The Child Tax Credit stimulus checks might be extended until 2022, allowing some parents to receive additional payments. Unless the legislation changes, the enhanced Child Tax Credit will give payments of up to $3,600 per child, with the last monthly check arriving in December.
In December, most parents will get another batch of payments totaling $250-$300 for one child. This is the final stimulus check that households will get this year. And, unless lawmakers act, it might be the only coronavirus compensation payment they ever get.
Will Child Tax Credit payments be extended in 2022?
When the American Rescue Plan Act was passed into law in March, most of the focus was on the $1,400 stimulus checks that the majority of Americans would receive. However, the legislation was also responsible for the creation of the increased Child Tax Credit, which provided families with additional money.
There was already a CTC stimulus check on the books that permitted parents to make payments up to $2,00 per child, but only $1,400 was refundable. Many folks who needed it the most were unable to receive the whole amount.
These payments were also not paid in monthly installments, and the credit was claimed by the parents when they filed their taxes so it generally only reduced a tax bill or increased a return, rather than giving monetary assistance throughout the year when families needed it.
Because this one-year extension of the Child Tax Credit stimulus check was only in effect for a year, families may get their final payment on December 15. The Build Back Better Act, authored by Democrats in the House of Representatives, was just enacted. Payments would be extended for another year under this bill, as per The Sun.
The demands for additional money come as the American Farm Bureau reports that Thanksgiving meal prices would rise by 14% this year compared to last year. According to The Hill, while some of the increases could be attributed to inflation, it could also be due to the fact that many individuals canceled Thanksgiving or had much smaller celebrations last year due to the pandemic.
Millions of Americans benefited from the enlarged Child Tax Credit program, which began handing out monthly payments of $300 or $250 to qualifying families in July. However, it is uncertain whether Congress would renew it before its three-week deadline.
As part of their $2 trillion social spendings, health, and climate proposal, the Build Back Better Act, Democrats want to extend the program for another year. Republicans, on the other hand, are typically opposed to it.
Read Also : Surprise Stimulus Check After Thanksgiving For Eligible Americans: Who's Getting More Payments?
Other stimulus checks to last until December
Many Americans are anticipating to receive a stimulus check before the holidays, as state and municipal governments plan to deliver payouts. These funds will be distributed as stimulus checks or as a basic income.
The state of Florida plans to distribute stimulus checks to first responders from pre-kindergarten through 12th-grade teachers in December, with those who qualify to receive a one-time payment of $1,000. Gov. Ron DeSantis has stated that the money will be distributed to 175,000 teachers and 3,600 principals.
Maine citizens have started getting checks since November 15, with a one-time payment of $285 going to half a million people across the state. In Maryland, the poorest families and individuals will get stimulus checks, with qualified families receiving $500 and individuals receiving $300.
The state of Columbia began sending $500 recurring payments to 100 low-income dads in September. The payments will be deposited onto debit cards and handed out for a total of 12 months.
According to Digital Market News, teenagers will be granted $350 in monthly payments as part of Louisiana's financial literacy initiative, with the first batch being handed out in December and the program lasting for the following ten months. People who are eligible for this must be between the ages of 16 and 24, unemployed, or not enrolled in school.
Related Article: $1,400 Stimulus Checks in 2022 Will Come to Millions of Americans; Who Are Eligible, What Else May Come Next Year?
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