You're eligible if you earn no more than 150% of your area’s median income, and if your loan balance doesn't exceed $548,250. To get your share of the mortgage relief, you’ll have to provide evidence you’re under financial stress due to COVID. A minimum $50 million has been appropriated for each state, the District of Columbia and Puerto Rico. The Child Tax Credit will deliver payments of $300 for each child under age 6 and $250 for each child between ages 6 to 17 to low-income and middle-class families who earn below an income threshold.If you're having trouble staying current on your mortgage and worry you might be headed for delinquency or even foreclosure, the government has money to help.īiden's COVID rescue package from March created a $10 billion homeowner assistance fund. But some people are now receiving aid through the expanded Child Tax Credit, with the American Rescue Act directing the IRS to send monthly checks from July through December for eligible parents. So far, experts say it's unlikely that another round of checks will be approved by lawmakers anytime soon. More than 20 senators - all Democrats - signed a March 30 letter to President Joe Biden in support of recurring stimulus payments, pointing out that the $1,400 payment being distributed by the IRS won't tide people over for long. That's prompting some lawmakers to call for a fourth stimulus check. "It'll take a lot to get everyone back to full employment." "One spouse may be fine or one partner is fine but the other is seeing an impact" on their income, said Charlie Wise, head of global research and consulting at credit-reporting agency TransUnion, although he noted the data show an improvement from a year earlier, when about half of households experienced a loss of income. And almost one-third of households continue to cope with reduced income due to the pandemic, according to a recent study from TransUnion. A quarter of Americans struggled to pay their household expenses in the previous week, according to Census survey data from June 23 to July 5. Many families continue to struggle with a financial hit to their income since the pandemic, with the unemployment rate standing at 5.9%, or still far higher than its pre-pandemic level of 3.5%. About 1 in 4 people on unemployment will lose their benefits from the early cutoff of jobless benefits, according to an estimate from the Century Foundation, a liberal-leaning think tank. The latest batch of checks comes as 26 states have or will soon end enhanced unemployment aid, cutting of millions of jobless workers from $300 in weekly jobless aid two months before the federal funding is due to expire. And another 900,000 payments were for plus-up adjustments for people who qualified for bigger checks based on recently processed 2020 tax returns, the IRS said. That's because the IRS prioritized sending checks to people who had already filed their 2019 or 2020 tax returns, since the agency was able to quickly verify eligibility based on income and also determine where to mail they checks or directly deposit the money in known bank accounts.īut some others, such as those who aren't required to file tax returns or who claimed adjustments on their payments, have had to wait for the IRS to process their payments.Īmong the 2.2 million payments are 1.3 million checks sent to people who recently filed a tax return and for whom the tax agency didn't previously have enough information to issue the money. While the latest stimulus payments began hitting bank accounts in March, some people have had to wait weeks or months for their checks. Payments are still going out to people for whom the IRS didn't previously have enough information to issue a check but who recently filed a tax return, as well as for people who qualify for extra money known as "plus-up" payments. The tax agency added that it is continuing to issue stimulus checks on a weekly basis. The IRS said it has now delivered more than 171 million payments worth more than $400 billion, with the last batch of checks amounting to more than $4 billion. The latest round of payments is part of the Biden administration's efforts under the American Rescue Plan to deliver $1,400 to each eligible adult and child. Some of those payments include "plus-up" adjustments for people who received less money than they were entitled to in earlier checks. The IRS on Wednesday said it is continuing to distribute federal stimulus checks to eligible Americans, with another 2.2 million payments issued as recently as July 21. Some struggling families are still waiting on government aid 06:43
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