The State Proposes a $400 Christmas Bonus For Everyone Earning Less Than $150,000.
COUPLES with a combined income of less than $150,000 may be eligible for a $400 Christmas bonus.
Following a proposal presented by Republicans in the state’s House of Representatives, residents of Illinois may be eligible for more funds.
According to WCIA, single taxpayers earning less than $75,000 would get a $200 payment, while married couples earning less than $150,000 would receive $400.
Republican State Representative Tom Demmer said the assistance would “match” some of the federal government’s financial help in recent years.
“$400 won’t solve all of the issues,” he noted, “but it may have a beneficial influence.”
“It may be a week or two’s worth of food, a few additional energy bills, or the difference between being able to purchase new shoes or winter outerwear for your kids.”
Illinois isn’t the only state attempting to assist Americans as the holidays approach.
Californians will get another round of stimulus checks, this time valued up to $1,100, starting November 29.
Before the end of the year, around nine million individuals are projected to get additional funds.
Your CAAGI (California Adjusted Gross Income) must be between $1 and $75,000 to qualify.
Before Christmas, a number of additional states are expected to send out stimulus cheques.
To be eligible for the additional money, 2020 tax returns must have been submitted by October 15th.
The last three digits of residents’ zip codes are used to send payments.
Checks will be sent to Californians with zip codes ending in 585-719 from November 29 to December 13.
Throughout December and into the new year, state stimulus cheques are likely to be sent to households.
AN EXPANSION OF CASH
In January, retirees will see an increase in their Social Security benefits, which will increase to roughly $1,600 per month.
The new year’s stimulus payments will be the first to reflect the 5.9% boost, which is the biggest since 1982.
However, according to the Bureau of Labor Statistics, prices have risen by 6.3 percent in the past year.
In October, retirees received an average payment of $1,562.66; after the new COLA is applied, their payment will rise to $1,654.65.
From January, checks are expected to increase by $92 on average.
However, there have been demands for the Biden administration to issue another round of government stimulus payments to assist cash-strapped residents in the face of debilitating inflation.
In October, prices increased by 6.2 percent over the previous year, reaching a 31-year high.