Stimulus Update: Millions Will Receive Money This Month. Are You One of Them?
- The federal government provided three stimulus checks earlier on during the COVID-19 pandemic, but has not yet acted to offer a fourth.
- A number of states are providing stimulus money.
- Millions will see funds from their state sent out this month.
Could more stimulus money soon hit your bank account?
Stimulus checks have been a lifeline throughout the COVID-19 pandemic and during this time of surging inflation.
The federal government sent out three checks, two of which came under the Trump administration and one of which was provided shortly after President Biden took office. The federal government has since declined to provide more money, but a number of states have stepped up to the plate.
In early August alone, eight separate states will be sending out payments to eligible residents. Read on to find out if you're on the list of people who may get some of this money deposited into your bank account or sent to your home.
Here's who is eligible for a payment this week
A total of eight different states are expected to send out money in the coming week, so if you live in one of them, a payment may be coming your way. Here are the states that are soon going to provide funds:
- Delaware: Delaware began providing $300 relief checks in May and is rolling them out throughout the summer, so some additional payments will be sent in early August. You do not need to act to receive money, but you must be an adult resident of the state who filed a 2021 tax return.
- Florida: Approximately 59,000 low-income Florida parents will receive a payment of $450 per child. This one-time payment is meant to offset rising inflation and is being sent as part of the Hope Florida: A Pathway to Prosperity program. No application is necessary as payments will be sent automatically to eligible families.
- Georgia: Georgia has also been sending out payments throughout the summer, just as Delaware has. These are worth up to $250 for single tax filers; $500 for joint tax filers; and $375 for those who file as head of household. Payments are available to state residents who filed tax returns in 2020 and 2021. Filing status is based on 2020 tax returns. People who live part-time in Georgia may also be eligible for a partial payment.
- Hawaii: Hawaii residents with incomes under $100,000 for single filers or $200,000 for joint filers will be eligible to receive $300 checks which will be mailed out starting in August. Those who are above this income threshold can get $100 checks.
- Illinois: Illinois has started to provide property tax rebates of up to $300 to homeowners who earn under $250,000 as a single filer or $500,000 as a joint filer. The property tax rebate amount equals the property tax credit they were eligible for on their 2021 returns. Income tax rebate checks will follow in September. Payments will be sent automatically.
- Indiana: Indiana also began sending out payments in May and will continue through August. Payments are $125 per taxpayer with no income limits. The governor is also pushing for an additional $225 payment, but this has been met with fierce resistance from Republican state senators.
- Minnesota: Eligible front line workers who submitted an application by July 22, 2022 will receive one-time payments of $750. Payments already started and will continue through early August.
- New Mexico: There have been several rebates authorized here, including a $500 rebate sent out in June. A second payment is expected to come to qualifying taxpayers in August.
If you live in one of these states, you can expect money to arrive soon, so keep watch in your mailbox or in your bank account if the state has your direct deposit details on file.
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