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Friday, July 1, 2022

Stimulus Check Update: Possibility Of 2 CTC Checks

Monthly direct stimulus check payments between the sums of $250 and $300 have already been pushed forward since the 15th of July to eligible families. The second half of the payment would be coming as a lump sum amount of $1,800 for the 2022 tax season. Most of the eligible families who had gone on to opt-out of the monthly payments will definitely be receiving the full sum of $3,600 in 2022, with families having a new dependent for whom they didn’t receive any cash for the year. 

Stimulus Check Payments To Restart In February

The administration of Joe Biden had nurtured hopes of continuing the advance child tax credit payments for another year- if not till 2025- which could have been possible with the Build Back Better plan. This would imply that most families would be receiving the stimulus check payment of $300 on the 15th of every month which would start the next year on the 15th of January. 

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This plan eventually got shelved when the Democratic Senator from West Virginia, Joe Manchin, refused to back the plan worth $1.9 trillion. With the Senate now adjourned for the new year, the IRS will now not have the required period necessary to bring about new stimulus check payment for the month of January, even if it were to go straight ahead in the first couple of days of next year. 

This means that on the 15th of January, most of the families might not be seeing a stimulus check payment of $300 arrive in their bank accounts for the first time over the last six months. Nevertheless, it has been reported that the Biden administration has been working on a bill that would see the payment restarting in February.

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