Stimulus Update: Extra Stimulus Money Is Coming for Residents in These 4 States in 2022
- Right now, it appears that there is no more stimulus money coming from the federal government.
- But, inflation is rising and unemployment rates are increasing, which means that millions could use an extra financial boost.
- Four states -- California, Florida, Indiana, and New York -- are now stepping in to help fill in the gaps for residents by offering more stimulus money in 2022.
Hoping for more stimulus money in 2022? If you're a resident of one of these four states, you may be in luck.
While millions of Americans are hopeful that we'll get more stimulus money in 2022, it appears, at least right now, that we're out of luck. As of late January, there was no more federal stimulus money slated to be issued to Americans, despite the fact that inflation has been skyrocketing and unemployment rates are increasing as well.
That's tough news for the households who have come to rely on the extra income boosts to their bank accounts over the last year or so. Between the enhanced Child Tax Credit payments and the three stimulus checks, the money translated to big benefits for families. For starters, millions of households were significantly less stressed about money -- and millions of kids were lifted out of poverty, at least temporarily, thanks to the extra money that was rolling in.
But with the recent expiration of the enhanced Child Tax Credit -- and the lack of federal stimulus money on the table -- it isn't likely that we'll see more federal stimulus money being issued in the near future. That doesn't mean we're all out of luck, though. Some states have stepped in to pick up where the federal government left off. These states will be issuing more stimulus money in some form or fashion to residents in 2022. Here are the four states that will be offering relief -- and what their stimulus programs look like for the coming year.
1. California's stimulus program
While nothing is set in stone yet, all signs point to yes for more stimulus money being sent to Californians in 2022. Multiple stimulus checks were issued in this state in 2021 thanks to a budget surplus that requires the state government to return the money to residents -- and the same is expected to occur in 2022.
The governor of California has also made it clear that he expects to include more stimulus money in the budget when it's revised in May.
"We expect in the May revise language when I update the budget that we are likely to have an additional rebate to the taxpayers," he said. "No new taxes in our budget."
What that program will ultimately look like is anyone's guess, but if we're basing it off of the 2021 California stimulus program, it's likely that any stimulus money issued in 2022 in this state will be aimed at helping low-income Californians who are struggling due to the pandemic and the high cost of living in the Golden State.
Last year's Golden State stimulus program was initially limited to lower income brackets, but was later expanded to include residents who were making $75,000 or less. According to the governor's office, this expansion meant that two out of every three Californians were eligible for a share of $12 billion in state stimulus funds.
This expansion meant that the program likely had an impact on the finances of Californians in a wide range of income brackets -- and it's also likely, given this year's significant budget surplus, that the program will be at least somewhat similar to last year's program.
2. Florida's educator stimulus checks
Last year, the state of Florida issued $1,000 checks to teachers and principals as a "thank you" for continuing to work and teach students during the pandemic. About 170,000 teachers and principals received this stimulus money.
And, while nothing is set in stone yet, it appears that another bonus may be coming for Florida's educators. The 2022 state budget in Florida includes money earmarked for another stimulus check for teachers and principals. If passed, it's likely that the checks would be worth another $1,000 -- which would be a pretty decent incentive for educators to continue to work through the ongoing pandemic.
3. Indiana state's stimulus checks
Similar to California, Indiana has a budget surplus that will be returned to residents in the form of a stimulus check. When Indiana residents file their 2021 tax returns, they will receive a state-funded tax refund worth approximately $125. That money will come from the state budgetary surplus that occurred during the 2021 fiscal year.
Tax returns began being accepted as early as this past Monday, Jan. 24. What this means is that Indiana residents who file early can access this extra stimulus money in the coming weeks, provided that their tax returns are processed within that time frame.
4. New York's undocumented worker stimulus program
Undocumented workers across the nation were widely ineligible to take advantage of the federal stimulus money that was issued in 2020 and 2021. To level the playing field, the state of New York stepped in and offered undocumented workers access to a $2.1 billion stimulus check fund.
This fund allows undocumented workers to claim the money from the first two stimulus checks. To qualify, you must be a resident of the state of New York and must have earned less than $26,000 in 2020. You must also have been deemed ineligible for the first two stimulus checks.
While federal stimulus relief may have come to an end for Americans, those still struggling due to financial strain caused by the pandemic may still be able to seek help from other sources, like the very states they live in.
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