New developments confirm the likelihood that further stimulus payments will not be approved, even as more lawmakers have joined in the demand for a fourth or even a fifth round of checks.
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At least 25 states have removed federal unemployment assistance from the stimulus package, as companies lament the inability to fill a surplus of vacant positions with enough workers. Senators and state governors have argued that the economy has rebounded to a level high enough that good jobs are available and government assistance is no longer warranted.
Additionally, a new Boston Herald report found that 1.2 million stimulus checks had not been spent, whether cashed, refunded or refused.
Despite this, there is still evidence that financial aid has helped millions of people. A study by the American Enterprise Institute showed that stimulus payments and the expansion of UI turned what would have been an increase in poverty into a reduction. The Peter G. Peterson Foundation also noted that “on the whole, the payments were effective in helping those who were financially affected by the pandemic, as the majority of households that had lost employment-based income received a payment”.
While the last stimulus payment was the last, there are still many ways to find relief through government programs if you need it.
Find out: Your 2021 baby gives you the right to the child tax credit
Small business assistance
Several government programs have been put in place to protect owners and employees of small businesses throughout the coronavirus pandemic. The Paycheck Protection Program is supported by the US Small Business Administration and provides funds for salary costs, including employee benefits. It can also be used for mortgage interest, rent, utilities, worker protection costs related to Covid-19, costs of uninsured property damage caused by looting or vandalism in 2020, and certain costs and expenses. suppliers for operations.
One of the main advantages is that the PPP loan can be canceled entirely if the employers meet the criteria for employee retention. This requires maintaining employee and compensation levels the same as before the loan, using the proceeds on salary costs and other expenses only, and ensuring that at least 60% of the proceeds are spent. for the remuneration of the wage bill.
In addition to PPP loans, there are also Economic Disaster Loans (EIDLs), which provide for a loss of income related to Covid-19, the Restaurant Revitalization Fund that offers money to maintain restaurants and businesses. afloat bars during recovery, a Shuttered Venues grant and an option to receive multiple of these grants at the same time.
All information on these resources, how to apply and eligibility criteria can be found here.
See: 70% Of Stimulus Money Is Stuck In Checking Accounts – What’s The Smartest Thing To Do With Yours?
Find: Petition with over 2 million signatures calls for monthly $ 2,000 stimulus checks for every American
Expansion of the Child Tax Credit
While the future of another check is unclear, for millions of parents, some type of fourth stimulus will automatically affect their bank accounts over the next 6 weeks or so. Under the stimulus bill, parents who earn less than $ 75,000 a year and have a child under the age of 6 will receive $ 3,600 through the child tax credit.
Monthly payments of $ 300 will start hitting bank accounts on July 15 and last until December, providing half of the total tax benefit amount. The other half will be claimed when filing a 2021 income tax return. Parents of children over the age of 6 up to age 17 will receive a total of $ 3,000. The Biden administration is pushing to extend that credit until 2025, but from now on, the credit is expected to last until next year at tax time.
Details on income thresholds and eligibility can be found here.
Although many states have decided to end government unemployment assistance, the federal supplement is still around $ 300 per week. This will last until September 6, 2021. There are still other programs available for people whose jobs have been impacted by Covid-19. The stimulus bill extended the pandemic unemployment assistance program for the self-employed or concert workers. COBRA premiums can also be waived until September 30, 2021. For more information on the different types of benefits and eligibility, click here.
Read: Child tax benefits to start hitting accounts on July 15
Homeowner Assistance Fund
The Homeowners Assistance Fund was created to prevent mortgage defaults, defaults, foreclosures, loss of utilities, and displacement of financially troubled homeowners after January 21, 2020. The funds can be used for housing help with mortgage payments, home insurance, utilities and other eligible expenses. Click here to see how much your state has been allocated and how to apply for funds.
Keep Americans Connected to Services
The Keep Americans Connected Pledge is a pledge signed by more than 800 companies that pledges not to terminate service to residential or small business customers due to their inability to pay their bills due to financial issues related to the coronavirus. The companies have also agreed to waive late fees these customers may incur and open their Wi-Fi hotspots to “any American who needs them.”
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Federal assistance in the event of a rental emergency
$ 21.6 billion has been allocated for rent assistance, including $ 0.5 billion for the most disadvantaged areas where “the loss of jobs and high market costs have made the task particularly difficult for residents. low income tenants â.
One of the main benefits of the US bailout is the financing that must be offered directly to tenants when landlords do not accept payment assistance. It also prohibits the eviction of tenants for non-payment during the months for which they receive emergency rent assistance. In addition, the Treasury strongly urges landlords not to evict tenants for non-payment of rent for 30 to 90 days beyond the period covered by aid as a condition of receipt of payment.
To see how support is available in your region, click here.
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This article originally appeared on GOBankingRates.com: Fourth Stimulus Checks Rumors Are Everywhere – Here’s What’s Really Going On (And How To Get The Money)