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Fourth Stimulus Check Update: How Much Should You Get Soon?

Stimulus Money
Millions of average American families will receive $3,340 Stimulus Money before 2021 ends. (Photo: WBTW)

The continuing epidemic has driven up the cost of living in the United States to unprecedented levels. This is why people are still clamoring for financial assistance and a fourth stimulus checks in any form.

The cost of living adjustment for Social Security in 2022, formally known as Cost-Of-Living Adjustments (COLA), is expected to be the highest in decades. In July, the consumer price index increased by 5.4 percent, and it is expected to rise to 6.2 percent by next year. For comparison, this year’s rate was just 1.3 percent.

Two suggestions have been made, and one stimulus check program has been started since costs have risen to hazardous levels.

Fourth Stimulus Check: Online Petition For $2000 Monthly Payments

Stephanie Bonin started a Change.org petition to request a fourth stimulus payment to help qualified Americans. She is urging Congress to provide immediate assistance to families with a $2,000 payment for adults, a $1,000 payment for children, and monthly checks for the length of the crisis. They require quick checks and regular payments, according to Bonin, to keep our heads above water.

$2,000 Monthly Stimulus Checks

Petition for $2,000 Monthly Stimulus Checks gains more than 2.8 million supporters (Photo: ABC7 News)

Many Americans agreed with her and signed a petition in favor of the idea. The online petition has received 2,874,800 signatures out of a total of 3 million as of this writing. The online petition has even received official recognition “one of the most popular Change.org petitions “

The US House of Representatives and Senate, on the other hand, have yet to recognize the incredible achievement of this internet petition.

Fourth Stimulus Check: $1400 for Seniors

According to CNBC, the hike may come from increased Medicare Part B premiums and greater taxes on senior benefits next year. The Senior Citizens League brainstormed and came up with a concept for non-taxable stimulus payments to avoid this.

Last week, the group sent their ideas to other similar organizations and got over 100 responses and support.

More than 50 elders spoke about their concerns. Due to rising grocery costs, several of them have reduced their food intake to just one meal each day. Other seniors are unable to afford their prescription medications due to a lack of funds.

The Senior Citizens League intends to make contact with Congress as soon as possible. The group did not provide any details about the program’s timetable or plan.

ALSO READ: $1,400 Stimulus Checks Might Be Given to This Group, Will You Qualify?

Fourth Stimulus Check: $600 for Californians

Some California residents who filed and submitted their 2020 tax returns should have received their second Golden State Stimulus payments by now. Others may get their money through physical mail, CNBC said. The following are some essential points to remember regarding the payment:

  • Marca said payments vary from $500 to $1,100 depending on the eligibility;
  • The second round of Golden State Stimulus Checks raised the gross income limit from $30,000 to $75,000 for the first time;
  • Some individuals who qualified for the first check may also be eligible for the second;
  • Californians who do not have a Social Security number may still get their payment using their individual taxpayer identification number (ITIN).

According to a CNBC poll, most stimulus cheques were used to pay for food, bills, and Medicare or pharmaceutical assistance programs. Many Americans are expecting good news on the fourth round of stimulus funds.

RELATED ARTICLE: Tax Refund Delay? Here’s Why Your Payment Is Delayed, IRS Says

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