Stimulus Check has been the talking point of Americans for the last two months. The money received from the government has benefited the people largely. The federal government designed the plan in March. They have sent out three rounds of stimulus checks so far.
The third round of payments was sent out by the IRS recently. The checks were worth $1400. People earning below $75000 were entitled to receive the stimulus payments. According to reports, the money provided is not enough to see the Americans for long. The amount received by the citizens will soon be used up.
Most households have a huge backlog of payments like rent. The shutdown made many Americans lose their jobs. This has resulted in high demand for the fourth round of stimulus checks. The childcare expenses have also added to the agony. However, the government has good news for the citizens.
According to a recent decision made, Joe Biden has extended child tax credit. The recipients can now enjoy an extended period of tax benefits for their dependents. Let us learn about the program in detail below.
Stimulus Check: Child Tax Credit Extended By The President
The fifth set of Child Tax Credit will also be reaching the household. The funding provides $300 to all kids below 6years of age. The children between 6-15 years will get $250 each. These payments will continue to be rolled out every month till the year ends. The payment for the current month is scheduled to reach beneficiaries on 15th November 2021.
In a recent announcement, the American President has provided good news. He has sanctioned an extension on the stimulus check for childcare. Initially, the government was keen on a two-year extension. However, Biden has settled for a year as of now. The payments have been sanctioned under the ” Build Back Better” program. Citizens must file their taxes within 15th November to qualify for the payments.