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CNN 23 July, 2021 - 09:27am 39 views

What is the child tax credit for 2021?

Under the Child Tax Credit, children who are 6 or younger should receive $300 per month, while children ages 6 to 17 will receive $250 per month. But there's a catch: The child needs to younger than 6 as of December 31, 2021 to receive the full $300 credit. CBS NewsChild Tax Credit 2021: What to do if you didn't get a payment or got the wrong amount

How does the child tax credit work?

How Does The Advance Child Tax Credit Work? The IRS is paying $3,600 total per child to parents of children up to five years of age. That drops to $3,000 for each child ages six through 17. Half of the total is being paid as six monthly payments and half as a 2021 tax credit. CBS BostonChild Tax Credit: Guide For Parents Having Problems

Additional stimulus checks rolled out from the U.S. government this week, according to the Internal Revenue Service.

The money from the American Rescue Plan went to more than a million people for whom the IRS didn’t have have information to send an Economic Impact Payment. Those individuals had recently filed a tax return, the agency said.

More information about this week’s payments:

The IRS will continue to send out payments on a weekly basis. The money will go to people who recently filed a tax return as well those who qualify for “plus-up” payments.

The agency said, while most payments are automatic, there are cases in which an Economic Impact Payment didn’t get sent. The IRS “continues to urge people who don’t normally file a tax return and haven’t received Economic Impact Payments to file a 2020 tax return to get all the benefits they’re entitled to under the law.”

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

INDIANAPOLIS-- Parents have lots of questions as their children prepare for the upcoming school year and we’re taking your questions straight to the experts.

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President Joe Biden signed into law Thursday reforms for the way funds are distributed to victims of crimes.

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Read full article at CNN

Stimulus update: No, you aren’t getting a fourth stimulus check for $2,500 on July 30

mlive.com 23 July, 2021 - 01:01pm

There have been three waves of stimulus payments since the start of the coronavirus pandemic. Prospects for a fourth wave remain unclear, however, as the White House hasn’t backed additional direct payments.

That hasn’t kept the rumor mill from heating up about more money, specifically a large amount that will supposedly be coming later this month.

A bogus social media post making the rounds claimed that everyone will get a $2,500 stimulus check on July 31.

“It passed 10 minutes ago,” the post claims “They did it.”

The end of the post includes a link to an article that “tells you what you need to do to get yours direct deposited and how to receive it quicker and how to track it!”

According to USA Today, clicking on the link takes users to an ape giving people the middle finger.

The Biden administration has not passed legislation about a fourth stimulus payment and Congress has shown no interest – at least for now – in widescale direct relief programs, preferring more targeted efforts. There are petitions, including one that has garnered almost 2.7 million signatures, asking for more direct payments as the economy continues to recover from pandemic-related shutdowns.

Three rounds of stimulus payments have been distributed. The first round, approved in March 2020 during the early days of the coronavirus pandemic, was for up to $1,200 per person. An additional round of $600 followed in December 2020. A third wave of up to $1,400 per person was distributed in March 2021.

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Fourth stimulus check and child tax credit live updates: is a new payment coming? Opt-out, eligibility, tax refund...

AS English 23 July, 2021 - 12:57pm

- IRS sends out another 4 million tax refunds to unemployment benefits recipients (Details)

- How will the delta covid-19 variant affect additional pandemic unemployment benefits? (Details)

- With millions of households still waiting for a Child Tax Credit payment, how can you get yours? (Details)

- Sen. Bernie Sanders has tabled a $3.5 trillion reconciliation package, including making the new Child Tax Credit permanent (Details)

- The Senate voted against the Bipartisan Infrastructure bill on Wednesday, meaning that Biden will likely have to use reconciliation to pass it

Fourth Stimulus Check: Could it arrive in August? (Details)

Child Tax Credit | Who qualifies for the $500 dependent credit and who doesn't get the Child Tax Credit? (details) | Can I just get one month and opt out? (Details)

US Congress 101 | What is a reconciliation bill and how is it different from a normal bill? (Details)

Unemployment | Which states have ended supplementary unemployment benefits? (Details)

Golden State stimulus check | When will it arrive?

