Fourth Stimulus Check Is on the Way? Check Here
With inflation increasing day by day, stimulus checks have become a necessary means of survival for most people.
The federal government has also stopped giving out these checks. Instead, the US states are now responsible for handing out financial aid to struggling families. These stimulus checks are particularly important for low to medium-income families with different eligibility criteria.
Keeping in mind their importance, all of us must keep ourselves updated about the changing eligibility criteria and additional checks. You can find out the latest news of stimulus check updates down below.
Upcoming Stimulus Checks
The upcoming payment is due on November 15, 2021. Almost all families are eligible for it. However, it will be the second last Stimulus check to be given out.
Families with children below the age of 6 will get the aid of $300 per child. The amount is reduced to $250 per child for children between the ages of 6 and 17. Additionally, there are a few restrictions that come with increased income.
The expanded benefits for those who earn more than $75000 singly or $115000 as a couple per year. Moreover, you can get this aid even if your income is so low that you don’t have to file for tax returns. Refunds are provided fully for Child Tax Credit.
You can claim the Child Tax Credit if you think you are eligible even now! Nancy Pelosi, Speaker of the House, tweeted about this,
“Working families with kids who have not received monthly #BidenChildTaxCredit deposits to help with costs likely missed stimulus cash that Dems delivered too. For 2 adults and 2 kids, that’s at least $13,400 so far.
These families can claim their benefit.”
Future of Stimulus Checks
President Joe Biden wants to continue handing out checks for another year. Additionally, he wants to make the Child Tax Credit refund a permanent thing by passing a bill. Both of these topics are under consideration by the House of Representatives.
Only Senator Joe Manchin of West Virginia is not in favor of passing the bill. He believes the refunds should only be for working parents who file taxes. However, he hasn’t made his final vote till now.
States Without More Stimulus Funds
So far, Wyoming, Washington, Virginia, Utah, Rhode Island, Pennsylvania, Ohio, North Carolina, New Jersey, Nevada, Nebraska, Montana, Missouri, and Mississippi are among the top few states that won’t continue with stimulus checks.
However, they along with several other states are offering various unemployment aids to residents.
Senior Citizens Asking for Fourth Stimulus Check
The Senior Citizens League is pushing Congress to approve a fourth $1400 stimulus check. This will go to all Social Security beneficiaries to increase their purchasing power.
A Household Pulse Survey found that nearly five percent of seniors did not get sufficient food. Furthermore, eighteen percent struggle with covering daily expenses.
The SCL also reported that several seniors are “are cutting their spending on prescriptions and groceries because that’s the last thing they have left to cut.” They are also “splitting pills, taking prescriptions every other day, or simply not refilling prescriptions.”
There will be a 5.9% increase in Cost of Living Adjustments in 2022. However, it won’t be enough to counteract inflation.
A Social Security and Medicare policy analyst at SCL found that “over the past 21 years, COLAs have raised Social Security benefits by 55 percent. But, housing costs rose nearly 118 percent and healthcare costs rose 145 percent over the same period.”
Build Back Better Framework
President Biden is working on the Build Back Better Framework which will extend enhanced Child Tax Credit for another year. The Framework wants to make the tax provision refundable permanently.
President Biden explained it saying,
“The Build Back Better Act will provide 39 million households up to $3,600, or $300 per month, in tax cuts per child by extending the American Rescue Plan’s expanded Child Tax Credit. This historic tax cut will help cover the cost of food, housing, health care, and transportation and will continue the largest one-year reduction in child poverty in history.”
The extension will greatly benefit low-income families who couldn’t claim the credit if their income was below $2500. Moreover, most parents could only claim a part of the credit and not all of it.
However, by making the Child Tax Credit fully refundable, all tax-paying parents with eligible children can claim $2000.