Congress is planning to settle its COVID-19 reassurance funds. Due to this, some American families will receive a monetary bonus. These funds include an upgraded $1,400 amount and an additional child tax credit (CTC) that amounts to more than $14,000. For many struggling families this adds up to almost $8,000 in additional income this year.
For example, if there are four members in a family with a salary less than $150,000, this would qualify them for up to $5,600 in the new improvement check cash on top of the $2,400 received in January ($600 per individual).
Right now, the stimulus money is tentatively set to be disbursed late in March.
However, additional provisions are being discussed. If the new bill is embraced, then a typical family of four could see an extra amount of $6,000 to $7,200 per family.
According to the new proposition, the calculated amount increases to a total of $3,600 per child up to six years old, and $3,000 for six to 17 year old children. This is only for married couples with earnings under $150,000.
The new arrangement would allow families to get the CTC installments on a monthly basis. Overall, there is a total amount of around $14,000 for a family of four under consideration. Extra Federal Unemployment Benefits are not included in this amount.
In the new Coronavirus relief fund, unemployed people will receive an extra $400 a week. The extra monetary assistance is pointed toward aiding people and families to survive the economic impact of the Coronavirus pandemic.