How The New Stimulus Could Benefit You

2020 was a crazy year. 2021 hasn’t been so much fun either. With COVID-19 vaccines being jabbed into arms, we are regaining some normalcy, but families and businesses are still in distress. We have seen a few stimulus packages aimed at helping families, small and big businesses, and students alike. Today we are getting one more to help boost the economy and help uplift those in need. If you’re in need, and even if you are not, find out how the new stimulus could benefit you.

How Much Will You Recieve?

The next stimulus package promises $1,400 checks to individuals that earn less than $80,000 a year or couples earning less than $160,000. Parents with dependents will be eligible for an additional $1,400 per dependant. Dependants include eligible children and family members, where a person provides most of their care for the year. This includes disabled children and college students who were missed in the first round of checks last year.

Child Stimulus Credits

Dependants will garner more than the $1,400 first-time checks guaranteed under the new bill. Eligible parents and caregivers can now earn a bigger child tax credit. These benefits are for single parents earning under $75,000 and married couples earning under $150,000 per year. There will be a child tax credit of $3,600 awarded for children under six and $3,000 for those under 18. If families do not wish to take it as a lump sum come the 2021 tax filing year, they can opt-in for monthly installment payments instead.

Unemployment Benefits

If you took unemployment last year, then the new stimulus package has something for you. For those of you who paid taxes on that sum, you may be getting it back. The new package calls for the first $10,200 of unemployment benefits from 2020 to be tax-free for households making less than $150,000 per year. If you already did your taxes and had unemployment taxes taken out, you must file an amendment for this benefit. If you are still unemployed today, you are eligible for a $300 federal boost in addition to your weekly state benefit until September 6th.

The new stimulus package provides other assistance like help with families struggling to pay their mortgages or rent. It calls for extra food assistance, a benefit for those who need health insurance, and incentives for sick workers or workers caring for ill family members. With so much to offer, what will you be spending your funds on? Will it be to care for your family, catch up on bills, fun money, or go to your savings? Drop a comment to let us know, and check out the posted video for more.

 

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