On July 21, the administration of Florida Governor Ron DeSantis declared it would redistribute some COVID-19 relief stimulus check payments and pay $450 per kid to low-income families in the state. Similar initiatives have been revealed in 17 additional states.
From the $1 billion the state got under the American Rescue Plan Act, Florida has set aside $35.5 million to pay for programs to offset inflation.
As part of the American Rescue Plan, the Biden administration distributed direct payments in March 2021 in response to the epidemic. However, critics at the time contended that these payments might contribute to inflation, and similar concerns surround the state-based check-based operations.
The Child Tax Credit, which went into effect in July of last year, is not the same as relief payment cheques. To increase the Child Tax Credit from $2,000 per child to $3,000 for those over the age of six and from $2,000 to $3,600 for children under the age of six, as well as raise the age limit from 16 to 17, the American Rescue Plan, which was President Joe Biden’s first significant legislative victory, was implemented.
Inflation May Increase, Economists Cautioned About Stimulus Check Payments
The rescue strategy was designed to help hurting families, the economy, and the virus.
The US government sends stimulus or relief payment checks to taxpayers to boost the economy by giving them more spending money.
The Obama administration created stimulus checks during the 2008 financial crisis and predicted that disbursing them would stop unemployment rates from rising above 8%.
There don’t seem to be any federal intentions for such payouts under the Biden administration. President Joe Biden is still giving money to suffering people as part of the $1.9 trillion stimulus law that Democrats passed in March 2021, even though it may not be immediately apparent.
Not everyone will inevitably find the stimulus helpful. Former Obama administration economist James Furman agreed that relief payments might worsen the problem by increasing inflation.
Although a stimulus check is intended to help disadvantaged people, the amount is decided by state governments, and the requirements for eligibility might change.
You must be a foster parent, a caregiver, a member of the Guardian Assistance Program, or temporary assistance for needy families participant in Florida to be eligible.
The program provides federal cash assistance to low-income families, and state governments are required to use the money by September 30 or return it.
Approximately 59,000 families will benefit, according to Florida’s Department of Children and Families, and there is no application process like with other COVID-19 relief stimulus check funds.
Eligible recipients in Maine, which is giving away $850 more than any other state, include individuals making less than $100,000, heads of households making less than $150,000, and couples making less than $200,000 total. An estimated 858,000 people will benefit from it.