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Saturday, May 28, 2022

Can We Expect A 4th Stimulus Check In 2022?

The federal administration is preoccupied with the infrastructure bill and the social spending bill and there are no indications yet that a 4th stimulus check is in the works. But other forms of financial assistance are in the offing to alleviate the economic downturn caused by the pandemic.

The online petition calling for a monthly stimulus check, initiated by restauranteur Stephanie Bonin has garnered almost 3M supports. But the petition, which is set to become change.org’s most supported petitions, is unlikely to elicit much response from the federal government.

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But other efforts are underway to extend existing support measures, such as the enhanced child tax credit stimulus check. the child tax credit payment is an advance against the 2022 income tax returns and pays parents $300 per month for 6 months for children below 6 years, which is half the total amount.

For children between 6 and 17, the monthly stimulus check works out to $250 per month for each child.

 The rest 50% of the amount will be adjusted against the income tax return next year. it will be either a stimulus check of the rest of the amount or a deduction against taxes if any income tax is payable by the taxpayer.

The Build Back Better Bill Could Extend The CTC Stimulus Check

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The enhanced child tax credit could be enhanced under the Build Back Better Act worth $2.2T. the bill has moved through the House on November 19 and is currently before the Senate. It passed, the child tax credit stimulus check could be extended till 2025 as initially proposed by President Joe Biden.

But the bill faces an uphill task in the Senate. Two Democratic Senators are against the Bill, and in an equally balanced Senate, that could be the tipping point. Krysten Sinema and Joe Manchin have expressed reservation over certain aspects of the bill.

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