The US economy has improved and the fourth stimulus check seems really unlikely to come to the homes of the needy.
It is easy to overlook the fact that while some people’s finances actually improved during the pandemic due to spending less but not earning less, others struggled immensely with income loss and racked up scores of debt in the process. And it’s people in that latter group that may have really been counting on seeing a fourth stimulus payment hit their bank accounts.
The 4th stimulus check might not be arriving but the Americans still have the opportunity to get some money in their hands.
Three Things That Can Take The Place Of The Stimulus Checks
The Child Tax Credit is worth up to $3,600 for children under age 6 and up to $3,000 for those aged 6 to 17. Previously, it was only worth $2,000. Half of it will be paid in the form of monthly installments. It has started in July and will end in December. The credit is also fully refundable, so if a recipient owes no tax, they can still get all of their money. Lawmakers are fighting to keep the boosted version of the Child Tax Credit around for one more year, and if they get their way, a higher credit in 2022 could help make up for an absent stimulus check.
Just like the Child Tax Credit saw its value go up, the Earned Income Tax Credit (EITC), a credit designed for lower earners, was also boosted this year. Now, lawmakers are fighting to keep the boosted version around for another year.
You may not be eligible for the Child Tax Credit or EITC, but that doesn’t mean you’re out of options for getting a bonus payday. While you can’t count on a stimulus check, you can boost your income by getting a side job.
While it may be disappointing to have to write off a fourth stimulus check in the near term, the reasons behind that are good ones.
