After a year of stimulus payments being a source of additional financial aid for thousands of American families, stimulus checks may come to an end, authorities say.
Despite a Change.org petition garnering over 2.8 million stimulus payments calling for a fourth stimulus payment has become an increasingly popular petition on the site, there is little to no information if this petition would take effect.
According to the New York Times, the first three stimulus checks helped reduce hardships like food insufficiency and financial instability. As of now, eligible adults have received a max of $3,200 and children have received up to $2,500.
However, as the petition notes, the previous stimulus checks have not reached a lot of Americans. With the cessation of this financial aid project, most American families are worried about where to get additional aid for the rest of the year.
Although, certain people can still obtain stimulus money this year via other sources.
Child Tax Credit Payments
Families can now avail of the temporary expansion for the child tax credit for 2021. Qualifying families may get up to $3,600 per child.
The advance partial payments are up to $300 per dependent. There is no limit as to how much families with multiple children can receive, and low-income families can qualify for the maximum credit.
You may also use a tax credit calculator to find out how much you and your family are due.
Recommended Read: How to Get $6,660 in Stimulus Money this 2021
Additional federal stimulus money
As of now, the third and last batch of stimulus checks is still making its way to those who are eligible.
According to the tax authorities, for any new qualifying dependents to receive the third payment, you’d have to claim a Recovery Rebate Credit on your 2021 tax return that you’ll file in 2022. Additionally, any person who newly became dependent in 2021 may qualify for this payment.
Golden State Stimulus I and II
Good news to Californians– California’s Golden State Stimulus plan which intends to support low-income Californians and help those facing hardships due to the pandemic with financial aid checks has been approved for two rounds of state-level stimulus payments to eligible residents.
Qualifiers for this payment must have been a California resident for most of 2020 and still live there, had filed a 2020 tax return, earned less than $75,000 (adjusted gross income and wages), have a Social Security Number or an Individual Taxpayer Identification Number, and have dependents unclaimed by another taxpayer.
Teachers and other school staff can expect a special bonus of up to $1,000 in select states. Currently, the states participating are Georgia, Florida, Tennessee, Colorado, Texas, and California, and it is expected that more states will soon follow suit.
While another stimulus check is seemingly out of the picture, for now, additional relief money could come from Congress pronouncements via a further expansion of the Child Tax Credit and wage hikes across states. However, these proposals are still not enacted.