The Biden Administration’s “American Bailout Plan” contains aid beyond the third $ 1,400 stimulus check ranging from child tax credits to rental assistance and for business owners such as restaurants and bars.
Although they are not officially called a stimulus check, they work in a similar way, since they inject money into the pockets of the people most impacted by the coronavirus pandemic to stimulate the economy at a general level.
One of the programs under the third bailout law approved last March in the United States Congress is the extension of the “Child Tax Credit” that this year will come in monthly payments in advance as of July 15.
The Internal Revenue Service (IRS) is the agency in charge of the distribution.
The payment will be up to $ 300 per month for each child under the age of 6 and up to $ 250 per month for each child ages 6 to 17.
The most a parent or parents can get for each child per household is $ 3,600, in the first case; and in the second instance, $ 3,000.
Due dates for Child Tax Credit advance payments are July 15, August 13, September 15, October 15, November 15, and December 15.
At this time, the IRS is focused on guiding low-income families who do not file taxes to submit their information either through a tax return with the Free File online system, or through the Non-filer tool. Sign-up on the agency’s website.
The “American Rescue Plan” also allocated some $ 21.6 billion in emergency funds for people who are at risk of being evicted from their homes for not paying their rent.
These funds will be distributed throughout each state. In the case of New York, for example, ERAP money is handled through the Office of Temporary Assistance and Disability Assistance, where people must apply.
Among the main requirements are that households must obtain 80% or less of the median income in your area and one person in the household must have received unemployment funds.
They must also prove that they are at risk of losing living space for non-payment.
In the case of this aid, the stimulus law establishes that the money must go directly to the landlord or utility company, once the aid has been approved to the applicant. If these potential recipients decline, then the beneficiary can be paid directly.
The maximum time that the person can benefit from the disbursements, whether for rent or payment of public services, is 15 months.
Additional, at the end of last July, the administration Biden extended the US eviction moratorium until July 31. The Centers for Disease Control and Prevention (CDC) are enforcing the mandate.
Funds for restaurants and other food businesses
Another help that was available until just a few days ago was the “Restaurant Revitalization Fund,” administered by the US Small Business Administration (SBA).
The federal Congress approved this fund to help one of the industries hardest hit by the pandemic, that of restaurants and other food and beverage venues.
Demand was so high that by June 20, authorities had received 278,000 applications for more than $ 72.2 billion in incentives, according to an SBA statement on July 2. Of those, 101,000 were approved.
However, even though the past July 2, it was reported that the deadline to request the aid was closedIn the coming days and weeks, dozens of recipients whose applications were approved would be receiving the aid.
The bureau will dispense a total of about $ 28.6 billion (up to $ 10 million per company and $ 5 million per location) to eligible Americans.
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Eddie is an Australian news reporter with over 9 years in the industry and has published on Forbes and tech crunch.