Despite the fact that many people think the coronavirus is now endemic and the pandemic is over, millions of Americans are still suffering from the long-term financial consequences of COVID-19. That’s why a petition for another stimulus check is still gaining traction, with more than 3 million signatures.
If you’re one of the many individuals expecting extra money in their bank account in 2022, there are three things you should know regarding the prospect of further stimulus funding.
1. Americans who did not get all of their stimulus funds last year will be eligible to receive them in 2022.
The good news is that millions more Americans will almost certainly get additional stimulus funds from the federal government this year. This is because they owe money from last year’s disaster assistance costs.
In 2022, the following people are expected to get more money:
- Parents who have yet to get the increased Child Tax Credit in its entirety. Payments of up to $3,600 per kid under the age of six and $3,000 per child from six to seventeen were approved by the Biden administration. From July through December, half of the money was placed into bank accounts in monthly installments, but parents are entitled to the remaining funds this year.
- Those who added a new dependant to their household last year. Adults and dependents received $1,400 in payments under the American Rescue Plan Act. People who acquired new dependents in 2021 were not eligible for this money, but they will be in 2022. If the new dependant is a kid, the Child Tax Credit may be claimed for that child as well.
- Those whose earnings have decreased. The Child Tax Credit and the $1,400 check both have income restrictions. The IRS utilized older income data from 2020 to assess eligibility, so taxpayers who earned too much in 2020 but not enough in 2021 may collect their payouts this year.
If you’re eligible for this money, you’ll need to submit your tax return in order to get it.
Also Read: IRS Stimulus Payment: What to Do If Your Stimulus Payment Doesn’t Arrive
2. This year, several states are offering more stimulus assistance to people.
A number of states have created their own stimulus programs, with at least some inhabitants receiving direct payouts.
California, Florida, Indiana, and New York are among them. More states may follow suit, since the federal government supplied them with significant resources to combat the epidemic last year, and they may choose to distribute the funds directly to the people.
You should keep an eye on your state’s Department of Health and Human Services website or the local news for information on any financial assistance that may be available.
Also Read: Stimulus Payments: Knowing If You Owe the IRS Before Claiming Your CTC. Latest News!
3. Congress is unlikely to approve a fourth stimulus payment.
Finally, you should be informed of some unpleasant news. The federal government is unlikely to issue another stimulus check because lawmakers in Washington have moved on to other objectives and there is little support for another stimulus check.
This implies that persons who do not get state assistance or who do not obtain unclaimed cash from the previous year will not receive any further financial assistance. If you don’t get additional money, you’ll have to come up with alternative ways to deal with any lingering pandemic-related problems.