The third installment of the child tax credit is scheduled to be delivered on Wednesday, 16th September. The child tax credit checks are one of the last stimulus programs which are still providing financial aid to U.S families who have been bereaved by the ongoing pandemic situation. The infusions might serve as even more of a lifeline for the financially challenged families as the eviction moratorium and pandemic unemployment benefits have ended.
According to the IRS, approximately 60 million parents in America are liable to receive direct deposit payments in the third installment of the child tax credit.
Previously in August, the agency distributed more than 15 billion dollars to the parents of 61 million children in the US.
Parents of children under the age of 6 are liable to receive $300 per child whereas children who are aged between 6 years to 17 years will be receiving $250 per child by this Wednesday.
Child tax credit payments were directed to be paid to the needy parents under the American rescue plan announced by President Joe Biden. Although an extension of the child tax credit is proposed by the democratic, it is still underway and far-fetched at the moment.
About 400 economists, including experts like Emmanuel Saez, Gabriel Zucman, and even the Nobel Laureate Peter Diamond have urged lawmakers to convert child tax credit into a permanent feature of the taxation law. The economists sent out an official letter to the congressmen regarding the conversion of CTC into permanent law.
It stated, “a permanently expanded CTC would yield tremendous immediate and long-term benefits for children and their families and would be unlikely to meaningfully reduce employment.”
It is a general consensus that these stimulus payments helped a lot of Americans to come out of the harrowing effects of the coronavirus pandemic.
The co-chairperson of the economic security project, Natalie Foster stated that “the bills come monthly, and so should the checks. We know that these first two checks have really impacted families in a meaningful way.”
The resurgence of Delta variant-related coronavirus cases across America has started to show its true colors in the form of a derailing economy. Unemployment has started to surge as new businesses are finding it hard to hire new people when they don’t know how long it will take for life to get back to normalcy like the pre-covid-19 time.
These growing fears of unemployment and shrinking budgets mean that more and more families are going to rely on the child tax credit stimulus checks to meet their ends therefore these installments should continue till the time; coronavirus is completely wiped off from the face of the earth.
