Cash assistance helps families with children reduce household expenses and maintain affordable, stable housing. According to recent studies, the average cost of raising a child from birth to 17 is $233,610, with the most significant expenses including housing, food, education, and healthcare. This has left many families struggling to find relief.
Fortunately, several cash assistance programs and other forms of financial relief can help lift some of the financial burdens from families just like yours. This guide is here to help you take a closer look at the assistance you might qualify for.
Stimulus checks are cash assistance provided by the U.S. government to stimulate the economy and provide Americans with financial relief in times of hardship. These checks have been distributed several times, including in 2008’s severe recession and most notably during the coronavirus pandemic.
During the COVID-19 pandemic, three stimulus checks were set out to qualify Americans in the amounts of $1,200, $600, and $1,400, respectively, with married couples receiving double the amount. Additionally, families with children received an additional $1,400 for each dependent and an expanded Child Tax Credit of $3,600 per child under age six and $3,000 for children six and older. However, families and individuals who made too much money received deductions from the amount. The cash assistance was severely needed across the nation, and many families awaited news of a stimulus update every day.
Stimulus payments were delivered by check, IRS debit card, or direct deposit. The IRS debit card, the Economic Impact Payment (EIP) card, could be used like any standard debit card. However, families that did not file taxes did not always automatically receive these payments.
There are many reasons that your family may not have reasons your family may not have received your stimulus, including:
- If your address has changed
- If the banking information that you used to file your taxes has changed
- If you have not filed taxes in recent years
If you have not received your first or second stimulus checks and you are searching for a stimulus update, you can receive the first two payments through your 2020 tax return, even if you’re not required to file. By filing a 2020 tax, you can claim your payments through the 2020 Recovery Rebate Credit.
However, you can view the amount of the payments you are owed by creating or viewing your online account on the IRS website. If you and your family have not yet received the third stimulus check, you may still do so through the IRS. In addition, you can get an updated direct deposit for stimulus on the IRS website.