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Stimulus Checks And Updates To U.S. Currency In 2022

Published by Scott Hershman

As the Covid-19 Pandemic persists with the Omicron variant, you might be wondering if another round of stimulus checks will happen this year. The good news is that there is another round of stimulus checks on the way, but only for a certain group of Americans.

Parents who had a child in 2021 will be able to receive up to $5,000 through their 2022 stimulus checks and the child tax credit. According to a recent report from the Nasdaq Stock Exchange, parents can receive $1,400 per dependent in addition to $3,600 for each child under six years old.

This is great news for those who became new parents in 2021, since they will be able to claim a stimulus check and a child tax credit. And that is per child, which means if you had twins, then you could claim up to $10,000 this year in child tax credit and stimulus payments.

Outside of the latest stimulus check update, there are several changes being made to US currency in 2022. Maya Angelou will be the first black woman on the quarter. While Angelou is the first to make her debut on U.S. currency, another historical figure will be appearing on the $20 bill sometime in the future.

In 2016, The Obama Administration won a proposition that would have Harriet Tubman replace Andrew Jackson on the $20 bill by 2020. The original deadline for this project was slated for 2020, which also marked the centennial of our constitution’s 19th amendment.

Contrary to what many might think, Covid-19 was not the main reason for this delay. Concerns of fraudulent bills featuring Tubman were brought up in 2020 by the government’s anti-counterfeiting committee, who pushed the deadline back to 2030.

Because this new deadline is not completely set in stone, the Biden Administration has committed to continuing conversations in 2022 about moving up this deadline. Ideally, the administration said they would like to see Tubman on the $20 within the next couple of years.

Lastly, the Federal Reserve has started discussing the possibility of creating a digital currency within our government. The conversation lists the pros and cons of stepping away from paper currency and toward a digital currency, one that would be different from current cryptocurrencies.

China and Nigeria are among the first countries to introduce pilot programs of this option to their citizens. The possibility of the U.S. switching to a digital currency is several years away, but experts say we should take note of how these pilot programs pan out.

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