Three stimulus checks totaling nearly $1 trillion in federal funds were distributed to Americans of modest means. There has been an increase in the distribution of payments due to the COVID-19 Delta variant spreading across the country. More than 25 million people have received direct assistance thanks to state stimulus funds and surpluses.
Babies born in 2021 will be eligible for stimulus payments beginning in 2022, according to BGR. Millions of people received the third and most likely final round of federal stimulus checks in March, which included payments of up to $1,400 for the country’s newest citizens.
There will still be a stimulus check for new parents who notify the IRS that they have had a baby or babies in 2021. An individual earning at least $75,000 is eligible for the total amount of the credit, while a married couple earning $150,000 is eligible for the full credit, as per MoneyWise.
Congress passed the American Rescue Plan Act on March 10th, 2021, and President Biden signed it into law the following day. According to the NDI, the $1.9 trillion package includes new economic assistance for individuals, families, schools, businesses, and local and state governments.
Parents Will Be Able To Claim
The relief bill includes a $1,400 stimulus check for any American earning up to $75,000 a year. Couples earning up to $150,000 will receive a total of $1,400 per person, including children, regardless of income. Couples earning more than $160,000 a year are not eligible for a Social Security check.
According to Business Insider, due to the new law, parents will be able to claim a more significant tax credit for their children’s expenses. For children under the age of 5, parents are eligible for $3,600 per child. They can also receive $3,000 for children between the ages of six and 17. Democrat policymakers hope to give families the option of receiving a one-time payment at tax time or regular monthly checks from the Internal Revenue Service.