Parents may get an early Christmas present this year. The Internal Revenue Service said it will cut the final check for the 2021 Child Tax Credit, and it could be much larger than previous payments.
The IRS started sending out monthly checks for the Child Tax Credit in July. Parents will get their last check next month. Parents who signed up for it before the Nov. 15 deadline and haven’t received a payment yet, will get a lump sum up to $1,800, reports say. You’re still eligible for the money if you missed the deadline. It will appear as a tax credit next year.
The IRS said parents with kids under 6 years old — and who haven’t already received a check — will be eligible for $1,800. The tax credit is $1,500 for kids 6 to 17 years old.
It’s unclear if Congress will approve more rounds of advance checks for next year. The Senate will need to pass President Joe Biden’s Build Back Better plan. The House passed a version earlier this month, but it faces an uphill climb in the Upper Chamber.
Millions Sign Petition Asking for $2,000 a Month Stimulus Checks
Many people are still struggling as the economy lurches forward amid a global pandemic. As we were all learning the words PPE and coronavirus last year, businesses were closing their doors. Some haven’t returned and others are still struggling to find staff willing to work service jobs right now.
To abate some of the problems, the federal government issued two rounds of stimulus checks for $1,200 and $1,400 for adults. But many say it wasn’t enough. Nearly three million people have signed a Change.org petition asking Congress to take out their checkbook again. They want $2,000 for adults, $1,000 for children, and recurring payments after that until the economy fully recovers.
“Our country is still deeply struggling,” the petition reads. “The recovery hasn’t reached many Americans — the true unemployment rate for low-wage workers is estimated at over 20%, and many people face large debts from last year for things like utilities, rent, and child care.”
Stephanie Bonin created the petition. She and her husband run the Denver restaurant Duo. Bonin said it was heartbreaking to watch her staff “divide up ingredients” to take home because they are struggling to afford food. She and her husband are also still trying to recoup their losses. She believes the recurring payments are vital.
“It took nine months for Congress to send a second stimulus check and just moments to spend it,” she wrote. “Another single check won’t solve our problems — people are just too far behind.”
Congress doesn’t seem interested in another round of stimulus checks. But some Democrats have called for recurring payments as the country faces wave after wave of COVID-19 infections.