The following week will see millions of citizens receiving another stimulus check- which will be deposited in their accounts through direct deposit. This stimulus payment is actually a new CTC payment, which will be the fourth one in a six-check series. The payments will be sent out from the 15th of October, according to major reports.
This payment will provide parents of eligible children with a few hundred dollars which would be extremely important during this pandemic. This payment has been made possible through the American Rescue Plan stimulus law released earlier, which had a funding of $1.9 trillion.
New CTC Stimulus check payment this week
Just like the earlier rounds of stimulus check payments, the current wave that will come on Friday will see billions of dollars from the coffers of the federal government to several millions of Americans. Again, the basic info for the payment remains pretty much the same. For every household with a child under the age of 17, the check on Friday would include a sum of $250.
For children under the age of six, the sum would be $300. And after Friday, the IRS would be sending a couple of more payments– one on the 15th of November, and the other on the 15th of December.
Citizens would also be receiving a companion benefit to these stimulus check payments, which would come in 2022. The stimulus law has already gone ahead and increased the maximum child tax credit amount that a family can receive- at $3,600. The law was structured in a way that it would benefit the families by allowing them to receive half of the payment at this point.
As it stands now, the stimulus check payments will be ending on the 15th of December. President Biden has gone on record saying that he would support a continuation of these payments if the need arises. But, such a thing to pass by Congress will definitely be a pretty difficult task.