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Why another round of stimulus checks is unlikely

In this article:
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Yahoo Finance’s Denitsa Tsekova breaks down the outlook of further stimulus check payments.

Video Transcript

KRISTIN MYERS: Welcome back. Well, for those of you that were hoping to get a fourth stimulus check, I've got a little bit of bad news because it doesn't look like they will be hitting your bank accounts ever. We have Yahoo Finance's Denitsa Tsekova here with all of the details. Hi, Denitsa.

DENITSA TSEKOVA: Hi, there. So yeah, after the first three rounds of stimulus checks, there have been some expectations and [INAUDIBLE] about a potential fourth stimulus check. We sometimes even hear about a fifth one. But what we know so far is that this is really not happening. With the third round of stimulus checks, we have 165 million payments that have already been sent out. We have a very small number of payments that are still being sent out to payments.

What some people may be getting as a form of another payment, but that's not a first stimulus check, it's a plus of payments. Those payments were sent to Americans who didn't receive the full amount they're eligible for in the third round of stimulus checks. And the increased amount is based on their newly filed 2020 tax return.

So what we see from lawmakers is Democratic lawmakers previously called for recurring payments. They have also called for automatic economic triggers for those direct payments. But really, no further stimulus check is included in the legislation President Biden has suggested as his infrastructure plan, which is the next big legislation that is supposed to move through Congress.

And when it comes to Republicans, we see they've been critical about government support as the economy has been reopening. Particularly, we see 23 states opting out of federal unemployment programs, saying that they're overly generous and are a disincentive for workers to return to work. So for a policy such as another round of stimulus check, there is very little bipartisan support, if any.

ALEXIS CHRISTOFOROUS: So Denitsa, what can we expect, if it's not a stimulus check, what other kind of support or aid might we expect?

DENITSA TSEKOVA: Yeah, so the good news is there are too many provisions from the American Rescue Plan that are in place. So we have the advanced child tax credit payments, which are monthly payments. They're starting in July and ending in December. They're up to 300 per child. And workers can-- will get them very soon. And then another form of payment also under the American Rescue Plan is additional tax refunds for unemployed workers who filed their taxes before the American Rescue Plan. So they have a little tax break.

KRISTIN MYERS: All right, Yahoo Finance's Denitsa Tsekova here with all of those updates and a bit of bad news. Thanks so much for bringing that for us.