Residents in this state can anticipate receiving $850 in stimulus checks in the mail!
It’s no secret that since the second half of 2021, inflation has been wreaking havoc on consumers. However, inflation has soared to new highs in recent months, putting many Americans in a tight financial situation.
Everything these days is more expensive, from groceries to gasoline to clothing — and these are things that are difficult to cut back on.
Many folks, on the other hand, live paycheck to paycheck with no savings to fall back on. As a result, when living costs unexpectedly rise, it can lead to immediate debt, forcing people without savings to fall behind on their bills.
You’d think that, in the face of such high inflation, politicians would be taking steps to help Americans cope with rising living costs. However, it does not appear to be happening at the federal level.
At one point, lawmakers proposed a gas-specific stimulus to help customers cope with rising gas prices. That idea, on the other hand, hasn’t gone away.
While the federal government isn’t planning to send out another round of stimulus checks anytime soon, several states are acting on their own.
One of them is Maine. And residents of the Pine Tree State may soon be in line for a welcome windfall.
A payday of $850 is on the way.
Maine lawmakers recently adopted a budget that includes relief payments for state residents.
And shortly, an estimated 858,000 residents will be eligible for a $850 stimulus check to assist cover the soaring cost of everyday bills, from petrol to groceries to electricity.
A surplus in the state’s treasury allowed it to press forward with this concept. Residents will be given the funds instead of the state investing them in things like schools and infrastructure, and they will be able to spend them any way they choose.
Who is qualified to receive assistance?
Maine’s new program has income limits, just like the federal stimulus checks of the past. Residents can’t make more than to be eligible for a $850 cash advance.
if you’re married and filing separately, you can deduct $200,000 from your yearly salary.
$150,000 if you’re filing as the primary breadwinner.
$200,000 if you and your spouse file jointly.
Residents also cannot be claimed as dependent on another person’s tax return in order to be eligible for a $850 payment.
Only persons who live in the state on a full-time basis are eligible for these benefits. The state will determine the balances of people who owe taxes using information from their tax returns.
Those that qualify for a payday can expect to receive their money in June of 2022. The state will then send out further checks on a rolling basis (residents have until October 31 to send those in).
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While inflation continues to climb, this assistance is meant to assist residents in paying their bills and strengthening their finances. The massive federal stimulus package enacted last year had a significant influence on the lives of millions of Americans.
Maine’s $850 checks are expected to have a similar effect, but on a smaller scale.
