Will You Be Getting Another Stimulus Payment From The Government? (Some Good News For Californians.)

Jake Wells

Now that we're in 2022, what can you expect in terms of stimulus payments from the government? Well, during the 2021 tax year, the American Rescue Plan bill increased the tax credit to $3,000 up from $2,000, but these payments expired at the beginning of this year. The first half of the tax credit was delivered in monthly payments from July to December with $300 for children under the age of six years old.The second half will be delivered as a lump sum when families file their 2021 tax returns this spring.

So if you have kids between the ages of 6 to 17 years old, there is definitely money coming for you. You'll likely see the rest of the 2022 tax credit payments coming as a tax refund, so file as early as possible.

But What About Everyone Else?

But what about those who are retired or don't have kids? Are you just left high and dry during this time of rising costs?

The hard truth is your options are more limited right now as a lot of programs have closed. That being said, if you have a business, you may have some options that you can look into. For starters, there are debt relief options available with the United States Small Business Administration. There are micro loans, as well as home disaster and business loans available. For more info, click here.

Two More Things To Consider

Make sure that you received all of the money you are entitled to from the IRS. If you haven't filed taxes in 2020 (or even 2019) you very likely are owed some money. You can use this IRS tool here to get the money you deserve. Check there to view your online IRS account to see that you have in fact received all stimulus payments.

In addition, as a resident of California, you may be eligible for the Golden State Stimulus. This is a specific program that supports low and middle income Californians and also to help those facing a hardship due to COVID-19. You can learn more about this specific program here.

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