MILLIONS of Americans should expect to see direct payments in just days.
Payments being sent will serve as stimulus checks, which are distributed to those who are suffering financially as a result of the pandemic.
Millions in the state of Indiana have started to receive their rebate payments, which are worth $125 per individual and $250 for married couples, and this month, Maine has been sending out rebate checks worth $850 per individual and $1,700 for the average family.
Read our stimulus live blog for the latest news and updates…
Homeownership may increase net worth by 40 times
According to Realtor.com, 65 percent of Americans own homes.
The net worth of a homeowner is roughly 40 times that of a non-owner, they reported.
At the same time, there is a national shortage of affordable housing.
According to the National Association of Realtors (NAR), the percentage of homes sold below $250,000 has plummeted from 47 percent to 28 percent in the past two years.
Rate hikes could lead to another round of stimulus
Fed interest rates were recently hiked, and as a result, many experts fear another potential recession.
That could then lead to another round of stimulus.
Alan Blinder, the former vice-chairman of the Fed, told CNBC that a recession is likely to happen but probably not in 2022.
More than 10million people still waiting on stimulus checks
The Treasury Inspector General for Tax Administration conducted the report, revealing several factors as to why payments may be delayed.
Most people received their stimulus checks by check or direct deposit, reports the Rogersville Review.
Others received them in the form of debit cards. Many mistook these cards as junk mail and regrettably threw them out.
The report by TIGTA said that manually verifying the stimulus claims and debit card policies has delayed the payments for many people.
If you missed out on your payments, you can go to GetYourRefund.org to claim the funds.
Biden Administration hasn’t made stimulus calls
The Biden administration asked Congress for $22.5billion in March 2022 to assist fund the nation’s pandemic response.
That request, however, did not include any more direct payments to Americans.
Instead, the White House requested $18.25billion for the Department of Health and Human Services, as well as $4.25billion for the State Department and the US Agency for International Development.
The Senate, on the other hand, essentially killed this bill, GoBankingRates reported.
$225 in payments to Indiana taxpayers
Indiana Governor Eric Holcomb is expected to summon a special legislative session to address his idea to use the state’s burgeoning budget surplus to distribute $225 in payments to taxpayers, Newsweek reported.
The reimbursements would be in addition to the $125 payments that the state’s automatic taxpayer refund statute presently makes.
If the proposal is adopted, Holcomb estimates that each qualified Indiana citizen will get around $350 in payments, with a married couple filing jointly receiving almost $700.
“Hoosiers have real needs right now during this period of high inflation, from the gas pump to buying groceries, and everyone should benefit from the state’s success,” he said in a June statement.
Iowa relief payments to be disbursed soon
While applications closed in May 2022, all applicants in Iowa should have a decision soon.
This includes suffering from food or housing insecurity.
Who qualifies for federal child tax credits in 2022?
Married couples who earn up to $400,000 will qualify.
For singles and those who file as head of household, the income threshold is $200,000.
The Sun has a detailed list of the child tax credit programs in each state.
Janet Yellen allegedly wanted to scale back stimulus funds
It was revealed in the new book, Empathy Economics by Owen Ullmann, that Treasury Secretary Janet Yellen allegedly wanted President Joe Biden to scale back his Covid-19 recovery package by a third out of fears it would cause too much inflation, reports the Financial Times.
Yellen denied the claims.
“I never urged adoption of a smaller American Rescue Plan package, and I believe that ARP played a central role in driving strong growth throughout 2021 and afterwards," she told the Times.
Banks offering $1,500 bonuses this summer
A few examples include:
- Bonus amount: $150
- Account type: Rewards checking
- Bonus amount: $50, $100, or $300
- Account type: Checking and Savings
- Bonus amount: $150, or $300
- Account type: Convenience checking (for students) and Beyond checking
- Bonus amount: $300, $700, or $1,500
- Account type: CitiBank, Citi Priority, Basic Banking, Citigold
Housing funds available in Delaware
The $50 million will be available until 2025, or until the funding runs out.
It is part of the American Rescue Plan, a federal COVID-19 relief package.
Recipients must be:
- A Delaware resident and homeowner.
- Have Income at or below 150 percent AMI or 100 percent of the median income for the United States, whichever is greater
- A reduced income or increased expenses after the start of the pandemic, or January 21, 2020
- Be at least 30 days late on a payment
Mortgage help up to $65,000, continued
To qualify, Bexar County residents must:
- Own and occupy a home in Texas as a primary residence
- Have experienced financial hardship after January 21, 2020
- Have income at or below 100 percent area median income or 100 percent of the median income for the United States, whichever is greater
Mortgage help up to $65,000 in Texas
Homeowners in Bexar County, Texas may claim federal dollars to help pay their mortgages.
