In July, many U.S. residents will have the opportunity to receive new stimulus checks. These monthly payments, which can be as much as $500, are contingent upon households meeting specific qualifying conditions set by their state. The aim is to provide much-needed financial relief to eligible citizens.
Contents
- 1 Eligibility
- 2 Background
- 3 Goals
- 4 How New Payments Differ
- 5 $500 Stimulus Checks
Eligibility
To be eligible for these monthly payments, households must meet criteria defined by their respective states. These criteria often focus on income levels, family size, and other financial factors. The stimulus payments are designed to assist those most impacted by economic challenges, particularly low-income families.
Background
COVID-19 caused a significant financial crisis, leaving many households struggling with higher prices and limited healthcare access. In response, the federal government introduced Economic Impact Payments (EIPs) to support millions of Americans in their recovery.
However, the initial payments were often too small, and many individuals continue to struggle. Recognizing these ongoing challenges, local and state governments have implemented more sustained assistance, moving from one-time payments to ongoing support.
Goals
The primary goals of these new stimulus payments are to:
- Help low-income households manage healthcare costs
- Alleviate the impact of excessive inflation
These efforts aim to ensure that struggling families receive continuous support as they navigate challenging economic times.
How New Payments Differ
The third EIP was an early payment of the 2021 Recovery Rebate Credit, larger for most recipients compared to the first two EIPs. Singles received up to $1,400, couples up to $2,800, and each dependent added $1,400. The first two EIPs were smaller, offering $500-$600 for children under 17. Unlike the first two, the third EIP did not penalize those with an ITIN, ensuring broader eligibility.
Most people received the third EIP automatically, using 2019 or 2020 tax information. The first two EIPs required filing a tax return or using the IRS Non-Filers tool. The new state-level stimulus payments offer more sustained monthly support compared to these one-time federal payments.
$500 Stimulus Checks
Various states have adopted the guaranteed basic income (GBI) model, providing monthly stipends to low-income participants without conditions. Here’s a list of some states and their programs:
California
- Mountain View: Elevate MV Program
- Assists 166 low-income parents with $500 monthly payments from December 2022 to December 2024.
- Sonoma County: Pathway to Income Equity Program
- Supports 305 low-income families with $500 monthly payments from January 2023 to January 2025.
- Long Beach: Long Beach Pledge Program
- Provides $500 monthly payments to 200 low-income households with children.
Michigan
- Ann Arbor: Guaranteed Income to Grow Ann Arbor
- Targets 100 low-income entrepreneurs with $528 monthly payments from January 2024 to December 2025.
- Flint: Rx Kids Program
- Offers $1,500 lump sum followed by $500 monthly payments to 1,200 new and expectant mothers.
New Mexico
- Santa Fe: Learn, Earn, Achieve Program
- Offers $400 monthly payments to 98 young, low-income parents enrolled at Santa Fe Community College from January 2024 through spring 2025.
New York
- The Bridge Project
- Provides up to $1,000 monthly payments to 1,200 low-income mothers, ongoing since June 2021.
Washington
- Tacoma: Growing Resilience in Tacoma Program
- Offers $500 monthly payments to low-income households, continuing through June 2025.
These programs illustrate the commitment of various regions to uplift their communities and provide essential financial assistance. If you or someone you know could benefit from these initiatives, stay informed and apply when eligible.
FAQs
Who is eligible for new stimulus payments?
Eligibility varies by state and includes income levels and family size.
How much can individuals receive from new stimulus checks?
Up to $500 per month, depending on the program and state.
What was the difference between EIPs and new state payments?
New state payments offer ongoing support, whereas EIPs were one-time federal payments.
Which state offers the highest monthly stimulus payment?
Guam offers up to $430 for a single recipient, but some programs offer up to $1,000 per month.
Are new stimulus checks automatic?
Eligibility and application requirements vary by state; check state guidelines.
