United States lawmakers signed the American Rescue Plan Act into law in March, which gave the largest funds out of the three coronavirus relief bills in direct financial support to households that will be distributed throughout the year.
Families can expect to receive an average of $6,660 if they have children, but the actual amount you receive is based on several different factors. Additionally, much of the money that was set aside to support American households has not yet been delivered.
Stimulus Checks?
The Tax Policy Center revealed that a married couple who have two children can expect about $6,660 in stimulus checks this year. There are two ways that families can receive this money, from the regular payments worth $1,400 and the expanded child tax credit that gives $3,600 for children under six years old and $3,000 for kids six years and older.
But some families can expect to get more money as about 500,000 low-income households in the United States who have two or more children will get about $10,000. The financial support will more than double the annual income of some of the most struggling families, the Motley Fool reported.
Families who have fewer children will not get as much due to not receiving the same amount in child tax credit. The average married couple who has an income of less than $30,000 can expect to receive about $3,041 in stimulus checks. Income caps of the child tax credit and stimulus checks also mean that families with higher incomes will get less relief money.
While it is highly unlikely for a fourth stimulus check to be passed due to a lack of support from lawmakers, there are still several states who plan to provide relief payments. California is set to provide its Golden State Stimulus that would give about $500 to $600 to eligible families, Marca reported.
Relief Payments in the United States
Those in Colorado who have received at least one unemployment payment from Mar. 15, 2020, to Oct. 24, 2020, will be able to receive $375. But individuals who have higher incomes that qualified for more than $500 per week in unemployment benefits will not receive the additional payment.
Teachers in Florida, on the other hand, can expect to receive $1,000 bonuses from a $216 million fund. The payments began being distributed earlier this month and are given through households' mailboxes. Governor Ron DeSantis said that the financial support was a "token of the appreciation" that they had for teachers who worked during the COVID-19 pandemic.
In Texas, teachers can get up to $2,000 as a bonus at the start of the school year. But the payments are not statewide, rather, they are implemented by individual school districts. Teachers from Irving, Texas will get a one-time payment of $2,000 while $500 will be given to Denton, Texas employees as a retention bonus, CBS News reported Families who are eligible for the child tax credit payments can expect to receive monthly payments until the end of the year.
Related Article: Will You Receive $1,600 Tax Refund in Unemployment Benefits? Here's The IRS Stimulus Payment Schedule
