Last year, the Child Tax Credit stimulus check was increased, resulting in qualified families receiving monthly payments of up to $300.
However, it was not extended until 2022, which means that many individuals who are struggling financially have been without a stimulus check since December. However, as new legislation is being drafted, this might soon change.
Senator Mitt Romney of Utah, a Republican, sponsored the Family Security Act, which is comparable to the Child Tax Credit but proposes sending out additional money. Families will get $350 per month for every child younger than six, and for every child aged six to seventeen, a $250 stimulus check will be given. The highest monthly allowance per household is $1,250. Every household with one tax-filer earning less than $200K and every family with joint-filers earning a combined $400K will receive the entire benefit. It will be distributed to those earning more, but it will be cut by $50 for every $1,000 earned beyond those criteria.
The $1250 Stimulus Check Is Still Being Worked Out
The plan, unlike the CTC, has a catch: claimants must volunteer, train, or work for a minimum of 80 hours per month, which is probably why it has not been made public yet. While members of both parties support helping families, the inclusion of a job requirement is a problematic issue that is now being worked out. Nonetheless, the White House has already stated that the Federal Child Tax Credit should be preserved for “years and years to come,” so this might be a decent compromise.
If a solution is found quickly, families, including those without children, may be able to receive monthly payments once again. Parents can apply for benefits up to four months before their baby’s due date under the proposal.