Whether you have just received your fourth stimulus check update, or are looking forward to receiving it, there are some important tips to know. These tips will help you avoid the most common pitfalls and make your check go as far as possible.
Assured Cash Experiment
Having received your fourth stimulus check, it may be time to revisit your options. Despite the federal government’s recent retrenchment, some states are still providing additional relief to those in need. In fact, you might have been one of the lucky few.
The fourth stimulus check isn’t the only way to get a piece of the American dream. As of the writing of this article, dozens of cities have their own cash-infusion programs to choose from. In fact, the American Rescue Plan, which calls for at least $195 billion in federal assistance to be spread across the country, includes a $500 million minimum for each state. It also has deadlines for spending the money.
The Assured Cash Experiment PGH, on the other hand, will be providing $500 per month for two years to 200 aspiring Pittsburghers.
Several states have already passed legislation to provide stimulus payments to taxpayers. These are mainly the monetary types, but some will provide a few non-monetary forms of aid. Some states are even offering rebates to residents in the form of grocery tax cuts.
Although the federal government has not approved a fourth stimulus check, many states are taking steps to implement one. It is also possible that the federal government has no plans to do so. Some of these states will limit the amount of stimulus money available to unemployed workers in specific time frames. It will also be up to the individual states to decide how to go about distributing the funds.
Stimulus payments are provided by the states and they are not the only way to go about easing the financial burden of COVID. There are several factors that contribute to this puzzle. In some parts of the country, there are still shortages in certain sectors. Other areas are experiencing inflation.
Child Tax Credit
Congressional members have not yet moved forward with the fourth stimulus check update for the child tax credit. In the current economic climate, the fourth check is unlikely to be paid.
The American Rescue Plan Act of 2021 expanded the scope of the Child Tax Credit. It also extended the credit to 17 year olds. These changes are temporary. The credit was also increased for children under six and children under 18.
The increased amount of money is a relief for many families. The expanded credit is more generous for low-income families. For families with three or more children, the credit is now as much as $6,728.
The American Rescue Plan also made the existing earned income tax credits more generous. It provides tax relief to most working families.
COVID case numbers are rising among the unvaccinated
During the 4th stimulus check, COVID case numbers are climbing higher than your average family of four. The one thing is, the one thing is that there is a silver lining. FEMA continues to reimburse 100 percent of the costs of COVID-19 response. There are also new pop up vaccination clinics across the country. Fortunately, there are plenty of unvaccinated and vaccinated individuals who need and want to be vaccinated.
Fortunately, the state of Texas is no different. Texas was the first state to implement the new state of the art COVID vaccine program. As of last month, the program had vaccinated over a thousand individuals. Texas is also the first state to initiate an emergency response plan. The new program has the potential to reduce the risk of a COVID outbreak in the future.
Los Angeles is launching a basic income program
Several cities in California have launched pilot programs to test the effectiveness of guaranteed income. Los Angeles is the largest Guaranteed Income Pilot in the country. The program is a $40 million effort launched last month.
The program will help 3,000 Angelenos get $1,000 a month for at least a year. It is administered by the Community Investment for Families Department. It will be open to all residents, regardless of immigration status. The program will also not require any work requirements. The funds will be paid out through a debit card.
The program will also be subject to a study conducted by the University of Pennsylvania’s Center for Guaranteed Income Research. The study will compare the effects of the guaranteed income program to a control group of people. This study will look at the impact of the program on family dynamics, housing security, employment, and mental health.