How big will the next round of stimulus checks be? $600, $1,200, $2,000, or even more?
Next week a third round of Child Tax Credit payments will go out to most American families. The official date for those stimulus payments, part of the American Rescue Plan, are scheduled to hit bank accounts by direct deposit on September 15. Those won’t be the only stimulus check payments going out to families across the U.S. though.
New reporting shows that a number of states across the U.S. are working on their own plans, including sending payments of $5,000 and $15,200 to some New Yorkers. Those are the largest stimulus checks being distributed anywhere in the U.S. to date. However, there are a number of other stimulus checks scheduled for households of differing shapes and sizes.
What stimulus checks have been approved as of now?
– California has approved one-time stimulus checks of $600 for a vast majority of families. In fact, two-thirds of the entire state’s population is eligible for these payments. They are expected to go out in the coming weeks. Officials there are optimistic that they will be fully distributed by late-October. Families that have children will also get an additional $500.
– Several states are paying teachers extra in form of a fourth stimulus check. Georgia, Florida, Colorado, Texas, and California are all participating. The checks range in value, but climb up to approximately $1,000 in select locations.
– First responders in Florida are also getting a one-time stimulus check. These will be worth approximately $600.
Is Congress considering any other stimulus checks?
The short answer is ‘yes and no’. A Change.org petition has garnered more than 2.8 million signatures and calls on lawmakers to approve another round of stimulus checks that would be worth $2,000 for adults and $1,000 for children. The petition cites ongoing recovery, as well as the lack of equitable recovery in communities of color, and poorer ones in general.
This would also secure another $1,000 stimulus check for families with children- in addition to the $2,000 for each adult.
Some lawmakers have expressed support for the measure, and have even called for more aggressive stimulus spending, but the Biden Administration has not shown any interest in making that a reality.
Extending the Child Tax Credit payments has been another option tossed around by some lawmakers. While there’s a very real push to make that a reality through 2025 – coming up with a way to pay for it has been a challenge for all lawmakers. It’s part of Democrats’ $3.5 trillion spending plan touted as the Biden Administration’s Build Back Better initiative.
What about past stimulus checks? Are those still going out?
The IRS is still processing past stimulus checks- and for families who have been waiting months, or even a year for tax refunds or stimulus payments- it will feel like a ‘new’ stimulus check when those arrive. However, the IRS does have a tool available called Get My Refund where taxpayers can see what stimulus checks they’re owed- and what ones might be coming soon.
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