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Saturday, June 25, 2022

Stimulus Check Update: Will The Parent Keep Getting Their Checks Or Will It End In December?

The Child Tax Credit Stimulus checks can be extended into 2022, which would allow some parents to be eligible to receive more payments.

The expanded Child Tax Credit provides payments of up to $3,600 per child and the parents will receive the last monthly check, in December, unless the law changes.

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Most parents will receive another round of payments of around $250-$300, for one child, in December. This will be the last stimulus check that the families will get in this year.

And, unless lawmakers take action, it could be the last coronavirus relief payment they ever receive.

Why Can This Be The Last Stimulus Check In December?

When the American Rescue Plan Act was signed into law in March, much of the attention focused on the $1,400 stimulus checks that would be delivered to the majority of Americans. The act was also responsible for creating the expanded Child Tax Credit, however, which was actually worth more money to families.

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There was already a CTC stimulus check on the books that allowed parents checks of up to $2,00 for every child, but only $1,400 of this amount was refundable. Many people who needed it the most, could not get the entire amount.

These payments were also not made in monthly installments and the parents claimed the credit when filing their taxes, so it often just offset a tax bill or made a refund slightly larger, rather than providing funds throughout the year when families needed the money.

This expansion of the Child Tax Credit stimulus check was put into place only for one year, so the 15th of December payment might be the last one families receive. However, Democrats recently passed legislation in the House of Representatives called the Build Back Better Act. This act would extend payments for an additional year.

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