President Biden reportedly has plans for more stimulus check payments this year, and the next one could bring Americans more money than before. According to CNET, Biden is currently working on two more plans for putting money back into the U.S. economy: the American Jobs Plan and the American Families Plan. The American Jobs Plan is first up and is currently being drafted by the Biden administration and congressional leaders.
The American Jobs Plan would allocate $2 trillion to be used to boost the US economy by creating jobs that revolve around improving crucial American infrastructure. Once that is sorted, Biden intends to move on to the American Families Plan, which is likely still months away at this point. That bill may include new stimulus checks, as many political leaders have been calling on the president to make plans for the fourth round of direct stimulus payments to Americans, and many are asking him to increase the amount.
Among the other proposals that may be included in the American Families Plan, Biden may include two years of tuition-free community college, free pre-kindergarten instruction, extended paid family and medical leave, and student loan forgiveness. There might also be a proposal to increase the minimum wage from $11 to $15 an hour. This is something that has long been debated in Congress, and now that Democrats are in control of the presidency, the House, and the Senate, it is possible they may be able to accomplish this.
#IRS reminder: The first and second Economic Impact Payments were advance payments of the 2020 Recovery Rebate Credit. If you claimed the credit and the amount was different than you expected, #IRS explains why: https://t.co/6EhNVYKl6F #COVIDreliefIRS pic.twitter.com/f9nOHvsRh7— IRSnews (@IRSnews) April 21, 2021
The IRS is currently still sending out stimulus payments to those who are owed them, and is also sending out "plus up" payments, which are the difference between what a citizen received in their initial payments and what they were supposed to get. "These 'plus-up' payments could include a situation where a person's income dropped in 2020 compared to 2019, or a person had a new child or dependent on their 2020 tax return, and other situations," the IRS explained. The department later added, "Payments to this group — and the 'plus-up' payments noted above — will continue on a weekly basis going forward, as the IRS continues processing tax returns from 2020 and 2019."
The IRS continued, "For the first two batches of payments (which began processing on March 12 and March 19), payments were primarily sent to eligible taxpayers who filed 2019 or 2020 returns. People who don't typically file a return but who successfully used the Non-Filers tool on IRS.gov last year were also sent payments in these first two batches, either as a direct deposit or by paper check or an EIP Card, a prepaid debit card." The organization also clarified that no one who is owed a plus-up payment will have to do anything to get it.