Rossen Reports: Here鈥檚 how your family can get $12,800 in relief money
Time and money are running out. Federal unemployment benefits are expiring in less than a month.
Here's an expert's take on a timeline to get more potential money in your pocket.
Pete Dunn is the host of the "Pete the Planner Show" and the CEO of "Your Money Line" and "Hey, Money."
Rossen: What's the timeline here? If Congress is back in office next week, could we see something passed then?
Dunn: I think that鈥檚 what鈥檚 going to happen because I don鈥檛 think this is as much about the stimulus checks as it is about the unemployment benefits. It those things expire, if there is a gap in benefits, then you鈥檙e going to see a lot of progress undone very, very quickly. So I think there鈥檚 an urgency based on unemployment. Although, the media, you and I, tend to talk a lot about stimulus checks because it鈥檚 the most tangible thing for people. But for those unemployed, it鈥檚 those unemployment benefits.
Rossen: And they鈥檙e back next week, you were saying. We think something could happen pretty quickly after that. Then after that would we start 鈥� if they okay unemployment benefits then that鈥檚 immediate, but what about those checks?
Dunn: The checks are always about 10 days after the president signs the bill. Well, I say always, but this is a new thing, right? This is what we鈥檝e figured out in the last 12 months. It鈥檚 about 10 days for the direct deposits to start and about 17 days for paper checks to flow to those who don鈥檛 have direct deposits on the system.
Rossen: We've been talking about the Child Tax Credit. It would give parents monthly checks for each kid for up to a year. This is on top of a stimulus check that will cover dependents. Two separate things. Doing a little math here: A family of four 鈥� with two kids 鈥� both under the age of 6 鈥� that could mean $5,600 in stimulus stimulus checks between the parents and the kids, plus the tax credit on top of that. We鈥檙e talking about $12,800 total. Can these families double-dip and get all that money 鈥� or is it one or the other?
Dunn: Your math is impeccable today Jeff! And yeah, they can double-dip but here鈥檚 the thing: They鈥檝e always gotten the tax credit. The issue here is 鈥� it鈥檚 actually paid out. Usually we settle up the tax credit at the end of the year to determine your refund and your taxable obligation. Now they鈥檙e sending it out. I actually love this. Because this is one of the truest forms of stimulus. To get it in the people鈥檚 hands, so they can stimulate the economy. You started this segment by calling the rest of this bill a "Rescue Bill." Yeah, a big portion of this bill is still a rescue bill because people are in big trouble. This is stimulus plan and I love it because it will stimulate the economy.
Rossen: So you鈥檙e going to get those stimulus checks and you鈥檙e going to get money 鈥� mailbox money as I like to call it 鈥� money in the mail 鈥� for the tax credit as well. You鈥檙e getting it all together. And it really could stimulate?
Dunn: Yeah, it simplifies the system actually. People might freak out that the government is sending everyone $12,000. It鈥檚 sort of splitting hairs. You鈥檙e already getting credit for that money on your taxes; they鈥檙e just actually giving it to you now.