In July, many residents of the United States 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.
To be eligible for these monthly payments, households must adhere to certain criteria defined by their respective states. These payments aim to provide much-needed financial relief to eligible citizens.
COVID-19 caused a big financial crisis. It left many poor households struggling with higher prices and little healthcare. In response, the federal government introduced Economic Impact Payments (EIPs) to support millions of Americans in their recovery.
However, these first payments were too small. Many individuals are still struggling to regain their financial footing. Recognizing the ongoing challenges, local and state governments have stepped up to provide more sustained assistance. Instead of offering a one-time payment, these new stimulus payments are designed to offer longer-term support.
The Primary Goals Of These 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 these challenging economic times.
In the evolving landscape of economic support, various incentives are being implemented across the United States. Some of these initiatives are derived from budget surpluses, while others are based on past tax returns or income.
One such approach, which is gaining traction, is the guaranteed basic income (GBI), also known as a stimulus payment.
How Do These New Stimulus Payments Differ From The Initial Economic Impact Payments (EIPs) Introduced By The Federal Government?
The third EIP is an early payment of the 2021 Recovery Rebate Credit. The first two were for the 2020 Credit. Those missing prior payments can claim the 2020 Credit by filing a 2020 tax return.
The third EIP is larger for most. Singles get up to $1,400, and couples up to $2,800. Each dependent adds $1,400. The first two EIPs were smaller. They included only $500-$600 for children under 17.
The third EIP doesn’t penalize those with an ITIN. The first two did. An ITIN could disqualify U.S. citizens from payments.
Most will get the third EIP automatically. The IRS will use their 2019 or 2020 tax info or federal benefits. The first two required filing a tax return or using the IRS Non-Filers tool.
States Offering $500 Stimulus Checks
The concept of guaranteed basic income has been progressively adopted as a strategy to combat poverty in the United States.
Since 2019, over 50 cities have experimented with the GBI model, offering low-income participants a monthly stipend ranging from $100 to $1,000 for a designated period without any conditions attached.
Given the current array of active stimulus payments, we have compiled a comprehensive list of states set to distribute $500 stimulus checks. This allows you to easily identify upcoming payments in your state.
