Stimulus update: How will Florida benefit from the COVID-19 relief package?

ORLANDO, Fla. — The U.S. House of Representatives gave final approval to the $1.9 trillion American Rescue Plan on Wednesday afternoon.

The plan, which passed the U.S. House and U.S. Senate along party lines, is the largest COVID-19 relief package to date and likely the last.

Under the plan, about 85% of Americans will receive a $1,400 stimulus check.

Read: Stimulus update: House passes COVID-19 relief bill paving way for $1,400 checks, unemployment benefits

The plan also extends $300 a week in federal unemployment benefits until September.

Florida is poised to receive $17.33 billion from the package -- the fourth highest amount after California, Texas and New York.

House passes $1.9 trillion stimulus bill (NCD)

For Florida parents, there is also the expansion of the child tax credit.

Parents of children ages 5 and younger will get a $3,600 credit per child while parents of children ages 6 to 17 will get a $3,000 tax credit.

Read: Stimulus update: How and when will parents get $300 monthly child tax credit payment?

Starting in July, parents will also have the option of receiving an advance on that credit in the form of a monthly direct payment.

“The child tax credit is becoming a lot more expanded at the hope of ending child poverty,” said Adam Markowitz, vice president of Markowitz Accounting. “There is also for this year going to be an advance on the child tax credit and the mechanics of this we still aren’t sure exactly how this will work, but many parents will be able to expect checks starting as early as July as an advance on their child tax credit for 2021.”

Parents will be allowed to opt-out of the monthly payments through an online portal that is set to be created by the IRS.

For now, the expansion of the child tax credit is temporary, but it could be extended by Congress at a future date.

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Cox Media Group