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Friday, August 12, 2022

Stimulus Check News: Some People Will Get A $3,600 CTC Stimulus Check In 2022

The fourth stimulus check is a distant reality and the only payment that Americans can hope for is the second phase of the Child Tax Stimulus payments. The enhanced CTC payments were signed by President Biden within the $1.9T American Rescue Plan.

The CTC provides between $3,000 and $3,600 for every child depending on their age. While the lower amount is for children between 6 and 17, the higher amount is for children below the age of 6.

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The amount was distributed in phases. The first phase of this stimulus check was divided into 6 monthly installments of between $250 and 300 starting July 2021 through December 2021.

The rest 50% will be given to the families against the 2021 income tax returns to be filed in 2022. It will either be deducted from the income tax payable or sent as a refund stimulus check.

Multiple Petitions For Another Round Of Federal Stimulus Checks Have Not Yielded Any Results

There have been appeals for the fourth round of federal stimulus checks, but it has not elicited any response from the federal administration. A fourth stimulus check thus at this stage seems highly unlikely.

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There have been several affirmative trends in the economy, including a high vaccination rate, a recovery in the stock market, and the return of the unemployment rate close to pre-pandemic levels. The inflation rates remain extremely high at 7.5%, but that doesn’t seem to have affected influenced the federal administration enough to announce another round of federal checks.

States have got into the act with funds sanctioned by the federal government. New York State has approved the plan to support struggling residents. These include children who live in multi-generation households and domestic violence victims. This will help such individuals during the difficult months of the pandemic.

The one-off payment worth $64M is expected to cope with diaper costs, food expenses, and assistance for relocation for domestic violence survivors.

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