It increased the credit from $2000 per year, its previous level, to between $3000 and $3600 per year, depending on the child’s age.
Here's What You Need to Remember: In total, roughly 90 percent of families in the United States will be eligible for the payments. The government calculates that they will benefit more than 65 million children nationwide and lift 4.1 million of those children out of dire poverty.
In mid-May, the Biden administration announced that...
U.S. Economy, Americas
The federal governments recently began distributing money from the CARES Act and American Rescue Plan to the states, with about $350 billion set aside for state and local aid.
Here's What You Need to Remember: There are also multiple federal agencies handling the money, including the Special Inspector General for Pandemic Recovery and the CARES Act Congressional Oversight Commission, are handling the money at the federal level, and both are understaffed, due...
Per the terms of the American Rescue Plan, homeowners are eligible for the federal funds if they can prove they were financially harmed as a result of the pandemic.
So far, three stimulus checks have been sent out. The most recent of these, passed in March 2021, includes a payment of $1,400 to every American adult (and dependent) making less than $75,000 per year.
The economic impact of this payment has been large on the government’s end. So far, it is estimated...