It’s scarcely a secret that inflation has been inflicting havoc on consumers since the latter part of 2021. But in recent months, inflation levels have skyrocketed to record highs, placing many Americans in a tight financial predicament.
These days, everything from groceries to petrol to fashion costs more — and these are expenses that are hard to minimize.
Meanwhile, many people live paycheck to paycheck without any money in savings to fall back on. And thus when living costs start to soar suddenly, it can lead to instant debt and force people without savings to fall behind on bills.
In light of severe inflation, you’d think policymakers would be taking steps to help Americans cope with growing living costs. But it doesn’t seem to be occurring at the federal level.
At one time, lawmakers did suggest a gas-specific stimulus to help customers manage increased prices at the pump. But that notion hasn’t gone anywhere.
While the federal government isn’t making preparations to deliver a round of stimulus checks any time soon, several states are taking matters into their own hands.
Maine is one of them. And soon, inhabitants of the Pine Tree State may be in line for a very useful windfall.
An $850 payday awaits
Recently, Maine lawmakers approved a budget that includes relief payments for citizens of the state.
And shortly, an estimated 858,000 residents will be eligible for an $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 an $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 an $850 payment.
Only people who live in the state on a full-time basis are eligible for these benefits. People who owe taxes will have their balances calculated by the state using information from their tax returns.
In June of 2022, those who qualify for a payday can expect to begin receiving their money. On a rolling basis, the state will then send out further checks (residents have until October 31 to send those in).
This aid is intended to help residents pay their bills and strengthen their finances while inflation continues to rise. Last year’s enormous federal stimulus package had a positive impact on the lives of millions of Americans.
It is hoped that Maine’s $850 checks will have the same effect but on a smaller scale.