Good news: Ten million Americans are getting a pretty sweet bonus year despite the tight economy and the ongoing coronavirus pandemic. It’s just that the bonus isn’t coming from your employer – at least not the bonus we’re referring to. No, that is the sum of all economic stimulus money that the federal government will distribute by the end of this year. Comprehensive things like Stimulus checks, and at least two tax credits (the Income Tax Credit and the Extended Federal Child Tax Credit).
It’s all part of a somewhat frantic effort by government leaders to keep too many Americans from overturning financial advantage. And it doesn’t even take into account everything the government is trying to do about it. Like the new, more targeted eviction moratorium announced the CDC this week. The idea is that too many Americans being evicted from their homes could adversely affect public health and make the pandemic worse.
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The economic stimulus money 2021
As expected, middle-class and lower-income Americans will benefit most from the distribution of stimulus funds this year.
Check out the graphic below, from The Motley Fool finance websiteto get a feel for things in their entirety. As you can see, there is a huge drop in stimulus money for people who are making more than $ 247,400. Most of the money is available to Americans in the lower income brackets. That total is $ 3,590 for people at the lowest point on the income scale.
The federal government’s one economic check this year accounts for the largest part of this economic money. It’s usually for $ 1,400. And while millions of Americans have already received this money, some of those checks are still going through.
On July 21st, announced the IRS that more than 171 million of these payments have been distributed since March 12th. They represent a total value of more than $ 400 billion in stimulus money for Americans.
In terms of tax credits, the big advantage here is the temporarily expanded federal child tax credit. The credit is paid out depending on whether a family has one or more eligible children (and meets the income requirements).
Families will receive half of the full amount as a normal tax credit for the next year. The other half is upfront this year. And not all at once. This half consists of six stimulus checks, which are paid monthly through December 15th. The first check came on July 15th and the next one comes a week from Friday – August 13th to be precise. Read more from the IRS here, as in our previous reporting.
As already mentioned, this information again relates to benefits at the federal level. In addition to all the stimulus money, individual states are also doing their own thing. Millions of Californians, for example, receive a stimulus check for $ 600 next month. The $ 1.9 trillion stimulus bill of March also channeled billions of dollars into states to be used for rental support.
The National Low Income Housing Coalition maintains a list of a few hundred rental assistance programs across the country that can help bring a portion of the federal grant to people in need. In general, you must be a tenant struggling to pay your rent and / or utility bills due to the pandemic.
See the list at this link above to find a rental assistance program near you. In Illinois, renters and landlords can apply for grants of up to $ 25,000 to cover up to 15 months of rental payments between June last year and this month.
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