Chicago-based Avant, a Fintech firm that aims to give everyday Americans “access to the financial products they deserve,” notes that millions of US residents continue to struggle through the COVID-19 pandemic.
However, a $900 billion relief bill was recently signed into law (toward the end of last year). For some US citizens, the new $600 payment has now been deposited, however, for millions of others an error between TurboTax and the IRS has “led to delays,” Avant confirmed.
As noted by Avant, the new bill should provide each taxpayer a $600 check, or $1,200 for married couples that file joint tax returns. That particular amount will be “increased by $600 for each eligible child under 17, so a family of four could get $2,400,” Avant clarified.
Avant pointed out that to “get the maximum payment those who filed their 2019 federal taxes as a single taxpayer need to have had less than $75,000 in adjusted gross income.” The Fintech firm clarified that “the limit is $112,500 for heads of household and $150,000 for married joint filers.” Payments are “reduced by $5 per $100 adjusted gross income over the income limit,” Avant added.
The US Internal Revenue Service (IRS) has stated that all checks had to be delivered to taxpayers by January 15, 2021, with “some checks already having made their way into Americans’ bank accounts,” Avant confirmed.
The company also noted that if you did not submit a 2019 tax return or you didn’t receive your stimulus payment automatically, then you may claim the $600 amount “as a tax credit on your 2020 federal income tax return (you can also claim the first stimulus payment on your 2020 taxes if you didn’t receive it for some reason).”
US citizens who may have lost their jobs and are currently accepting unemployment checks should see an extra $300 per week added to their overall benefits plan, Avant noted. The company also mentioned that “benefit enhancement will last until March 14, 2021, and there’s nothing you need to do to receive the enhanced benefits if you’re already receiving unemployment benefits.”
As mentioned in a blog post by Avant, the new stimulus “extends the eviction protections provided by the CARES act until January 31, 2021.” The bill also “expands funding for rent assistance programs.”
Furthermore, the stimulus (as related to nutritional benefits) “increases the current SNAP benefit by 15% for the next six months, but doesn’t expand eligibility for the program.” Also, there’s “nothing you need to do to receive the expanded benefit — it’s automatically applied,” Avant clarified.
Avant also noted that if you’re finding it quite challenging to cover expenses during these unprecedented times, then you may check out SpringFour. This free tool will help connect you with “trusted resources” and may assist you with lowering your monthly expenses by around $250, the company claims.
As reported in late December 2020, PayPal had waived check-cashing fees for the second round of government-issued stimulus checks. Also in December, neobank Current claimed to be the first Fintech to receive government stimulus payments, and proceeded to distribute money to accounts.