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Recurring $2,000 stimulus checks coming? New $500 payments happening now

Calls are growing louder for a fourth $2,000 stimulus check to most Americans. A petition calls for recurring payments of $2,000 in form of stimulus check to adults and $1,000 to children.

The petition calls for $2,000 payments to adults and $1,000 payments for kids immediately. It also calls for the payments to be made regular throughout the remainder of the coronavirus pandemic.

Altogether 2.8 million people have signed the petition, and hundreds of thousands are signing on each month. Around 80 Democrats in Congress have supported additional stimulus payments this year. Another 21 Senators urged President Joe Biden to support a fourth round of stimulus checks.

RELATED: IRS tells Americans to pay back thousands in stimulus checks

However, he has remained silent on the issue – battling a number of other high-profile crisis’ from the White House.

“These payments help keep families out of poverty, but they also act as economic stimulus by increasing spending and supporting jobs,” a letter from Democrats to House and Senate leadership read. “Now is the time for boldness.”

A number of economists have supported the idea of direct aid payments in form of stimulus checks for the duration of the coronavirus pandemic. Especially as enhanced unemployment benefits ended earlier this month.

“Regular, lasting direct stimulus payments will boost consumer spending, driving the economic recovery and shortening the recession,” the economists argued in a separate letter.

What would it take for a fourth round of stimulus checks?

It would likely take further uptick in cases and hospitalizations against COVID-19. While this has been happening in parts of the U.S. where vaccination rates remain low – the trend has been going the other way in vaccinated communities. In fact, federal health officials said that cases had been showing signs of leveling off last week, even as hospitalization rates continued to increase.

One larger problem with the prospect of a fourth round of stimulus checks involves economic activity. In all previous instances, stimulus checks were viewed as a measure to combat the economic lockdown that had occurred in 2020. Without another lockdown of that sort it’s not clear if anything could convince enough members of Congress or Senate to greenlight additional cash payments to people in form of a fourth stimulus.

$500 stimulus check is available to some right now

Similar to the child tax credit payments going out to families across the U.S. each month – most are eligible for a one-time payment of $500 to cover an adult-age dependent. This is anyone who’s up to 24 and attending college full-time.

As always, you can check out the IRS website to learn more about what’s available to you now.

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