Calfornia is providing $1,100 stimulus checks to low-income residents. The individuals need to claim the benefits till February 15. Residents with annual income below $75,000 and living in California for at least 6 months in 2020 are eligible for the benefits. The US Sun reports that several states offer Universal Basic Income (UBI) to the residents. The government issues UBI every year to the eligible individuals; beneficiaries receive the payments one or more times in a year. Massachusetts provides $50 to families with newborn babies; eligible families will accept direct deposits into a U.Fund 529 College Investing Plan Account.
Few Components Of The Fed Stimulus Are Due
Americans who didn’t receive the third Economic Impact Payments can claim a Recovery Rebate Credit this year. The IRS didn’t issue payments due to outdated tax information. Taxpayers need to update their information to receive the eligible amount. IRS issued enhanced Child Tax Credit to millions of low-income families. The families have received the first half of the CTC payments; the remaining amount is due till beneficiaries file their 2021 tax returns. IRS issued Letter 6475 to the recipients to inform them about the amount. The families need to refer to the letter while filing their returns.
The US Sun quoted Bonin, who updated the change.org petition and wrote, “Our country is still deeply struggling. The recovery hasn’t reached many Americans – the true unemployment rate for low-wage workers is estimated at over 20%. Many people face large debts from last year for utilities, rent, and child care. For our team and other Americans who can claim unemployment, even the maximum payments will not be enough for most people to continue paying their bills – and avoid slipping into poverty.” The petition has over 3 million signatures at present.
Government Unlikely To Consider Further Stimulus Programs
The federal government has decided against extending the stimulus programs and other benefits as they believe the situation has recovered. The extension of stimulus programs will have a long-term effect on the country’s economy. The US faces a record inflation rise, and more stimulus packages will aggravate the situation. However, several authorities call upon the government to extend the benefits.