Stimulus checks and payments: what you need to know

Stimulus checks and payments: what you need to know

MAULDIN, SC (FOX Carolina) – Financial advisor Micah Valentine says direct payments are just the beginning of the American Rescue Plan.

“We anticipate the funds will be dispersed here within the next few days to a week,” Valentine said.

The stimulus package, among the largest in US history, would give individuals $1400, and married couples $2800. To qualify, single people have to make $75,000 or less, and couples have to make $150,000 or less.

But Valentine says there is more.

“Then it just depends on how many children they have,” he explained.

The bill would also provide $1400 direct payments for each dependent in a family, including college-age adult children and elderly or disabled dependents.

For example, a family of 5 would get $2800 for mom and dad. Then, with each child or dependent getting another $1400 – that’s an additional $4200 – bringing that family’s total to $7000 in stimulus money. That’s an amount Valentine says could be game-changing relief for some.

“The majority of us know what it’s like to have that hardship, that burden, to have to pay the rent or a power bill, or worry about what you are going to have to feed your kids,” Valentine said.

Finally, the bill gives families an additional child tax credit, which will be deposited directly into peoples’ accounts on a “periodic basis.” It’s $3000 annually for children 6 to 17, and $3600 for those under 6 years old.

Valentine says they’ve seen record numbers of people use their past stimulus checks to pay down debt. He says high-interest bills are a good place to start spending that extra money.

If you don’t have those, he advises saving or investing intelligently, something they can help you with at his offices for Pinnacle Wealth Management.

Copyright 2021 FOX Carolina (Meredith Corporation). All rights reserved.

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