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Is There Any More Stimulus on the Way This Month?

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Many households in the United States had their first month without any stimulus payments in January, which was the first of many such months. January and February will bring more of the same for the vast majority of people: a hole in their budgets where federal checks had previously been, and costs that keep going up, up, and up.

As we enter the second month of the year, some households will be eligible to collect any remaining stimulus monies, primarily through tax refunds, the first of which the IRS will begin sending this month.

Payments of the Child Tax Credit aren’t expected to resume in February — or at all in 2022, it appears.

For the first time in more than a year, millions of families were unable to claim an advance child tax credit payment during the month of January. The credit provided $300 per month for young children up to the age of five, and $250 per month for older children up to the age of seventeen. As a result, Congress failed to enact legislation that would have extended the credit until 2022 before December 31, 2018, ensuring that checks would not be issued in January.

Congress, on the other hand, was rumored to be considering extending the child tax credit through the passage of a series of smaller legislation. The possibility existed that qualified homes would have gotten two checks in February to make up for the missed payment in January if this had occurred.

That didn’t happen, and with inflation continuing to increase, the chances of legislative success appear to be even fewer now than they were last month – and the outlook was already looking dismal at the time of writing.

The only thing that is clear is that there will be no child tax credit advance payment for at the very least the month of February.

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