The Internal Revenue Service announced a new set of stimulus checks to be delivered to as many as 36 million American families on 15th July 2021. The tax agency is scheduled to send out stimulus checks once every month till the end of 2021 as per the orders by the Biden administration under the banner of the American Rescue Plan.
Millions of Americans will receive the first serving of six new stimulus checks this Thursday. This new stimulus check is different from the prior payments as this one is an advance payment over tax credit.
Stimulus checks – how much will be sent out?
As per the stimulus law of $1.9 trillion signed by President Biden, the stimulus checks are supposed to be released directly by the IRS. The new stimulus checks will be focusing on child tax credit this time along with other things. A family with children is liable to receive up to $3600 per child of age 6.
For children aged 6 to 17, the family will receive $3000 per child.
The families are liable to receive half of the amount next year whereas the remaining half will be delivered to them through 6 equal monthly checks starting from July.
The new stimulus checks largely depend upon the child tax credit. The families will receive their stimulus payment on the 15th of every month till December.
The new stimulus payments are scheduled to be delivered in the form of paper checks or direct deposits.
These new payments mark a new stage of America recovering from the Covid-19, predicting the likelihood of new stimulus payments more distant.
So far, the US government has sent out three different stimulus checks with varying sizes, the most recent one was in March with a prescribed sum of $1400. The three stimulus checks payments have cost almost $1 trillion. All this money was sent out to support the derailing economy as well as slow down the inflicting inflation rate in the country.
The government cannot pay the people forever
As America finally starts recovering from the harrowing shadows of the coronavirus pandemic, it is projected that as many as 9.2 million job vacancies will be available in the country, thus making the possibility of a new installment of stimulus checks more discreet.
President Biden shows no plans of introducing any other stimulus package and has clearly stated that the last installment of stimulus checks under the banner of the American Rescue Plan will be to extend the child tax credit. The Internal Revenue Service will be releasing stimulus checks tomorrow and will continue to do so for the next 12 months. As the country starts to move back towards normalcy, it is quite remote that any other stimulus payment will be announced to aid American families and individuals.