Stimulus payments helped numerous people across the country during the pandemic, but the responsibility of financially supporting citizens now rests on individual states, given that the federal government’s aid has finally come to an end. Here’s a quick look at all the recent updates about stimulus checks and other types of financial aid that are issued to Americans.
Child tax credit
Most eligible families will receive at least half of their 2021 child tax credit payment in advance as a result of changes made to the US Child Tax Credit system.
Unemployment benefits
Federal unemployment benefits ended on September 6, 2021. However, some states decided to stop the payments earlier; other states found a solution to the problem of stimulus payments coming to an end by offering an unemployment benefits extension.
COLA
Cost-of-living adjustment (COLA) payments account for a part of the Supplemental Security Income (SSI) and Social Security benefits that are paid to almost 70 million Americans. The amount that will be received by eligible citizens has increased by 5.9% for 2022. The increased payments to around 8 million SSI beneficiaries will start on December 30.
IRS tax refunds
The Internal Revenue Services continues to provide various COVID-19 relief initiatives to people who were financially affected by the pandemic — this has come as a welcome relief to many. Fortunately, unemployment refunds from the US government are expected to reach people soon.
Fourth stimulus check
Although a fourth stimulus check from the federal government is unlikely to arrive at this point, states across the country are coming up with helpful ways to offer some financial relief to their citizens. However, the aid offered varies from one state to another. But it’s worth noting that plus-up payments are likely to come to an end on December 31, 2021, as decided by Congress.