Stimulus Check update: More additional payments are coming

Stimulus Check update: More additional payments are coming

The Internal Revenue Service has already delivered over $395 billion worth of stimulus check payments.

2.3 million stimulus check payments are still in distribution after the Internal Revenue Service’s issuance last week. 900,000 of these checks are for those who have just recently filed a tax return, including eligible Americans for whom the agency did not have the information to issue the payment. As for the other 1.1 million, they are for “plus-up” adjustments.

The IRS sent more than half of the checks via direct deposit. Meanwhile, the agency sent the remaining through mail as paper checks.

CBS noted, though, these millions of checks come as some states will soon conclude the enhanced unemployment aid. This will cut millions of jobless workers from the AU$395 weekly payment, two months before the expiration of the federal funding.

Another round of aid through the Child Tax Credit

Despite this, the publication recalled that some families will soon receive another round of COVID-19 relief payments. However, they are not in the form of a stimulus check.

Instead, eligible parents will receive aid through the extended Child Tax Credit. The IRS will send monthly checks from July through December to those who will qualify.

Reports said that the agency has already sent letters to over 36 million families across the country. These notes indicate that they qualify for the upcoming new round of relief payments.

The qualifying Americans will receive AU$395 for each child under the age of 6, and AU$330 for each child between the ages of 6 to 17. As stated, these are only for low and middle-class families who earn below the income threshold, which the IRS has set.

Another round of aid through the Child Tax Credit

Two new potential stimulus check payments

Apart from the Child Tax Credit, the talks about the fourth and fifth stimulus check payments remain apparent these days. Although confirmations have yet to emerge, support toward the new rounds of checks continues to develop.

Supporters asserted that these payments could keep another 12 million individuals out of poverty. They also claimed that these could reduce the number in poverty to 16 million from the staggering 44 million this year, according to Yahoo! Finance.

Relief payments remain unspent

While the talks and support continue these past few months, many believe that these checks have now become more unlikely to happen. Reports previously referenced the increasing number of vaccinated individuals as the reason behind it. This comes alongside the easing of COVID-19 restrictions across the country.

But, recent claims suggest that many families no longer need another round of checks because they have yet to spend their respective payments.

A recent report from the Boston Herald reveals that “a staggering 1.24 million” checks from the first distribution remain unspent. Accordingly, this puts a hindrance on the push for a new stimulus check, as the unused checks could mean that there is no need for it.

Images courtesy of Bloomberg Quicktake: Now/YouTube

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