By Josh Boak
The Treasury Department said Monday that 39 million families are set to receive monthly child payments beginning on July 15.
The payments are part of President Joe Biden's $1.9 trillion coronavirus relief package, which expanded the child tax credit for one year and made it possible to pre-pay the benefits on a monthly basis. Nearly 88% of children are set to receive the benefits without their parents needing to take any additional action.
“This tax cut sends a clear and powerful message to American workers, working families with children: Help is here,” Biden said in remarks at the White House.
Qualified families will receive a payment of up to $300 per month for each child under 6 and up to $250 per month for children between the ages of 6 and 17. The child tax credit was previously capped at $2,000 and only paid out to families with income tax obligations after they filed with the IRS.
But for this year, couples earning $150,000 or less can receive the full payments on the 15th of each month, in most cases by direct deposit. The benefits total $3,600 annually for children under 6 and $3,000 for those who are older. The IRS will determine eligibility based on the 2019 and 2020 tax years, but people will also be able to update their status through an online portal. The administration is also setting up another online portal for non-filers who might be eligible for the child tax credit.
The president has proposed an extension of the increased child tax credit through 2025 as part of his $1.8 trillion families plan. Outside analysts estimate that the payments could essentially halve child poverty. The expanded credits could cost roughly $100 billion a year.
Updated on May 17, 2021, at 2:06 p.m. ET with the latest details.
The Small Business Grants Program, revealed in a blog post on Tuesday morning, was created to keep workers working, help with rent costs, connect with more customers, cover operational costs. (Photo by Joe Raedle/Getty Images)
The Fed is reviving a program that it first used during the 2008 financial crisis to unclog a short-term lending market for what is known as “commercial paper.” Large businesses issue commercial paper to raise cash to meet payrolls and cover other short-term costs.
Speaker Nancy Pelosi said the House Democrats will pass the $8.3 billion ‘Families First Coronavirus Response Act’ today, though she did not mention support by Republicans or the White House.
Millions of voters in Arizona, Florida, and Illinois have already cast ballots for the 441 Democratic pledged delegates up for grabs in today and those who haven't are expected to head to the polls.
The guidelines mark the first attempt by the federal government to establish best practices for all Americans amid an avalanche of disparate state and local policies.
U.S. airlines are reportedly seeking as much as $50 billion in federal support as travel restrictions aimed at containing the spread of coronavirus have pushed the industry’s biggest players to the brink of bankruptcy.
The action came on the heels of an executive order by Louisiana Gov. John Bel Edwards, banning gatherings of 250 people or more across the state and shutting down schools.
Sen. Mitt Romney seems to be channeling former Democratic presidential candidate Andrew Yang in his proposal to give every U.S. adult $1,000 to help them deal with the economic impact of the coronavirus outbreak.
Gov. Cuomo revealed that there are now 950 confirmed cases in New York with 158 hospitalizations and seven death, along with a coordinated effort between New York and its neighboring states, New Jersey and Connecticut, in order to stem the increased spread of the COVID-19 disease.
These are the headlines you Need 2 Know for Monday, March 16, 2020.