Still waiting for your tax refund? Find out when to contact the IRS

Since the start of the pandemic the federal government has introduced various forms of financial relief to help Americans through the pandemic. After the stimulus checks and additional unemployment benefits came a new tax break which exempted jobless support recipients from paying tax. 

Much of that money is now being sent out in the form of a tax refund but criminals are attempting to scam the rightful beneficiaries out of that cash. Here, the IRS runs through some of the most common scams...

The IRS began sending out the first round of monthly Child Tax Credit payment last month, sending out support to an estimated 35 million American families. However there is concern that some households, who do not usually file taxes, may be missing out. 

Non-filers will need to provide their information to the tax agency using the IRS' online portal. If you're not sure how to do so, the IRS is running Tax Prep Days this weekend to make more families eligible for the Child Tax Credit support. 

The Economist discusses the challenges going forward; countries unwinding their stimulus packages, supply shortages caused by bottlenecks in the supply chain and the most worrying of all, the Delta covid-19 variant causing a surge in new cases around the globe. 

Additionally, why the fracking industry is no longer trying to get every last drop out of the ground but instead has the mantra “keep it in” and bitcoin miners in China are pulling up stakes to get out of Dodge.

Mayors for a Guaranteed Income is a coalition of mayors from across the country advocating for a guaranteed income, direct, recurring cash payments. Several are using federal stimulus money from the American Rescue Plan to provide monthly checks to low-income resident of between $500 and $1,000 with no strings attached.  

In conjunction with a University of Pennsylvania-based research center they are collecting data to see if such programs reduce inequality and produce more jobs. They plan to use their findings to lobby the White House and Congress to enact such programs on a national level, starting with extending the 2021 Child Tax Credit which will send parents up to $300 per child per month. The program expires at the end of December if nothing is done.

One of the snags slowing completion of the bipartisan infrastructure bill is how to pay for all the infrastructure. Republicans had floated the idea of raising the gas tax and pegging it to inflation. The gas tax hasn't changed in nearly 30 years and has lost 40 percent of its purchasing power since. 

Democrats were strongly opposed to this idea, and it appears so too is the National Review. In a recent article Brian Riedl argues that instead of increasing the gas tax it should be lowered from 18.4 cents to just 3 cents per gallon to only cover infrastructure projects on federal lands.

As it works now states collect the taxes and then send the money to DC before it turns around to go back to the states with strings attached. State governments already have their own gas taxes, by letting them collect the whole tax for their state the federal middleman would be cut out.

President Joe Biden met with leaders from business and labor on Thursday at the White House to discuss infrastructure and show a united front in the need to take action. President Biden may have to do some arm twisting in the House of Representatives.

House Speaker Nancy Pelosi has said that she will not hold a vote on the bipartisan bill, that hasn't been written yet, until the Senate sends another larger budget bill with the "soft" infrastructure proposals that Democrats want to pass.

The American Rescue Plan enacted in March included a number of policies designed to give a leg up to those that struggle to make ends meet. In particular, the enhanced Child Tax Credit for the 2021 fiscal year could cut childhood poverty in half.

This feat will be achieved if the parents of those children are signed up for the newly created advance payment program which started sending cash to families 15 July. Prior to the changes taxpayers had to claim the credit when they filed their taxes and there was an earnings floor that had to be met before a parent could begin to claim the credit.

The revamped Child Tax Credit was not only expanded in size but also made it available to those who have no income.

The clock is ticking if Democrats want to pass the bipartisan “hard” infrastructure bill and their go it alone “soft” infrastructure bill. The Senate is set to adjourn for its summer recess 6 August. Senate Majority Leader Chuck Schumer told his colleagues that they should be prepared to work into what would be a month-long break. On Wednesday Senator Bernie Sanders, Chair of the Budget Committee, told reporters that he hopes to have the Democrat-only bill ready to bring to the floor for a vote by early August.

The IRS has  sent out three rounds of Economic Impact Payments, or stimulus checks, since the beginning of the covid-19 pandemic. These were advance payments of the Recovery Rebate Credit for 2020 and 2021. To get the payments out faster the IRS used the information on hand at the time of disbursement. 

Fortunately for taxpayers if they were underpaid they could claim any missing money on their tax return, even better if they were overpaid they weren't required to return the money. However, that isn't so with the 2021 Child Tax Credit for all taxpayers.

