If you’re one of the millions of Americans waiting for another COVID-19 stimulus check in your bank account, it’s critical to understand both whether you’re likely to receive another payment and how much it will be for.
The answer isn’t so simple, but there are ways to find out if you’re eligible for more money and how much you might get.
Will you receive additional stimulus funds?
There is currently no federal legislation that has been signed into law to provide another stimulus payment. However, there are a number of proposals on the table in Washington D.C. that could result in more money in your bank account. As an example:
Some lawmakers have proposed funding to assist people in dealing with rising gas prices. The Big Oil Windfall Profits Tax and the Gas Rebate Act of 2022 are two of these proposals. Because gas prices have nearly doubled year over year, both would provide targeted relief.
As part of his signature Build Back Better legislation, President Joe Biden has proposed extending the expanded Child Tax Credit. The American Rescue Plan Act increased the Child Tax Credit for 2021 to $3,600 per child under the age of six and $3,000 per older child. Build Back Better would continue these payments in 2022 and possibly for several years after that.
Several states have also passed or are considering legislation to provide stimulus funds to their residents. California, Delaware, Indiana, and Illinois are among the states that have already authorized stimulus payments. Legislation is currently being considered in several states, including Pennsylvania.
What will the amount of your next stimulus payment be?
There is no guarantee you will receive another payment unless you live in one of the states that has already passed legislation to send out more stimulus money. So, unless the federal government acts, your next check could be zero.
If you live in a state where payments are distributed, you can usually find out how much money is coming by contacting your state’s Department of Health and Human Services or Department of Revenue.
If you do not live in a state that is receiving stimulus funds, you will most likely not receive any direct payments in the future. However, if the Big Oil Windfall Profits Tax passes, you could receive around $240 per year, whereas the Gas Rebate Act could provide monthly payments of $100. Build Back Better, on the other hand, could result in eligible parents receiving $250 or $300 per child per month.
It remains to be seen whether lawmakers in Washington, D.C. will act on any of these plans, but the chances are slim because the federal government is focused on other priorities and none of the proposals currently on the table have received enough votes.