A sixth batch of $1,400 coronavirus stimulus checks have been sent out and includes people the IRS previously have on record.
More than $1.3 billion in checks were processed in this round after the IRS processed their 2020 tax returns. More than $300 billion has been sent to Americans via direct payments since March and the latest set of stimulus checks are worth $3.4 billion. More than 1 million payments were made by paper check while about 900,000 were directly deposited in bank accounts.
CNBC reports a recovery rebate credit has been added to this year’s tax form so people who did not get their previous stimulus checks can get them. The latest round of stimulus funds also includes additional payment for those who are eligible for more money now that their 2020 returns have been processed.
Stimulus payments have been paramount for millions of Americans who lost their jobs during the coronavirus pandemic. The payments have been so paramount, many workers across the country have been able to live off them while looking for better jobs and opportunities.
That has led to hiring shortages in the fast food, bar, restaurant, and hotel industries as workers hold out for better benefits such as paid time off and paid sick leave. Workers who previously took jobs with little benefits, now want companies and employers to do more for them and to protect them from the virus.
While business leaders across the country have blamed stimulus checks and government assistance for the hiring issues, University of Pennsylvania Professor Ioana Marinescu told the New York Times, it’s a bit more complicated.
“Right now what seems to be happening is that job creation is outpacing the search effort that workers are putting forth,” Professor Marinescu told the Times. “Compared to how people reacted last spring, it’s not that long ago, but the situation has changed a bit.
According to Marinescu, a decline in workers’ desire to pursue employment matters more when there are a significant number of job openings available. This is the likely situation as the economy slowly begins to reopen.
Many who received their stimulus check early in the year may be wondering if more help is on the way. It’s likely Democrats will push for a fourth stimulus check or recurring payments, while Republicans will counter, saying the country’s debt is already too high and workers need to get back to work.