The US government introduced Economic Impact Payments to help the low-income families amidst the pandemic. However, the government decided to stop the payments as the COVID threat subsides and the economy marches towards recovery. The financial situation of millions of families is still worse, and they cannot meet their daily expenses. Several individuals and government authorities are calling upon Congress to reintroduce the payments. IBT reports that the monthly payments might resume if Senator Mitt Romney’s plans gain full support in the Senate. The Senate is yet to look into the terms of the proposal.
Build Back Better failed to withstand the protest
The bill’s approval might resurrect the hopes of millions of low-income families and children. Sen. Joe Manchin was the only Democrat who disapproved of the Build Back Better; President Biden introduced the bill in November. The stimulus program and the Child Tax Credit offered significant monetary relief to many families. The reports say that millions of children have fallen back below the poverty level after the cessation of the CTC payments. The resumption of payments will be a massive boon for the families and the children.
The Family Security Act can be the savior
The government issued monthly payments from $250-$300 for each child in the latter half of 2021. The families received six equal monthly payments till December. The families have received the first half of the CTC amount; they will receive the remaining amount during the tax refunds. The families need to file their tax returns before the IRS deadline. The taxpayers need to fill incomplete information to receive the eligible amount. The current plan, namely the Family Security Act, will enable $350 monthly payments to families with children between 0-5 and $250 per month for each child from 6-17. IBT reports that families may receive up to $1,250 in a month.
The government authorities say that the bill is in its early stages, and its fate is uncertain at present. The terms and conditions of the proposal will please every democrat and fulfill the hopes of struggling US families. Due to high inflation and continuous price rise of the essential commodities, the market faces extreme circumstances and requires definite measures.