A "safe harbor" is provided for low- and moderate-income households shielding them from repaying the money, but those who earn more than the "safe harbor" threshold will be expected to pay back some or even all of the money.

31 House Democrats sent House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer a letter letting them know that they will not be a "rubber stamp" for whatever bill comes out of the Senate. They want "a fair process for members on [their] side of the Capitol." Adding “We should reject any effort to categorically exclude the thorough, transparent and transformational process undertaken by the House.”

The bipartisan infrastructure bill, as yet, is still unwritten but the hope is that a physical piece of legislation will be available by Monday. A procedural vote on the bill failed on Wednesday.

The American Rescue Plan included the expansion of some tax credits that families will be able to take advantage of when they report their taxes next year and possibly get a much larger refund. One of those credits, the 2021 Child Tax Credit, is being paid to families in advance, that is if parents choose not to stop the prepayments.

Parents may wish to hold off and receive the full entitlement they are due according to their eligibility in 2022. Even though the payments have already begun, families can stop the payments at just about any time before the end of the year when the program could expire, but there are specific deadlines for each month.

Over the past decade, Congress has cut the IRS budget by around 20 percent. The reduced funding has meant that staff has been reduced by the same amount. With less hands on deck and money to operate the agency is having more difficulty going after tax cheats. Additional funding was earmarked in the bipartisan infrastructure bill to help pay for rebuilding roads and bridges but GOP negotiators cut that from the bill.

The lack of staff is affecting the agency's ability to field calls from taxpayers that can only be solved by phone. The IRS received over 145 million calls this year, four times more than normal according to the agency. For one Illinois resident trying to claim a stimulus check for her husband who passed away last fall, it has been impossible to get through.

Sen. Sherrod Brown has been a long-standing support of expanding the Child Tax Credit and was one of the key voices pushing for it to be included in the most recent stimulus bill. The monthly payments started going out last week and Brown spoke to Congress about what the new support means for families in his state, Ohio

In his closing remarks Brown made clear that his party is determined to secure an extension of the one-year programme, saying: "We will not stop fighting to ensure that parents' hard work pays off. We will not stop, we will deliver on this."

The IRS has had its work cut out since the beginning of the pandemic, tasked with implementing various new federal support programmes. All three rounds of stimulus check, and the recently added Child Tax Credit payments, were all introduced by the IRS. 

Unfortunately this has left them unable to complete their other tasks as promptly as normal, resulting in a huge backlog of 35 million unprocessed tax returns. As such millions of people are still waiting for their tax refund to appear, far longer than the usual 21-day turnaround. To check on the status of your refund, use the IRS' Where's My Refund? online tool in the link below...

Last week the IRS began making payments as part of the new Child Tax Credit with roughly 35 million families benefiting from the new, more generous support. Around 86% of the payments were made through direct deposit, and the tax agency encourages families to provide bank information to get the funds more quickly.

The IRS developed the Child Tax Credit Update Portal, so families can opt out of the payments and update or provide a bank account number to receive the credit through direct deposit. The support will last until the end of 2021 at least, so when is next month's payment arriving?

Read the full story here:

The dollar was set to end the week with small gains after a turbulent few days when currencies were buffeted by shifting risk appetite, with the market's focus now on next week's US Federal Reserve meeting. The dollar index was up 0.2% for the week, rising slightly on Friday to stand at 92.891. But that was off a 3-1/2-month high of 93.194 hit on Wednesday, after strong Wall Street earnings helped investors regain some of the confidence lost to earlier worries the Delta variant of the coronavirus could derail the global economic recovery.

The market's next major focus is the Federal Reserve's two-day policy meeting that wraps up on Thursday. Since the previous meeting on 16 June, when Fed officials dropped a reference to the coronavirus as a weight on the economy, cases are spiking. Many economists, however, still expect the meeting to produce some advancement in the discussions for a tapering of stimulus

For now, President Biden appears unwilling to push for a fourth stimulus check as he attempts to pass the massive infrastructure bill that has been opposed by Republicans in Congress. However direct payments are continuing to go out as the IRS works through the backlog of stimulus check recipients who are owed more money. 

