Stimulus Check: IRS Extends Deadline to Claim $500 for Children

While a second round of stimulus checks may not be happening anytime soon, the IRS has extended [...]

While a second round of stimulus checks may not be happening anytime soon, the IRS has extended the deadline for parents to claim the $500 for children, as provided by the first stimulus bill. According to CNET, the IRS is allowing parents to submit for their $500 child dependent payment until Nov. 21. The deadline had originally been set for Sept. 30.

The first stimulus payments were sent out as part of the CARES Act legislation, which was created to help the U.S. with financial instability during the coronavirus pandemic. COVID-19 is extremely contagious and can be deadly for some. For these reasons, quarantine guidelines were implemented across the nation, to help slow the spread of the virus. This led to many people losing income because they could not work. The government subsequently issued $1,200 checks to taxpayers as a way of helping boost the economy.

While individuals received payments in the amount of $1,200, married couples who filed their taxes jointly were issued $2,400 payments. Parents were issued an extra $500 for their children dependents. The payments were issued by the IRS and were first sent out in May. Most parents should have received the $500 for their children, but in the event that some have not, they have just under a month left to submit for it. Notably, CNET notes that parents who share custody of a child may both be entitled to the $500.

The Democrat-led House passed a follow-up $3 trillion bill in May — the HEROES Act — to help meet the needs of many citizens and businesses. The Republican-led Senate did not support this bill, as they found it to be too costly. Republicans drafted their own bill — the HEALS Act — which Democrats have felt does not provide enough financial help to Americans. Republicans later proposed a "skinny" relief bill, but that too was met with opposition.

Around that time, Speaker Nancy Pelosi and U.S. Treasury Secretary Steven Mnuchin began engaging in stimulus bill negotiations, which have been on-and-off since August. The pair have ramped up their talks over the past few weeks, and had both indicated that they believed an agreement may be near. However, the Senate has now adjourned until after Election Day — which is Nov. 3 — so even if Democrats and the White House come to an agreement on a bill, the Senate will likely not reconvene to vote on it.