While some nonprofits and politicians are already enthusiastic about bringing the possible 4th round of stimulus checks, over 1.2M economic impact checks haven’t yet been cashed. The payments relating to the economic aid from the 1st round of payments in form of aid haven’t yet been cashed, reports Boston Herald. The paper with the data was obtained from the IRS under the Information Act.
The IRS believes that around 1,245,338 uncashed payments represent the total crowd that either didn’t cash, paid back, or refused to receive the check. The primary reason was the CARES Act, signed on 27th March 2020. This is the statement of the IRS to the Boston Herald.
Which States Have The Highest Number Of Uncashed Stimulus Checks?
Out of all the states, California stands out with the highest number of uncashed stimulus checks that comes to around 123,265. Florida is on number two with around 92,018 uncashed stimulus checks. Texas stands at number 3, with New York standing at number 4 and Pennsylvania standing at number 5. Inside New England, the first position is occupied by Massachusetts with around 27,689 uncashed checks.
Connecticut is in the 2nd position with 13,353 uncashed checks. There are around 5,859 uncashed stimulus checks in New Hampshire which are at number 3. The next three spots are occupied by Maine (5,426 uncashed checks), Rhode Island (4,190 uncashed checks), and finally Vermont with 3,168 uncashed checks.
Lawmakers Seem Enthusiastic About The Fourth Round Of Stimulus Checks!
While the pandemic is still raging, more American people require additional economic relief because of their struggles. A strong congressional committee is calling for one more additional series of stimulus checks for such, particularly struggling families. While the $1400 third stimulus check is still getting sent, 7 Democrats from the Means Committee and House Ways are writing letters to President Biden for pushing on the 5th and 4th rounds of stimulus checks to assist Americans with food, housing, and various other payments. This committee is responsible for overseeing taxation and government budgeting. Around 15 percent of the total members present inside this committee signed this letter.
The letter mentions that there are several families around who still worry about the amount that they have to pay in the future for essentials as America continues to battle recession and the fearsome global pandemic. The letter of 17th May doesn’t specify the amount to be included in the economic relief aid but the possibility of sending two more extra rounds of stimulus checks. The letter doesn’t talk about numbers as such! The letter also specifies that another 5th and 4th stimulus check might help the country get on its feet and rescue around 12M Americans from slipping into poverty!
The number of Americans in poverty can be reduced from 44M to 16M in 2021 with the combined effect of the Recovery Plan for Americans and the direct payments mentioned by the letter’s text. Previously the letters seeking additional relief from the congressional committees used to get signed by over 80 lawmakers of the Democratic Party. The change.org petition has managed to collect around 2M signatures from Americans on this subject.
How Much Probable Is This 4th Round Of Stimulus Checks?
The fate of the 4th round of stimulus checks is still unclear. While there is massive support from the Democratic Lawmakers in this subject, the 4th round has a lot of major hurdles in its path. The 3rd round slipped through Congress because of the budget loophole. The 3rd round was also lacking the crucial bipartisan support but it managed to slip through Congress. Since that round, various governors of the Republican Party have refused the insurance benefits for the COVID unemployment Program.
Their argument is based on the belief that direct payments make people collect money by only staying home instead of working and joining a job. Such similar criticisms will also be likely to appear on the upcoming additional direct payments. Also, Nancy Pelosi, one of the top Democratic Lawmakers, seems unusually quiet on this subject. She seems far more enthusiastic about the infrastructure plan of President Joe Biden.
When asked about the checks Jen Psaki, press secretary, White House, responded by commenting that while Congress still hasn’t proposed this plan, the payments are not free.
How Much Should You Expect In Your 4th Round Of Stimulus Checks?
Since the start of this pandemic, the federal government has already issued 3 direct payments. The CARES Act sent direct payments of $!200 to the Americans just one year ago. At the end of 2020, the administration approved direct payments of around $600/person. After this payment, came the 3rd stimulus check of $1400. The recent series of COVID economic aid amounted to around $376 bn. The checks were sent to around 159 households via direct payments.
Employers Running Out Of Raw Materials And Employees!
While the businesses in the United States are wanting to boost their production and hire new employees, they find themselves short of both raw materials and employees in a few industries. Last month the journey of recovery of the job market in America hit the doldrums. The reason being, many businesses ranging from hotels and restaurants to construction companies and factories are struggling to find adequate workers for strengthening their production.
They are also in worry about catching up with this constantly strengthening powerful economic rebound! The hiring slowdown of last month has a lot of factors. Around 3M American people are still not getting out of their houses and looking for a job because of the fear of the deadly Coronavirus.
This news is confirmed by the government surveys. Last month, a major chunk of the women workforce lost their jobs. They are reluctant to work but stay home and care for their children. In addition, manufacturers, automakers, and construction companies are not getting proper parts due to the major clog in the supply chains.
They have no option but to slow down their production. In April, both these sectors stopped hiring new employees. Some businesses are also blaming the government for this slowdown in their production. According to them, the jobless benefit of $300/week is discouraging the unemployed Americans from working. The Department of Labor has reported that some companies have managed to contribute to job growth for 4 straight months.
The government was however forced to reduce its estimate relating to the number of jobs added by a total of 78,000 from March and February. However, with the employers looking for adequate employees to resume their production, some Americans appear to be looking for work. This means that they will be slipping into the column of unemployed Americans if they fail to find jobs immediately. This exact scenario took place in April, with the rate of unemployment rising from 6 percent to 11 percent.