In most cases these are recipients who have been found to have a larger stimulus check entitlement when the IRS processed their 2020 tax return. They will continue this process for the remainder of 2021

The American Rescue Plan provided a tax break for any who received unemployment support during 2020, making the first $10,200 of benefits received tax-free. However the bill was only signed into law in March, by which point, millions of people had already filed their tax returns and paid the taxes that they believed they owed. 

To rectify that, the IRS is sending out tax refund payments throughout 2021 to an estimated 13 million unemployment benefits recipients who overpaid. The IRS has more information on that process and when your refund will arrive...

Last week the IRS started sending out the first batch of monthly payments as part of the new-look Child Tax Credit, with an estimated 35 million families having now received the support. From 15 July until at least the end of 2021, eligible families will receive a monthly payment of up to $300 per child aged under six and $250 for each child aged between six and 17.

However this new system presents a problem for parents who are separated; which parent will recieve the money, and are they allowed to split it?

The online tools introduced at the start of July to help families oversee their Child Tax Credit payments has been criticised by Sen. Ron Wyden. In a letter to the agency's chief, Charles Rettig, Wyden wrote: “If this inadequacy is not rectified, millions of American families could be denied the opportunity to provide a more secure future for their children and break the cycle of poverty for so many."

His message relates to the comparatively small number of low-income Americans who have been able to take advantage of the new programme. 

The new expanded Child Tax Credit provided a payment worth up to $300 for each child under six and $250 for children aged between six and 17, but the exact amount on offer varied depending on the parents' circumstances. Because this is the first month that the process has been in action it is possible that there were some teething problems with the introduction. 

If you think you may have received the wrong amount, or simply want to check you were paid correctly, check out this handy Child Tax Credit online calculator...

There is concern that many low-income households are missing out on the Child Tax Credit monthly payments because they have not yet provided their information to the IRS to trigger the support. For most eligible families the payments will have begun automatically but those who do not earn enough to be required to pay tax will need to use the IRS' Non-filers Tool to provide the IRS with the detail needed to make payments. 

Hello and welcome to our daily live blog for Friday 23 July 2021, bringing you updates on a potential fourth stimulus check in the United States.

We'll also offer information on the third stimulus check, which began going out in March, as well as economic-support measures such as the new, expanded Child Tax Credit.

Stay with us throughout the day for regular updates, or pop in and out and find out what's fresh.

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If You Filed Your Taxes, You May Be Getting Another Stimulus Check

Best Life 22 July, 2021 - 02:07pm

We adhere to structured guidelines for sourcing information and linking to other resources, including scientific studies and medical journals.

If you have any concerns about the accuracy of our content, please reach out to our editors by e-mailing editors@bestlifeonline.com.

The money may already be on its way to you in some cases.

On July 21, the Internal Revenue Service (IRS) announced that it was still sending out payments that were authorized in March under the American Rescue Plan. The tax agency specified that those who had recently filed their 2020 income taxes might be getting another stimulus check as part of a "plus-up" adjustment for anyone who initially received less than they are owed, reporting that 900,000 such payments totaling more than $1.6 billion have been issued in the past six weeks alone.

The additional payments are being used to help square up after any major changes since eligibility for the full $1,400 payments was based on income reported on 2019 tax returns. Anyone who has recently filed their taxes and has shown a drop in the amount of money they make could qualify for one of the plus-up payments, MoneyWise reports.

The IRS also announced that 1.3 million of the most recent set of payments were sent out to recipients who had not yet received any stimulus from the latest round due to a lack of contact information. Those who recently filed their taxes with updated information the agency needed will finally see the funds they're owed make their way to them, with the agency saying that it's continuing to disburse such payments every week.

To be eligible to receive the full $1,400 checks, your tax filing must show that you made $75,000 or less over the course of the year or $150,000 for married couples who jointly file. Above that, payments are adjusted for individuals who make up to $80,000 and married couples who make up to $160,000 before they are capped and become ineligible.

Besides getting another stimulus check, you may be entitled to more money from the government if you saw another person added to your family this past year. The IRS urges everyone to file updated taxes to take advantage of the recently expanded Child Tax Credit, which began will delivering monthly payments on July 15 and will continue through December. The program provides $300 for each child under the age of six and $250 for each child between age six to 17 to low-income and middle-class families who earn below an income threshold, CBS News reports.

