The next round of stimulus checks will be made within a week. And the upcoming payments are very different from the regular stimulus payments in so many ways. The most important difference is the fact that the said payment may not be desired by the citizens who are about to receive it. The reason behind it is the fact that the department of IRS might want the receiver to repay the amount.
Stimulus Check Rules
The stimulus checks that were distributed before came under the category of “one-time checks.” The money landed in the accounts of almost all the citizens of the United States of America. The relief aid that was given most recently was the bill that was signed by Joe Biden, the President in the month of March.
The money that will be distributed from the 15th of July is also a part of the wider stimulus package. Another important difference is that the said parents fall under the category of recurring payments. The eligible families will receive the stimulus check every 15th starting this month. This will continue until the end of 2021.
All the payments made are a part of the Child Tax Credit that was passed for the financial year 2021. The amount of the payment as of now is 3,600 USD. It is to be noted that this is not a permanent figure. The amount that comes with this round of the stimulus check is the advanced payment that is a part of the above-mentioned tax credit.
The amount received by the citizens varies on the basis of eligibility. Parents whose kids are under the age of 6 will receive 300 USD per month. Parents whose kids fall within the age of 6 to17 years old will get 250 USD per month. About 50% of the 3,600 will be given within the span of the coming six months. The rest half will be given as the tax return for the year 2021.
