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Tuesday, August 9, 2022

Stimulus Check Update: Recent Developments

Quite a few legislators have been thumbing through proposals for a fourth stimulus check until the end of the pandemic- but it isn’t an easy process. The stimulus proposal involves recurring payments that will be in operation until the end of the pandemic- and currently, there are two opposing sides at play regarding its introduction.

Just the previous year saw the federal government ramp up the pandemic assistance for its citizens with a sum of $3,200 for every adult. Individuals also received $1,200 under the Coronavirus Aid Relief and Economic Security Act of March 2020. The Biden administration launched the American Rescue Plan that has delivered a sum of $1,400 to its citizens. 

A Fourth Stimulus Check In The Works?

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The latest in the series of economic boosts is the Child Tax Credit payment, which has also been referred to as the CTC Stimulus Check. Under this scheme, eligible families will be provided a sum that can reach up to $3,600 per child for every child under the age of 6 years. The advance tax credit payments will also have an annual sum of $3,000 per child between the ages of 6 and 17. The first of the Child Tax Credit payments began on the 15th of July- which was also the first of six payments that would be done over the course of 6 months. 

As far as the fourth stimulus check is concerned, a petition under Change.org was launched almost a year ago by Stephanie Bonin- which has been gaining massive traction. Bonin stated that it took Congress almost nine months to bring out a second stimulus check payment- but the demand for it was such that it got over immediately. This implies that the government needs to start accelerating the process of the stimulus payments. Yet, there is a possibility that this might not come to fruition.  


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