The COVID-19 epidemic is already in its third year. The federal government of the United States of America has offered three rounds of stimulus checks or tax rebates to struggling residents.
The child tax credit program, which helped millions of families in the United States of America every year, is the most well-known of these. The American Rescue Act provided funding for the majority of these activities.
However, following President Joe Biden’s administration’s failure to pass the new Build Back Better bill – which aims to extend certain aid to middle and lower-income citizens and families in the United States of America – many economists, according to an article by Maite Knorr-Evans on AS.com titled “Can a fourth stimulus check happen in January 2022?” are concerned for the rate of recovery of the US economy without further federal aid in the form of stimulus checks.
To Get Started
According to Knorr-Evans, the Omicron variety has not considerably increased unemployment in the United States of America at this time.
As a result, even if the unemployment rate has increased marginally with the introduction of the Omicron version of the COVID-19 virus, Knorr-Evans points out in his paper that it still pales in comparison to the unemployment rates experienced during the pandemic.
According to As.com, several small businesses are voluntarily closing their doors in order to preserve their customers’ health as well as their profits.
Who Might Be Eligible for Stimulus Payments?
Furthermore, according to Knorr-Evens, the American Rescue Plan should ensure that states have the resources they need to help struggling firms, workers, and families.
However, whether and to what extent additional stimulus checks will be provided to help struggling businesses, the unemployed, and families remains to be seen, as 83 percent of the 5.7 percent funds for economic stimulus packages or relief provided for the pandemic have already been exhausted, according to figures from Knor-Evans’ article provided by the Center for a Responsible Federal Budget (CRFB).
As a result, it appears improbable that additional stimulus checks, advances, or payments will be made from the American Rescue Plan, at least for the time being. What occurs in actuality, though, remains to be seen.