Stimulus Update: These 7 States Are Sending Stimulus Payments in October
- Many consumers are struggling with skyrocketing living costs.
- Some states, including California, Georgia, and Illinois, are sending out stimulus checks to help residents cope.
Is yours on the list?
For several months in a row, the Federal Reserve has implemented aggressive interest rate hikes in an effort to slow the pace of inflation. But that tactic doesn't seem to be working.
On Oct. 13, the Bureau of Labor Statistics released its latest Consumer Price Index reading, and it found that inflation rose 8.2% in September on an annual basis. Inflation also rose 0.4% in September compared to August.
But it's not just that inflation is making things more expensive -- it's causing some households to fall behind on essential bills, like rent or mortgage payments. And many consumers have been forced to resort to costly credit card debt to keep up with their basic costs.
Making matters worse is that there are no plans on the part of the federal government to step in and come to consumers' rescue by issuing stimulus checks. In fact, it's easy to argue that a federal stimulus round might actually make the issue of inflation worse.
But that doesn't mean states aren't stepping up to help struggling residents. These seven states are planning to issue stimulus funds this month to eligible recipients, and those payments could really go a long way at a time like this.
Beginning in October, millions of California residents will receive checks worth up to $1,050 either via direct deposit or debit card in the mail. The state expects 95% of stimulus payments to be issued before the end of the year.
Delaware has been sending out $300 stimulus checks to residents since May. And while most residents have already received their money, some haven't. As such, the state has plans to continue issuing payments this month.
Georgia households are in line for up to $500 in stimulus payments. Like Delaware, Georgia has been sending out those payments since May, but those who haven't yet gotten a check may see that money arrive in the coming weeks.
Hawaii has a very high cost of living to begin with, so it's easy to see why residents may be struggling this year in particular. Eligible residents are entitled to a $300 stimulus per person, and while those payments started going out via direct deposit in September, paper checks are scheduled to go out this month.
Eligible Illinois residents are in line for a $100 tax rebate, which can also be claimed for up to three dependents. The state started sending that money out in September, but it's not done distributing those funds. As such, more stimulus dollars are expected to be sent out in October.
Indiana began sending $125 payments to all residents in May, regardless of income. However, the state still has more paper checks to issue and expects to do so this month.
Virginia residents who qualify for state stimulus aid are eligible for up to $250 per person. Those payments are set to start going out in mid-October and continue through the rest of the year.
Is a state stimulus coming your way?
The fact that some states are stepping up to help residents manage during inflation is a great thing. Of course, if your state isn't on this list, you may feel like you're out of luck. But don't despair. While inflation is soaring, the gig economy is at least holding strong. That means you may have an opportunity to boost your income and carve out your own stimulus payment, so to speak.
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