URGENT $1400 THIRD STIMULUS CHECK UPDATE Biden’s Executive Orders + Unemployment Update SSI SSDI

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URGENT $1400 THIRD STIMULUS CHECK UPDATE Biden’s Executive Orders + Unemployment Update SSI SSDI. Here’s your daily stimulus check, your second stimulus check, your third stimulus check, your executive action, executive order, memorandums, moratoriums, and stimulus package update for Saturday, January 23rd, 2021.

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Senior Democratic lawmakers are moving to expand the child tax credit by drafting legislation that would direct the IRS to send recurring monthly payments to tens of millions of American families.

Under one draft of the plan being discussed, the IRS would be tasked with depositing checks worth $300 every month per child younger than 6, as well as $250 every month per child aged 6 to 17.

That equals up to $3,600 over the course of the year.
According to three senior Democratic officials, “Unlike the stimulus checks, the Biden administration and Democratic lawmakers are hoping to make this child benefits a permanent government program that would continue in future years.”

The benefit could prove costly, increasing the federal deficit by $120 billion for one year.
It is probably likely that Congressional Republicans will oppose this measure as they have pushed for increasing the child tax credit in the past.

According to new credit and debit card usage data, the $900 billion stimulus funding in the US immediately boosted spending on groceries among recipients, especially low-income ones.

According to economists from the Bank of America Global Research, “Increases in stimulus-related spending were highest among households with incomes of less than $50,000 at 22%, versus 11% for low-income households that did not receive the additional funding.”

Research published by the New York Fed last October showed many Americans would use additional stimulus funds to save or pay off debt.

Spending in the US had started to fall at the end of 2020 due to millions of Americans across struggling to afford basic necessities.

Michelle Myer, head of US economics at Bank of America Merrill Lynch stated, “In a way, you can think about it as stimulus allowed for a level-shift higher in spending in early January.”

We are so glad to hear that Americans are able to finally receive basic necessities and hope the government continues to help.

And finally, millions of Americans may still be eligible for $1,200 or $600 stimulus checks but have not received the money.

On Friday, Biden issued an executive order asking the Treasury Department to re-evaluate its delivery structure for stimulus checks to make sure all Americans who are entitled to the payments receive them.

According to Biden’s order, an estimated 8 million eligible Americans did not receive the first $1,200.
The Treasury Department can help solve this issue by creating online tools for this population to claim their payments and establish outreach efforts to let people know they qualify for the money.
Family members including spouses and children who hold Social Security numbers are eligible for those payments.

That applies retroactively to the $1,200 CARES Act checks.

For now, the IRS is urging those who are still missing payments to file for a recovery rebate credit when they submit their tax returns.

That was your stimulus check, your second stimulus check, your executive action and stimulus package update for Saturday, January 23rd, 2021

Sources:

https://www.cnbc.com/2021/01/22/biden-executive-order-to-speed-up-stimulus-checks-for-8-million-people.html
https://qz.com/1961512/second-us-stimulus-boosts-spending-in-mid-january-by-12-7-percent/
https://www.washingtonpost.com/us-policy/2021/01/22/biden-childtaxcredit-stimulus/

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