What Will You Do With Your Stimulus Check?

People in New York, just like the rest of the country, are struggling to make ends meet one year after COVID-19 first invaded our country. Legislators in Washington passed a $1.9 trillion stimulus bill and yesterday President Joe Biden signed it into law.

The most important part of the law for most Americans is the financial help that the package will provide for average and low-income households.

According to CNBC, the White House Press Secretary Jen Psaki, average and low-income individuals will receive a $1400 stimulus check from the American Rescue Plan Act that was signed into law yesterday. In addition to the $1400 per person for parents, individuals will receive an additional $1400 check for each of their dependent children. Parents will also receive a $3000 tax credit for each child ages six through 17 and a $3600 credit for each child under six. This is the help that President Biden promised American citizens when he was running for office.

Get our free mobile app

Ms. Psaki says that some Americans could receive their stimulus checks as early as this weekend. If the IRS has banking information from tax filings in 2019 and 2020, stimulus benefits will be deposited directly into bank accounts. If the IRS does not have banking information on file, individuals must wait for checks to be mailed to the address on file.

Also, the $300 weekly addition to unemployment benefits will be extended until September and the first $10,200 of unemployment will be tax-free.

We all know that this stimulus package will not totally eliminate financial hardships for everyone, but it will certainly help a lot of struggling Americans who really need it. What will you do with your upcoming stimulus check?

Historic Homes in Every State