According to the IRS, single taxpayers who earn $75,000 or less, heads of household who earn $112,500 or less, and jointly-filed married couples earning $150,000 or less are eligible, as well as qualified widows and widowers.

While the debate over whether or not to send an additional round of aid payments is still going on at the federal level, one state is already making moves to send its citizens another stimulus check in the coming months. After first proposing the plan in May, California Gov. Gavin Newsom signed legislation on July 17 that would see more cash relief payments sent out to state residents.

Under the plan, Californians who qualify will receive a "Golden State Stimulus check" for $600, while families with children will see an additional $500, Yahoo Finance reports. To be eligible, you must have made no more than $75,000 as per your most recent tax filing and have lived in California for at least half of the tax year. According to Newsom's office, this covers roughly two-thirds of the state's population.

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2.2. Million More Stimulus Checks Just Got Sent Out — Here’s Who Got Them

Yahoo Finance 22 July, 2021 - 12:55pm

About 1.3 million payments went to eligible individuals for whom the IRS previously did not have information to issue a stimulus relief check to. This means these checks recently went out to people who likely filed their taxes late. The good news is that they were still able to receive their money, despite late filing.

These payments also include ongoing “plus-up” payments for those who received stimulus checks based on their 2019 returns but were eligible for a new or larger payment based on their most recently processed 2020 tax return, the IRS stated. In total, the IRS has made more than 9 million plus-up payments this year worth around $18.5 billion.

The IRS also stressed the importance of checking if you are eligible for certain ebenefits, regardless of whether you file taxes or not. They state that people who don’t normally have an obligation to file a tax return and do not receive federal benefits already may qualify for these stimulus payments. This includes homelessess, the rural poor and other historically under-served groups. The IRS has created an online Non-Filer tool to allow those who were not required to file or normally do not file a tax return to file a simplified tax return and register themselves for these benefits. This is separate to the non-filer tool for the child tax credit, but will need to be done first before one can access the other non-filer tool for child tax credit purposes.

Those who did not get a first or second stimulus check may still be eligible for the 2020 Recovery Rebate Credit, but you will need to file a 2020 tax return. Free tax preparation is available for those who qualify, which can be found here.

This article originally appeared on GOBankingRates.com: 2.2. Million More Stimulus Checks Just Got Sent Out — Here’s Who Got Them

Total payments now top $171 million.

The IRS has now sent out more than 171 million payments as part of the third round of checks, totaling approximately $400 billion in relief.

The Advance Child Tax Credit of 2021 is a transformative tax credit available to over 90% of American families with children. The advance portion is a monthly payment of up to $300 that started...

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​​President Joe Biden has invoked Franklin Delano Roosevelt several times as he has implemented sweeping anti-poverty measures to tackle record unemployment and economic turmoil. Hoping to model his legacy on the President who helped the nation climb out of the Great Depression, Biden has spent $1.9 trillion so far on stimulus checks, the expanded child tax credit, and enhanced unemployment insurance, among other relief measures. “Disabled people and the poorest of the poor haven’t had really any help in years,” says Democratic Sen. Sherrod Brown of Ohio.

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The IRS has sent out another 2.2 million payments with help from tax filings.

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4th Stimulus Check Update: New checks are already on their way

MARCA.com 22 July, 2021 - 11:55am

There have been 2.2 million sent out

This is still the third round of stimulus checks, but it is acting more as a top-up and is thus similar to what would have been the fourth stimulus check.

These 2.2 million payments mean that 171 million have now been disbursed, with the IRS, Treasury Department and Bureau of the Fiscal Service claiming that the amount spent on this support is 400 billion dollars.

US citizens are now receiving money via stimulus checks as part of the American Rescue Plan Act, which was signed into law back in March by president Joe Biden.

The IRS refer to the money that people are receiving now as plus-up payments, as there were some US citizens that did not qualify for the full 1,400 dollar amount due to their 2019 taxes but would have been able to from their 2020 return, so this has been addressed. This is thought to account for 900,000 people.

The remaining 1.3 million people, however, had not received any financial aid via stimulus checks because the IRS could not get in touch with them, but seeing as they have now come onto the system they became eligible to be given some money from the US government.

