Families have received the first payment of the expanded child tax credit.

  • Tens of millions of families have received the first payment of the expanded child tax credit
  • This comes under the Democrats' $1.9 trillion stimulus package signed into law by President Joe Biden March
  • The IRS is set to offer parents the feature to update their mailing address in August 2021

.Washington D.C., DC, USA
(Photo Credit: Representative Image/Unsplash)

  • 36 million families await the cheques from the IRS
  • The amount will be sent in six installments
  • Cheques will be delivered on thr 15th of every month till December

.Washington D.C., DC, USA
Biden administration has has injected money into the US economy in the form of stimulus packages as a part of the recovery process. (Photo Credit: Representative Image/Unsplash)

  • US recorded the biggest hike in consumer prices since 2008
  • Experts have predicted the economy would go back to normal as COVID restrictions are eased
  • US policy makers forecast a hike in inflation when Biden's economic plan was being executed

.Washington, D.C., DC, USA
Kamala Harris was born in Oakland to an Indian mother and a Jamaican father. (Photo credit: Instagram/KamalaHarris)

  • VP Harris made the announcement in a press briefing
  • She called it the 'single largest investment in childcare' in US history
  • An average of 3 million COVID vaccine shots are being administered per day according to her 

.Pittsburgh, PA, USA
President Joe Biden unveiled the $2 trillion infrastructure plan on Wednesday. (Photo Credit: AP/PTI File)

  • Joe Biden said the infrastructure plan will revitalize the US economy
  • "It's the largest American jobs investment since World War II," the President said
  • The cost would be partly covered by raising corporate tax from 21% to 28%

.Washington D.C., DC, USA
The US Labor Department said 241,745 new claims were received in the week ended March 20 under a special program for freelance workers. (Photo Credit: Representational Image/Unsplash)

  • 241,745 new claims were received in the week ended March 20 
  • Regular claims remained above the worst level of 2008-2010 global financial crisis
  • Rubeela Farooqi of High Frequency Economics warned recovery could be lengthy 

.Washington D.C., DC, USA
Federal Reserve Chairman Jerome Powell. (Photo Credit: AFP)

  • Central bank would be continuing its efforts to give aid to impacted groups
  • The Fed had cut its benchmark lending rate to zero
  • Powell is scheduled to appear before the HFSC on Tuesday

.Washington D.C., DC, USA
Federal Reserve Chairman Jerome Powell made the statements on Wednesday (Photo Credit: AFP)

  • A 2% boost for the economy was implied by the Federal Reserve
  • The new numbers reflect the impact of Biden's stimulus package
  • Powell promised Fed's support for economic recovery of the US

.Washington D.C., DC, USA
Joe Biden signed the COVID stimulus bill earlier in the week.(Photo Credit: Twitter/@JoeBiden)

  • Processing of the first batch of stimulus payments began on Friday, Treasury department official said
  • The payments, in tune of $1,400 per person, were included in the $1.9 trillion COVID-19 relief package
  • The White House had said on Thursday that payments would go out as soon as this weekend

.Washington D.C., DC, USA
The stimulus payments are mandated under the recently passed American Rescue Plan. (Photo Credit: Representational Image/@Unsplash)

  • An individual earning up to $75,000 per year will be eligible for the payment
  • A typical family of four will receive $5,600, if they fit under the criteria
  • Physical cheques are likely to be dispatched later this month