Connect with us

Hi, what are you looking for?

Finance

Fourth Stimulus Check Update: Biden is Eyeing To Extend Child Tax Credit; More Stimulus are Coming To Millions of Americans

Some states across the US supports their citizen by having their own financial aid and stimulus checks. (Photo: Getty)

As Democrats slam a one-year extension proposal, the struggle for an extended child tax credit heats up. Will residents of California who receive $1,100 stimulus checks be affected?

Many Americans are clamoring for a fourth stimulus package. U.S. Census has shown that poor and middle-income people continue to be harmed by economic price inflation, slower employment growth, and stifled supply chains. Fortunately, some members of the government seem to be aware of the issues.

Stimulus Checks

Millions of Americans are about to receive another form of payment. (Photo: Pexels)

President Joe Biden Eyes Extending Child Tax Credit; But Here Is The Catch

For comparison, the continuing child tax credit program pays qualified adults and their children $250 to $300 per month. This is a one-time provision of the stimulus package lawmakers passed last year. These payments, however, are slated to expire, with the last payment due in December.

Many Democrats have advocated for states to distribute the payouts more permanently. Biden, according to Yahoo! Finance, has expressed support for the extension.

Biden had intended to keep the monthly payments in place until 2025. Despite this, his most recent proposal only offered a one-year extension. To negotiate the extension, Biden met with two groups of House and Senate Democrats.

Representative Rose DeLauro of Connecticut, a senior House Democrat, a one-year extension is a huge miscalculation and a lost opportunity for the nation. In the same Yahoo Finance report, she also said that she would keep pushing for a better long-term foundation for children and families.

It is unclear if the lawmakers authorized the plan. Later this year, further information on the expanded child tax credit may become available.

ALSO READ: You Might Receive $1,400 Stimulus Check If You Belong In This Group

Golden State Stimulus Check Update: Payment Schedule

Officials rolled out the largest tax refund program, known as Golden State Stimulus checks, to help almost 66 percent of California’s entire population. Each qualified person receives a payout of $600 to $1,100, with an additional $500 for each qualifying dependent.

The initiative has so far issued 4.5 million checks for a total of $3.2 billion. Authorities used direct deposit for 3.3 million of the payments. They also used mail for the remaining 1.2 million.

Officials will pay out the second set of payments this Friday, according to a KTLA report. IRS will transfer around 400,000 of the 1.15 million payments immediately into banks, while they will send 750,000 paper checks. Californians who are eligible for the program should keep an eye out in the coming days.

Authorities, on the other hand, will continue to release GSS payments, throughout the year. Authorities will use the recipient’s last three ZIP code digits to determine delivery dates. The Franchise Tax Board provided the following schedule:

  • October 6 to 27: 000-044
  • October 18 to November 5: 045-220
  • November 1 to 19: 221-375
  • November 15 to December 3: 376-584
  • November 29 to December 17: 585-719
  • December 13 to 31: 720-927
  • December 27, 2021 to January 11, 2022: 928-999

RELATED ARTICLE: Stimulus Check: Is It Possible That The Fourth Stimulus Will Be Approved This Month?