The economic recovery and the introduction of the COVID-19 vaccine are two reasons why further aid is unlikely.
Angela Lang / CNET
During the first three rounds of Cover household expenses and meet other needs, a fourth payment is not on the short list of items to include . More help is on the way this week: On July 15, around 36 million eligible families will receive their first monthly advance payment of up to US $ 300 per child with the 2021 advance that will bring immediate financial relief.have helped many families
Some legislators had asked for more stimulus money in the spring. However, now many in Washington are arguing that given signs of economic recovery after the lockdown, this is less of a priority – like new unemployment claims to its lowest level since last year. At the same time, payment claims are gaining public support. With over 2.5 million signatures, a Change.org petition notes, “The true unemployment rate for low-paid workers is estimated to be over 20%, and many people have faced heavy debts from last year for things like utilities, rent and childcare.”
What does this mean for the fate of a fourth stimulus check? We’ll explain it below. As for other monetary matters, the government’s expansion of the child tax break gives parents the option of receiving monthly checks this year or a lump sum of up to $ 3,600 per child in 2022. That’s how it’s doneIf you haven’t received it yet and what to know about it . We keep updating this story.
What about the $ 2,000 recurring check petition?
A stream Change.org petition which has garnered nearly 2.6 million signatures, is calling on Congress to send out a fourth monthly economic check for $ 2,000 for adults and $ 1,000 for children for the remainder of the pandemic. The petition states that “the recovery has not reached many Americans” and points to the need for immediate controls and recurring payments so “we can stay afloat”.
According to a recent study, the first three incentive controls helped reduce hardships such as food insufficiency and financial instability. So far, during the pandemic, eligible adults have received a maximum of $ 3,200 and children have received a maximum of $ 2,500. For many families in need, this is not enough to recover from a decline in wages and benefits. While Change.org’s petition is on the verge of becoming one of the most popular on their website, whether it will have any impact is another question.
What about the proposals for stimulus money this year?
Since the White House Press Secretary Jen Psaki said:but she said he had already suggested what would be “most effective in the short term.”When March became law, the White House proposed two packages – the American Jobs Plan and the American Families Plan – neither of which called for further stimulus packages. On June 3, a press conference at the White House indicated that efforts would be focused on the infrastructure spending package. Biden is “open to a number of ideas” regarding economic aid,
The new reduced compromise of the bipartisan infrastructure agreement that the The White House announced on June 24th, contains nothing to do with “human infrastructure” – it is not about childcare, improved wages or vocational training. At the same time, the announcement states: “President Biden remains committed to the comprehensive agenda of the American Jobs Plan and American Families Plan.”
It has been a few months since Democratic members of the House and Senate called for another economic review. In late March, a group of lawmakers urged Biden to regular business stimulus payments in its next stimulus package. In May several members of the Committee on Ways and Means of the House made a similar request. Citing increasing poverty and rising American debt, they found that “most people spend relief checks on monthly expenses or essentials like groceries, utilities, rent, and mortgage payments.”
Look at that:
Child Tax Deduction: Everything We Know
What about aid funds that have already been approved?
The American Rescue Plan Act of March 2021 included three types of direct payments to individuals:
Stimulus checks:up to $ 1,400 has been spent on those who meet the requirements. It also goes to certain people in the form of money .
Child tax credit: A temporary extension of thefor 2021, send qualified families up to $ 3,600 for each child – you can Here. These monthly installments, which start this month, run through the end of the year with a final payment in 2022.
Federal unemployment benefit: One weekhas been extended to September 6, as has the pandemic unemployment benefit for gig workers and freelancers (self-employed). However, more than half of state governments have chosen to before September 6, so that millions of unemployed Americans in these states were cut off from these funds by mid-June.
So far, eligible U.S. families have received three stimulus checks amid the pandemic.
Sarah Tew / CNET
Could Washington approve more money any other way?
There is a lot to consider when assessing the future of family economic aid. The White House could put extra money in Americans’ pockets in the following scenarios:
If this increases the child tax credit permanently: Money from the advanced Extension of the extended child tax credit until 2025. Other aspects of the American family plan related to health care costs and sick leave also remain to be negotiated.is scheduled to start this week with monthly payments to families with low and middle income children. In a July 7 speech on the Build Back Better Agenda for Working Families, Biden called for
When there is a minimum wage increase: Some senators continue to look for ways towhich is $ 7.25 an hour. Some proponents want to raise the bar to $ 15 an hour, while others want to hit just $ 11 an hour. In recent years, many federal states, municipalities and companies have implemented minimum wage increases above the national level. However, the discussion of a new national hourly rate of $ 15 has encountered an obstacle in recent months and the likelihood of it being rolled out anytime soon is slim.
If it extends federal unemployment benefits beyond the fall: Some legislators originally requested that federal unemployment benefits be extended beyond Labor Day. However, dozens of states already have it Unemployment benefits should expire At the beginning of September as planned.early, and increased unemployment benefits are unlikely to continue beyond the expiration date in other states. On June 4, Biden pointed out that the temporary thrust in
In the meantime, here’s what to do if a. And we know that from about That will help you get cash through the child tax credit checks, which start on July 15th.