Another Stimulus Check Could Be Coming For New York Residents
New York residents could see some more Government aid come their way as COVID-19 continues to impact the country in the form of another stimulus check.
US Senator Mitt Romney has introduced a new bill called the "Family Security Act" which is almost the same as the Child Tax Credit where families received stimulus money to help cover costs.
The Child Tax Credit sent families on average $300 each month but this new bill would allow more money to be sent to families.
The new bill proposed by Senator Romeny would allow families to receive $350 a month for each child they have under the age of five, and $250 for each kid aged six to 17. The max allowed per family is $1,250 per month.
Also different from the Child Tax Credit is that this new proposed bill calls for people receiving the stimulus check to work, volunteer or train for at least 80 hours a month.
Currently, both sides of the US Senate are debating the proposed bill with the biggest sticking point being the need to show proof of work, volunteering, or training. Some businesses owners blame the lack of workers on the stimulus checks sent out to Americans at the beginning of the COVID-19 pandemic.
According to the proposed bill here is how the stimulus check would work if the bill gets passed.
Parents are eligible to apply to receive the benefit 4 months prior to the child’s due date with a maximum monthly payment of $1,250 per family.
Administered monthly through the Social Security Administration and available to all children with a required SSN.
The annual child benefit is reduced by $50 for every $1,000 above the current Child Tax Credit (CTC) income phaseout thresholds of $200,000 for single-filers and $400,000 for joint-filers. Any overpayments or underpayments would be reconciled through the IRS after filing yearend taxes.
You can read more about the Family Security Act HERE.