If you’re one among the millions of Americans counting down the days until another COVID-19 stimulus check arrives in your bank account, you’ll want to know if you’ll get another payout and how much it might be.
The answer isn’t straightforward, but there are methods for determining whether you’re eligible for additional money and how much you may receive. There is currently no federal legislation that has been passed into law that would give another stimulus payment. However, in Washington, D.C., there are several suggestions on the table that might result in more money in your bank account.
Qualified Residents Will Receive Stimulus Checks
Some politicians have proposed funding Stimulus Checks to assist individuals in dealing with increased petrol prices. The Big Oil Windfall Profits Tax and the Gas Rebate Act of 2022 are two of these ideas. Because gas prices have roughly doubled year over year, both would provide targeted assistance. As part of his flagship Build Back Better program, President Joe Biden has suggested extending the increased Child Tax Credit.
In 2021, the American Rescue Plan Act increased the Child Tax Credit to $3,600 per child under the age of six and $3,000 for each older child. These payments would be continued under Build Back Better in 2022 and possibly for several more years. Several states have also approved or are proposing measures to offer stimulus funds to their populations. California, Delaware, Indiana, and Illinois are among the states that have already approved stimulus money.
Pennsylvania, like other states, is now considering a Stimulus Check. If you don’t reside in a state that is receiving stimulus funds, you are unlikely to get any direct payments in the future. If the Big Oil Windfall Profits Tax passes, you might get roughly $240 per year, while the Gas Rebate Act could give monthly payments of $100. Build Back Better, on the other hand, might result in qualified children’s parents earning either $250 or $300 per month.