreement on the new stimulus package and the President ensures the passage of the bill. Besides, looking at precedents is a great tool for predicting the size of a stimulus program.