The maximum assistance is $40,000 per household.
For those past due on property taxes, property insurance, HOA or condo association fees, the maximum assistance is $25,000 per household.
Applications open for guaranteed funds in Madison, WI
The program is accepting applications from June 21, 2022, to July 3, 2022.
Families can get more money if they contribute to research conducted by the city about the program.
St. Paul Minnesota to expand guaranteed income, continued
These kids will also get $100 in their college savings account run by the city.
That program launched in 2020, gifting every St. Paul child under six $50 with bonuses and interest in a college savings account.
"If we understand that people aren’t poor because they lack character, they’re poor because they lack money, then all the things that we correlate with poverty suddenly aren’t an act of God anymore,” Mayor Carter Melvin Carter said at an event, the outlet reports.
“They’re this fungible thing that we can impact just by making sure that people can get to the end of the month.”
St. Paul Minnesota to expand guaranteed income
The People’s Prosperity Guaranteed Income Pilot was launched in November of 2020, with the help of $300,000 in federal coronavirus relief grants and $1.2 million from donors.
$150 families got $150 per month for a year and a half.
Now, 333 families with young kids will get $500 per month for two years.
Atlanta to pilot UBI
It'll initially be available in Atlanta’s historic Old Fourth Ward, but will later expand to at least two extra sites in Southwest Georgia and the Metro Atlanta suburbs.
Adoption expenses can be claimed
According to the IRS Website, taxpayers who adopted or started the process last year can claim a special adoption tax credit.
Those who adopted a child privately, internationally, or from the foster care system, can claim up to $14,440 on their annual tax return.
Relevant expenses include:
- Adoption fees.
- Court costs and legal fees.
- Adoption-related travel expenses like meals and lodging.
- Other expenses directly related to the legal adoption of the child.
Hawaii’s tax rebate proposal
The proposal will allow every Hawaii taxpayer earning less than $100,000 to receive $300.
Those earning more will be sent $100.
The state of Hawaii approved the rebate in May, but final details have not yet been released, as reported by Forbes.
$250 child tax credits begin July 1 in Connecticut
Applications for $250 child tax credits, which come in the form of a tax rebate, have opened in Connecticut.
They will remain open from June 1 to July 31.
Connecticut families may claim up to three credits, worth $250 each.
The tax rebates are part of an updated budget plan, which kicks in July 1.
Alaska has been giving out stimulus for decades, continued
Everyone in Alaska, with the exception of certain criminals, gets yearly payments from its oil reserve fund.
You do have to live in the state for a year before you can receive your first check.
According to Investopedia, the Alaska Permanent Fund Corporation manages the money.
After Trans-Alaska Pipeline System was completed in 1976, oil was able to enter the market.
The state amended its constitution to set aside shares of the oil revenues for future generations.
The stimulus program has been in place ever since.
Alaska has been giving out stimulus for decades
The program invests money from the surplus it gets for the development of its oil and gas reserves in equities, as well as real estate, among other things, to provide payouts to Alaskans.
In 2021, the payment was $1,114.
Moms in California could get money
Moms in Healdsburg, California, have a chance at UBI payments, too.
The program, which is being worked on by the city and nonprofit organization Corazón Healdsburg, aims to help those early in their motherhood that need to stay at home.
“We still have to go to the City Council and get the release of those funds, probably in March or April,” Jesus Guzman, director of community services for Corazón Healdsburg told The Press Democrat.
“People should be able to apply in late summer or early fall.”
Mothers who are selected will be getting $500 monthly payments for two years.
Upstate NY’s unique UBI program
The HudsonUp program in Hudson, New York is giving out monthly cash.
A small group of 25 people will receive $500 a month for five years.
It was launched in the fall of 2020.
Participants will be offered learning opportunities such as financial empowerment and life skills classes, according to the program’s website.
Participation in those programs will be on a voluntary basis.
How a guaranteed income program helped Tacoma residents
"When I was onboarding one of our recipients, she and her daughter were houseless," she said.
"And the last time that I chatted with them, they were in a safe apartment."
Another recipient was able to take her mother to a family friend's funeral across the county.
Others are saving for a down payment on a house, and one family with six kids was able to take them ice-staking.
"People are (just) trying to get ahead," Tacoma Mayor Victoria Woodards told the outlet.