In order to be eligible to receive the full 1,400 dollar amount from the IRS, it is necessary to fill in a tax return which shows an adjusted gross income - your total income with some deductions taken off - of 75,000 dollars or less. And for those filing a joint return with their partner, the adjusted gross income threshold is 150,000 dollars.

Stimulus check: Another 2.2 million payments sent out. Here’s who will get them…

WJW FOX 8 News Cleveland 22 July, 2021 - 10:36am

(WJW) — An additional 2.2 million economic stimulus checks valued at more than $4 billion have been issued to Americans as recently as July 21.

That brings the total number of payments made so far under the American Rescue Plan to more than 171 million. The payments, which began going out March 12, have a value of more than $400 billion.

Here’s who received payments over the last six weeks, according to the IRS:

The IRS states it will continue to disburse the payments on a weekly basis. Ongoing payments will be sent to eligible individuals for whom the IRS did not have information to issue a payment but who recently filed a tax return, as well as people who qualify for plus-up payments.

The IRS is continuing to urge taxpayers who don’t normally file a tax return and who haven’t received a payment to file a 2020 tax return to get those benefits.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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Millions of extra stimulus checks arriving in bank accounts this week

The Sun 22 July, 2021 - 08:45am

News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services.

MILLIONS in extra stimulus funds will be deposited in the bank accounts of thousands of Americans by the IRS this week, thanks to tax returns.

While the IRS continues to distribute the third round of stimulus aid, the tax agency announced it has also sent out hundreds of thousands of bonus payments to Americans.

Those bonus amounts are based on information gleaned from recently filed tax returns, meaning those who received less money than they should have during previous rounds of stimulus are being reimbursed.

And over one million Americans who never got a third stimulus check, passed under the America Rescue Plan in March, are finally getting some cash thanks to their 2020 taxes.

The IRS also said Wednesday that it has distributed 2.2 million more direct payments of up to $1,400 over the last six weeks.

That brings the total funds distributed under the America Rescue Plan up to an aggregate value of $400 billion.

The latest checks had an official payment date through July 21.

More than 900,000 of these fresh stimulus checks are what the IRS calls "plus-up" payments.

Those payments are bonus money for people who previously got third-round stimulus checks, though not the full $1,400.

That may be because your stimulus check was based on your 2019 tax return, but you earned less income in 2020.

If you don’t normally file taxes and haven’t yet received any stimulus check from the last round, the IRS urges you to submit a 2020 return.

You could receive not only a relief payment but also other benefits, including the new monthly payments from this year's expanded child tax credit.

People who make more than the income caps will see their payments reduced by $50 for every $1,000 above limits.

Stimulus payments, meanwhile, will continue to go out on a weekly basis throughout the summer, the IRS says.

IRS sends out another 2.2 million $1,400 stimulus checks

Yahoo Finance 22 July, 2021 - 07:47am

That’s a notable number, but it represents a slowdown in the number of checks sent. The total covers disbursements over the past six weeks—bringing the total number of checks sent to 171 million. Prior to this batch, the agencies sent 2.3 million checks over a two-week period (and 1.8 million in the two weeks prior to that).

Since March 12, when the first checks went out, the government has sent out over $400 billion in stimulus payments.

Of the 2.2 million payments, 1.3 million went to people who the IRS didn’t have current contact information. The remainder consists of supplemental payments for people who recently filed their 2020 taxes, earning them a bigger stimulus check. All totaled, the IRS has made more than 9 million of these supplemental payments this year worth approximately $18.5 billion.

Still waiting on a check? Don’t bother calling the IRS. The best way to track this third stimulus payment is still via the “Get My Payment” portal on the IRS.gov website.

The $1,400 stimulus payments are a part of March’s $1.9 trillion package. Single filers earning up to $75,000 are eligible for $1,400, while couples filing jointly earning up to $150,000 can get $2,800. No payments are being sent to single filers earnings above $80,000, or couples earning jointly above $160,000. Income was based on the adjusted gross income (AGI) of your most recent tax filing.

The IRS will continue making Economic Impact Payments on a weekly basis, it says. The third round of payments will likely to be the last one. The White House has played down talk of a fourth round, despite an online petition calling for more stimulus. 

