The Child Tax Credit was enhanced last year, resulting in monthly stimulus checks of up to $300 for qualifying families.
It was not, however, extended until 2022, meaning that many people who are struggling financially have been without a paycheck since December. However, as the new stimulus check offer is being written, this might change in the near future.
Senator Mitt Romney of Utah, a Republican, introduced the Family Security Act, which is similar to the Child Tax Credit but provides extra funding.
Stimulus Check Eligibility Is Still Being Negotiated
Families will get $350 per month for each kid under the age of six, and a $250 stimulus payment for each child aged six to seventeen.
The highest monthly stipend is $1,250 per household. Every family with one tax-filer receiving less than $200K and every household with two tax-filers earning less than $400K will receive the whole benefit. It will be distributed to those who earn more, but for every $1,000 earned above those levels, it will be reduced by $50.
Unlike the CTC, the proposal includes a catch: claimants must volunteer, train, or work for a minimum of 80 hours each month, which is likely why it has not been made public yet. While members of both parties agree that aiding families is important, the addition of a job condition is a thorny topic that is now being resolved. Nonetheless, given that the White House has emphasized that the Federal Child Tax Credit should be kept for “years and years to come,” this might be a reasonable compromise.
Families, including those without children, may be able to receive monthly stimulus checks again if a solution is found swiftly. The idea allows parents to apply for benefits up to four months before their baby’s due date.