The stimulus check will be provided to the citizens of the United States of America in the coming month. It is a part of the “American Rescue Plan” presented by Joe Biden, the President of America. It is to be noted that the money will not be provided in just one single installment like the 1400 USD check. The checks will be provided both as a tax credit as well as the monthly checks. There is no doubt that the checks will be of great help to those citizens who are currently going through a grave financial crisis. However, there are a few downsides to it as well.
An Expert On Stimulus Check
The stimulus checks that will be provided from the 15th of July, is a branch of the FCT, Federal Child Tax Credit. Under the provision of the credit, almost all the families of the country will receive the money, the amount associated with it ranges from 3000 USD to 3600 USD. In order to qualify for the checks, a couple has to earn less than 150,000 USD. and as for single parents, the earning must not exceed 112,500 USD. If there are couples who make more than the stipulated amount then they will be declared ineligible for the stimulus check.
One of the economic experts gave a statement clarifying the idea behind the relief payments at a news channel platform. It was stated that in case somebody gets an extravagant amount of the stimulus check and that there is a change in the financial situation, then there might be a situation where the person will have to repay the money. The department of IRS may demand the money in the form of taxes. The expert also termed the stimulus checks to be a “trap” for the receivers due to this reason.