It’s been almost three years since the federal government approved stimulus checks in response to the COVID-19 pandemic. Although the pandemic is no longer a threat, people have been expecting another stimulus check in 2024. Every now and then, the internet and social media is abuzz with rumors of a fourth round of stimulus checks. The truth, however, is that any planned stimulus check in 2024 and beyond is highly unlikely for now.
Why no stimulus check in 2024?
Congress approved three bills at the time of the COVID-19 pandemic that included stimulus checks, officially called the Economic Impact Payments (EIP). The three stimulus checks totaled over $3,000 per person, and the last round of payments was sent in March 2021.
Specifically, the first round of $1,200 was issued under the CARES Act in March 2020; the second round of $600 in December 2020; and the last one of $1,400 under the American Rescue Plan in March 2021.
Rumors of a fourth stimulus check started circulating online after the approval of the third stimulus check. Though it’s been almost three years since the approval of the last round, these rumors are still ongoing.
Rumors of a stimulus check in 2024 are largely because many are still struggling despite billions of dollars of stimulus checks already sent. This, however, doesn’t guarantee a stimulus check in 2024, at least for now.
The primary objective of the Economic Impact Payments was to provide immediate financial relief to people affected by the pandemic and boost the economy. Now that most people have recovered from the pandemic’s financial impact, the focus of lawmakers is on economic recovery.
For a stimulus check to be a reality in 2024, Congress would need to pass legislation authorizing the payment, and then President Joe Biden would have to sign it into law. A search of congressional legislation, however, shows that no such legislation has been initiated.
Moreover, the IRS and U.S. Department of Treasury websites, which carry information on Economic Impact Payments, do not mention a fourth stimulus check either.
You can still claim unreceived stimulus payments
Although a fourth stimulus check in 2024 or beyond is highly unlikely, people can still claim the earlier stimulus checks if they have not received them. In November, the IRS even issued a reminder that Americans who haven’t yet claimed the original federal stimulus payments can still claim them.
Taxpayers need to file a tax return for either 2020 or 2021, or both, and claim the Recovery Rebate Credit to get the missing stimulus payment. Taxpayers can claim the 2020 Recovery Rebate Credit by May 17, 2024, and the 2021 Recovery Rebate Credit by April 15, 2025.
Even though there may not be a stimulus check in 2024, people can still benefit from the rebate and credit payments their state could offer. Some Pennsylvanians, for instance, can get $1,000 extra following the expansion of the property tax and rent rebate program by Governor Josh Shapiro.