This story was originally featured on Fortune.com

In a recent news release, the IRS stated that another 2.2 million additional Economic Impact Payments have been sent out under the American Rescue Plan. This now brings the total of economic stimulus...

The IRS has sent out another 2.2 million payments with help from tax filings.

The COVID-19 pandemic upended lives in countless ways, but putting a major strain on personal income and household finances was one felt by millions across the U.S. In fact, according to Census data from mid-June, a quarter of Americans said they had struggled to cover their household expenses in the previous week, CBS News reports. Fortunately, payments set up by the government to eligible individuals have helped to ease the burden, even after the third round initially saw multiple delays due t

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(Bloomberg) -- The rapid spread of the delta variant has sown volatility in financial markets this week, but thus far economists are maintaining their forecasts for an historically strong U.S. recovery.Key to their relative confidence: officials are unlikely to order renewed lockdowns, and most consumers won’t drastically alter their plans. Any change in that assessment, and bets are off.“The delta variant is posing a growing risk, but it’s probably not to the point that we should be making big,

Inflation is now politicized--so ignore what elected officials say about it.

WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen urged lawmakers on Friday to increase or suspend the nation's debt limit as soon as possible and warned that if Congress does not act by Aug. 2, the Treasury Department will need to take "extraordinary measures" to prevent a U.S. default. As a partisan fight over raising the debt ceiling erupted in Congress, Yellen told House of Representatives Speaker Nancy Pelosi in a letter that the outstanding debt of the United States will be at the statutory limit on Aug 1.

U.S. stock markets turned positive on Thursday as investors digested data showing a two-month high in unemployment claims as the country still grapples with the pandemic, while yields on safe-haven assets such as U.S. Treasuries eased. All three major U.S. stock indexes were positive by mid-afternoon after the Dow and S&P 500 fell earlier in the day in on the number of Americans filing new claims for unemployment benefits. “We had a form of capitulation in the market, Wednesday, Thursday, Friday and Monday, but a sign of resilience occurred on Tuesday and Wednesday,” said Steve Goldman at Goldman Management.

The signs are everywhere: Food prices are rising, homes are being snatched off the market, shipping rates are way up, and utility bills are becoming more and more expensive with every month that passes. Inflation is here, and it’s affecting everyone.

The research firm IHS Markit said its PMI data show an easing of growth after a spurt in the second quarter as firms continued to grapple with capacity restrains.

Kevin Kelly is hitting his anti-vax workers where it may hurt them most: their paychecks. On Sept. 1, when regular raises go through for the 250 workers at Emerald Packaging Inc.'s plastic bag factory outside San Francisco, those fully vaccinated will get a 3% bump, while those who resisted vaccination will get only half, 1.5%. Kelly plans to tell workers on Aug. 1, to give them time to get vaccinated if they want the larger raise.

U.S. business activity grew at a moderate pace for a second straight month in July amid supply constraints, suggesting a cooling in economic activity after what was expected to have been a robust second quarter. Data firm IHS Markit said on Friday its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, fell to a four-month low of 59.7 from 63.7 in June.

President Joe Biden's administration is beginning to make $3 billion in economic development grants available to communities — a tenfold increase in the program paid for by this year's COVID-19 relief bill. Commerce Secretary Gina Raimondo said her agency on Thursday will begin accepting applications for the competitive grants, which officials hope will create hundreds of thousands of jobs and help struggling cities and towns make long-term investments to drive development for years to come. Applications for the grants are available at the website for Commerce Department's Economic Development Administration.

The 12 states that ended the programs in mid-June saw no increase in workers getting jobs after the expiration, but the share of people reporting difficulty paying for expenses increased.

California Gov. Gavin Newsom's administration on Thursday announced a major change in how the state pays unemployment benefits, potentially unlocking payments for up to 100,000 people who have gone weeks or months without assistance. Getting unemployment benefits is a two-step process. First, state officials must decide if people are eligible.

LONDON (Reuters) -Euro zone business activity expanded at its fastest monthly pace in over two decades in July as the loosening of more COVID-19 restrictions gave a boost to services but fears of another wave of infections hit business confidence, a survey showed.

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