Stimulus Update: Other Ways You Could Get More Money In 2021

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Stimulus Update Other Ways You Could Get More

Are you still waiting for the latest stimulus check?

Hopefully, you won’t be waiting much longer but another stimulus check might not be the only way Americans can benefit from the combined $3 trillion in bills put on the table by President Joe Biden.

If a petition for a fourth stimulus check doesn’t make it through Congress, Americans could still see more money in other ways.

If President Biden and Congress can meet in the middle on the American Jobs Plan and American Families Plan, those two stimulus packages could pass this year with $1 trillion focused on free education and additional money for families.

According to the Washington Post, after the Biden administration completes its infrastructure and jobs plan, it would move on to seek $1 trillion in spending and $500 billion in new tax credits.

Here are the main areas the American Families Plan would focus on:

  • Extend the expanded child tax credit through 2025 – The current short-term rate hike is set to expire at the end of this year.
  • Two years of tuition-free community college – This proposal extends to new high school graduates, adults, and even some training programs.
  • Free prekindergarten instruction – The American Families Plan proposes free pre-K education for 3- and 4-year-olds.
  • More affordable child care – Biden’s proposal will make child care more affordable for working families through tax credits and subsidies for child care costs.
  • Paid family and medical leave – The president’s proposal calls for 12 weeks of paid family and medical leave.

While all of those options would save people money, here are some ways Biden’s plans could help people make more money or hang onto the money they earn.

  1. Student loan forgiveness of $10,000 or $50,000 – Biden has proposed canceling $10,000 in debt per student and directed the Education Secretary to explore his actual authority with canceling student debt altogether.
  2. Send a fourth stimulus check (and possibly more rounds) – The topic of a fourth stimulus check is alive and well in Washington.
  3. Raising the minimum wage to $11-15 per hour 

To check the status of your payment, go to the Get My Payment tool on IRS.gov. Additional information on Economic Impact Payments is also available on the IRS website.

Author
Chris Illuminati

Chris Illuminati is the author of five books and has written about personal finance, wealth, debt management, and entrepreneurship for numerous outlets including Wise Bread, Grow or Die, and Bankrate.