Monthly Stimulus Checks: New Bill Proposed in CongressPublicado:
New Stimulus Bill Would Pay Adults Up to $1,200 Per Month
There’s a new proposal in Congress that would create a program for monthly stimulus payments. There is also an ongoing petition on Change.org that shows public support for a $2,000 monthly stimulus check.
The federal government has authorized and distributed three rounds of stimulus checks so far, but many are wondering if a fourth round of stimulus checks could be on the horizon.
Will There Be Another Stimulus Check?
The new stimulus proposal was recently introduced by Rep. Ilhan Omar (D-Minnesota). It’s called the Sending Unconditional Payments to People Overcoming Resistances to Triumph (SUPPORT) bill, and it would provide up to $1,200 as monthly stimulus payments for adults and $600/month for children.
In a statement, Rep. Omar said, “For too long we have prioritized endless growth while millions are homeless, hungry or without healthcare. The pandemic has laid bare these inequalities. We as a nation have the ability to make sure everyone has their basic needs like food, housing and healthcare met.”
So will there be a 4th stimulus check? While Rep. Omar’s bill does have backing from some progressive members of Congress, the proposal would have to pass in Congress as well as the Senate before it can reach President Biden’s desk for his signature.
Stimulus Checks: Round 1
The Coronavirus Aid, Relief, and Economic Security Act (a.k.a. CARES Act) was signed into law by President Trump in March 2020. This bill created the first round of stimulus checks, which are worth up to $1,200 per person (or $2,400 for a married couple that files jointly). Eligibility is based on your annual income, which was reported on your 2019 or 2018 federal tax return for most people.
Stimulus Checks: Round 2
The COVID-Related Tax Relief Act of 2020 was signed into law by President Trump in December 2020. This was the second major stimulus legislation and it created a second round of stimulus checks. The stimulus payments included in this bill are worth up to $600 per person (or $1,200 for a married couple that files jointly), plus an additional $600 per child. Eligibility is also based on your annual income.
Stimulus Checks: Round 3
The American Rescue Plan Act was signed into law by President Biden in March 2021. This bill created a third round of stimulus checks, which are worth up to $1,400 per person (or $2,800 for a married couple that files jointly) with an additional $1,400 for each qualified dependent/child.
The IRS has an online tool you can use to look up the status of your stimulus check. The “Get My Payment” system is updated by the IRS every 24 hours and provides information about your stimulus payment, when it was (or will be) sent out, and the method of delivery (Direct Deposit or paper check via USPS mail).
$1,000 “Thank You” Stimulus Checks for Teachers
The American Rescue Plan provided approximately $350 billion to state and local governments for pandemic-related aid. With these funds, some states have decided to give teachers and other school staff members a “Thank You” Bonus stimulus payment of up to $1,000 per teacher. The states that are currently taking part in this program include: California, Colorado, Florida, Georgia, Tennessee, and Texas.
$600 State Stimulus Checks for Californians
The state of California has authorized two rounds of state stimulus checks (Golden State Stimulus I and II) for qualified residents. The second California stimulus payment is worth up to $600 per person, plus an extra $500 for eligible households with children.
RELACIONADO: How Stimulus Checks Affect Your 2020 Taxes
Pagos mensuales anticipados del crédito fiscal por hijos
The American Rescue Plan expanded and increased the Child Tax Credit for many families. Thanks to the latest stimulus package, the Child Tax Credit is temporarily worth up to $3,600 for each qualifying child under age 6 and up to $3,000 for each qualifying child between age 6 and 17. Also temporarily, it is fully refundable and no longer includes the requirement for people to earn $2,500 annually in order to claim the credit.
Some households are eligible for advance payments of the Child Tax Credit, which is a new feature introduced by the American Rescue Plan. The advance funds will be sent as monthly payments on July 15, August 13, September 15, October 15, November 15, and December 15 of 2021. Monthly payments are worth up to $300/month for each child under age 6 and up to $250/month for each child age 6 through 17.