BUFFALO, N.Y. (WKBW) — Stimulus checks have cleared the last big hurdle. For families making under $150,000 dollars a year, $1,400 per person will be on the way.
That money can be used for anything, but one Western New York financial expert says, use it wisely, because more than likely, this will be the last stimulus check provided by the federal government.
“Things that need to be done for your health. Are there certain things that need to be done for your lodging? Are there certain things to be done that need to be done for your transportation, which are going to help you to earn an income,” asked, Tony Ogorek the president of Ogorek Financial Management.
Families will receive a larger tax credit per child, on top of stimulus checks. The money can be accessible while completing 2021 taxes, or this summer on a monthly basis.
This bill also contains almost 40 billion dollars for childcare.
According to the WNY Women's Foundation, childcare is a significant cost for some families, and a reason some were forced to leave their job during the pandemic.
Two billion of the near $40 billion will go to New York State. The state will decide what to do with it. Some will go to helping families pay for childcare, some will go to paying childcare workers better.
The WNY Women's Foundation is pushing for a sizable amount to be used to make childcare more accessible for everyone for a long time to come.
“Ultimately, that's the goal, is to set up the foundation for a universal type system. Which we know in the end will more than pay for itself, but this federal money would jump stump start that program,” said Sheri Scavone, the executive director of the Western New York Women’s Foundation.
President Biden is expected to sign the relief bill on Friday.