At this moment in time, there are no government plans for a fourth round of stimulus check, despite petitions calling for more stimulus.
The House Budget Committee has formally approved President Biden’s massive $1.9 trillion stimulus package on Friday, Feb 26th, aimed at fighting the COVID-19 pandemic and the country’s economic fallout. In June and July, an additional 2.2 million stimulus checks valued at more than $400 billion have been disbursed. Of the 2.2 million payments, 1.3 million went to those who lacked contact information to the IRS but recently filed a tax return. The remainder went to those who updated their 2020 tax return, earning them a bigger stimulus check. Currently, the IRS states it will continue to send out the payments on a weekly basis and urges taxpayers to file their 2020 tax return to get those benefits.
Though a growing chorus of activists and lawmakers are calling on Biden to cancel $50,000 in student debt for borrowers, student loan relief is absent from Biden’s $1.9 trillion stimulus proposal.
Yet cancelation on student loan may happen in the near future, since Biden has repeatedly indicated that he intends to use executive authority to quickly enact key policy initiatives, and student loan relief is likely to be among those early actions.
President Joe Biden wants to have the COVID-19 relief plan approved by March 14. However, if the Senate makes any changes to the bill, it would then have to go back to the House for approval again.
According to the first round of stimulus checks in April 2020, it would take one to two weeks for the federal government to start distributing money. So if everything goes alright and the IRS is able to keep with previous timelines, you can start receiving stimulus checks from late March to early April.
Moving massive amounts of money into the hands of people who need it is a big job with many moving parts. Unfortunately, scammers also get involved. They may try to get you to pay a fee to get your stimulus payment. Or they might try to convince you to give them your Social Security number, bank account, or government benefits debit card account number.
If you get any calls, text messages, or emails with such intentions, don’t let yourself be tripped up. Always bear in mind that most people don’t have to do anything to get their money because the IRS will use the same payment method – direct deposit, Direct Express debit card, or paper check – used to send you your tax refund, Social Security, retirement, or other government benefits money.
People who didn’t include direct deposit info on their 2018 or 2019 returns can now enter their Cash App account and routing numbers on IRS’ “Get My Payment” web portal and get paid electronically - instead of waiting weeks. You can find information about your Cash App account and routing numbers by tapping the Banking tab on the bottom left of your Cash App home screen.
Besides, it is possible that a second or even a third round of stimulus checks would be approved. In the process of giving out a tremendous amount of money, many problems have been reported including low efficiency, which resulted in desperate waiting of a bunch of people who really need it. In reaction to this, there is a voice for the adoption of mobile apps to build a mobile payment system. Square's Cash App, PayPal's Venmo, and bank-owned Zelle have reportedly all contacted the US government to offer to help it distribute the funds. We offer you a free & safe download of these apps.
As a cash transfer mobile tool launched by Square in 2013, Square Cash allows users to directly send money to each other from a linked debit card, credit card, or any available funds in your Cash app. SquareCash is available for personal and business use and creating two accounts for different payment use is highly recommended. For business account users, Square Cash lets you request payments at the price of 2.75% per transaction.
Launched in June 2012 by PayPal, Venmo is a mobile payment allowing users to make direct money transfers or card payments between friends using a mobile phone app. To use Venmo service, you need to link to your credit card, debit card or checking account. Users can store some money in Venmo or cash them out to a bank account immediately. Venmo has also recently added a feature that enables websites and businesses to add payment services.
