At this point, a fourth stimulus check from the federal government appears doubtful.
But even though the federal government is not distributing an official fourth stimulus check to everyone, parents who gave birth to a child in 2021 are eligible for additional relief funds.
Sen. Mitt Romney, R-Utah, has proposed reviving the enhanced child tax credits from 2021, which could provide up to $350 in monthly payments to some families.
There will, however, be a catch: those who accept the money will be required to submit work requirements.
Romney's team stated that his idea has not been formally presented and is now being negotiated with both sides before being formalized.
Here's what you need to know about the new proposal.
Under Romney's Family Security Act, qualifying families with children under the age of five would get $350, while families with children aged 6 to 17 would receive $250. The proposal would also allow expectant parents to start receiving compensation four months before their baby's due date.
Monthly payments for families would be capped at $1,250.
To get the payment, the parents of the newborn child must file a tax return for 2021 in 2022 so that they can receive the money in 2022. Single parents earning up to $75,000 per year and couples earning up to $150,000 per year are eligible for the full amount of the check.
Parents with newborns in 2021 are also eligible for aid through the expanded child tax credit, which is also included in the federal government's stimulus package.
Although you may have chosen to notify the IRS about your child in order to receive the monthly tax credit installments in 2021, you can still receive the entire $3,600 credit when you file your 2021 tax return in 2022 and claim the infant as a first-time dependent.
Romney's plan also calls for a phase-out of the benefits based on income criteria. For example, if a single tax filer earns more than $200,000, or if a married couple earns more than $400,000, $50 will be taken from monthly payments for every $1,000 earned above the income threshold.
Work requirements, a contentious aspect of Romney's plan, are also included. NBC News reports that most states with work requirement programs compel benefit recipients to work, volunteer, or obtain a similar level of job training for 80 hours per month, despite the fact that his proposal does not go into specifics.