Because of the coronavirus pandemic, millions of Americans have relied on a few extra dollars in stimulus relief to get by day by day in the face of unemployment, business closures, rent issues, and the threat of hospitalization and the subsequent fees.
The stimulus money is a great way for people to carry on with their lives as things slowly, but gradually, go back to normal.
What is the American Rescue Plan Act?
This is the goal of the American Rescue Plan Act, which is the largest COVID-19 Relief Plan to date. Out of three COVID-19 Relief financial bills, this boasts the biggest amount of aid, which is directly supplied to families in need.
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Who are the Main Beneficiaries of the American Rescue Plan Act?
The main beneficiaries of the American Rescue Plan are American families especially those with children dependent on them. According to an analysis from the Tax Policy Center, families with children will likely be able to receive up to $6,660 dollars worth of stimulus money this 2021.
Where does the money come from?
Beneficiaries of the American Rescue Plan Act can refer to two main sources of their subsequent aid to be received:
The first source would come from stimulus checks– which amounts up to $1,400 per adult and each of their dependents, and the second source would be from the Expanded Child Tax Credit- which gives up to $3,600 per child under six years old and $3,000 for kids aged six and older.
When can you receive your checks?
Families who have yet to receive their $1,400 individual stimulus checks are the ones prioritized by this rescue plan.
However, for families who have received financial aid in the past; don’t worry, the expanded Child Tax Credit will provide $250 or $300 per month from July to December 2021, and eligible people can claim the remaining half of the credit when they file 2021 taxes.
The monthly payments are being mailed or deposited into people’s bank accounts.
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How Can You Get Your Checks?
These stimulus checks can be directly received from your bank accounts. According to a blog published by the White House, here is how direct payments are determined and received:
- For households who have already filed their income tax return for 2020, the IRS will use that information to determine eligibility and size of payments.
- For households that haven’t yet filed for 2020, the IRS will review records from 2019 to determine eligibility and size of payment. That includes those who used the “non-filer portal” for previous rounds of payments.
- For tax returns with direct deposit or bank account information, the IRS will be able to send money electronically. For those households for which Treasury cannot determine a bank account, paper checks or debit cards will be sent.
For more information about the American Rescue Plan, check out the American Rescue Plan page on the White House website. American Rescue Plan | The White House
