On Thursday, March 11th, President Joe Biden signed The American Rescue Plan into law almost a year to the day when it was acknowledged that Covid-19 had hit the USA, and it was deadly!
This is the 3rd stimulus program since the pandemic has begun, and the question on most people’s minds is “Where is My $1,400 Check?” This third round of economic stimulus will be based on the taxpayer’s last processed tax return, from either 2020 or 2019. That includes anyone that used the IRS’s non-filers tool last year or submitted a special simplified tax return. The $1,400 is per adult. The boost to the child tax credit will give eligible parents a total of $3,600 for each child under age 6 and $3,000 for each child under age 18 for 2021. Until now, the credit was up to only $2,000 per child under age 17. For large families who qualify, this can be a windfall!
The US Treasury claims that almost 85% of Americans will qualify, based on income:
There are different opinions on the new $1.9 Trillion American Rescue Plan as no Republicans voted “yes” in either The Senate or House of Representatives. To give you a frame of reference, our current national debt is roughly $22 Trillion, meaning we are printing up to 9% of our national debt in new paper. In 2020, we increased the money supply by 24% with the two 2020 stimulus payment packages.
This recovery package is designed for our country to bounce back with money set aside for the child tax credit, small businesses, restaurants, closed venues, extended unemployment, and state and local governments, to name a few. Only 9% of the $1.9T is going directly to Covid-19 relief.
HERE ARE MY 4 TIPS ON HOW TO MONITOR RECEIVING YOUR PAYMENT AND IN WHAT FASHION IT WILL BE RECEIVED:
In the coming weeks, more “Tranches” (batches) of payments will be sent via direct deposit, or through the mail as a check or debit card. Some people have cut their stimulus debit cards thinking it was a sales promotion.
Stay Positive, Test Negative and Keep the Faith!