If you’re one among the millions of Americans counting down the days until another COVID-19 stimulus check arrives in your bank account, you’ll want to know whether you’ll get another payment and how much it will be.
The answer isn’t straightforward, but there are methods for determining whether you’re eligible for additional money and how much you might receive.
Will you receive further stimulus funds?
There is currently no federal legislation that has been passed into law to offer another stimulus payment. However, in Washington, D.C., there are a number of suggestions on the table that might result in more money in your bank account. For instance:
- Some lawmakers have proposed funding to assist individuals in dealing with increased petrol prices. The Big Oil Windfall Profits Tax and the Gas Rebate Act of 2022 are two of these proposals. Because gas prices have roughly doubled year over year, both would provide targeted assistance.
- As part of his flagship Build Back Better program, President Joe Biden has suggested extending the increased Child Tax Credit. By 2021, the American Rescue Plan Act increased the Child Tax Credit to $3,600 per child under the age of six and $3,000 per older child. These payments would be continued under Build Back Better in 2022 and possibly for several more years.
Several states have also approved or are proposing measures to offer stimulus funds to their populations. California, Delaware, Indiana, and Illinois are among the states that have already approved stimulus money. Pennsylvania, like other states, is now considering legislation.
What will the amount of your next stimulus payment be?
There is no certainty that you will receive another payment unless you live in one of the states that have already passed legislation to dole out more stimulus money. So, unless the federal government acts, your next check might be zero.
If you live in a state where payments are being made, you can usually find out how much money is coming from your state’s Department of Health and Human Services or Department of Revenue.
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If you don’t live in a state that is receiving stimulus funds, you are unlikely to get any direct payments in the future. If the Big Oil Windfall Profits Tax passes, you might get roughly $240 per year, while the Gas Rebate Act could provide monthly payments of $100.
Build Back Better, on the other hand, might result in qualified children’s parents earning either $250 or $300 per month.
It’s unclear whether politicians in Washington, D.C. will act on any of these recommendations, but the chances are minimal given the federal government’s other priorities and the difficulty in garnering enough votes for any of the present options.