Big money changes impacting millions of Americans next week with direct payments worth up to $500 – see who’s eligible

MILLIONS of Americans are set to receive direct payments in their bank accounts this week.

This occurs as governments across the country work to support residents through continued high inflation.

Millions of Americans should look out for direct payments to hit this week

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Millions of Americans should look out for direct payments to hit this weekCredit: Getty

In October, the US Department of Labor announced the inflation rate was 8.2 percent for the year ending in September 2022.

In comparison, the inflation rate came in at 8.3 percent in August and 8.5 percent in July.

To help with soaring prices, many states and communities nationwide have offered rebates or guaranteed income programs.

Virginia

Earlier this year, Virginia announced residents who had a tax liability last year will earn up to $500 as a rebate.

More than a million Americans may not be eligible for rebates worth $1,300
There are just six days left to redeem a $500 rebate - see if you qualify

Those filing jointly could look forward to $500 in their accounts, while individuals who filed would see $250. 

Monday, October 31, marks the day all rebates should hit accounts if you filed your taxes by July 1.

November 1 is also the deadline to file your taxes in order to receive the rebate.

If Virginia residents owe money to certain government agencies and institutions, the state said it’s required to use the rebate to satisfy that debt before sending out the remainder in a check.

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New York

All New York stimulus payments are also expected to arrive by this week.

The checks are worth up to $270 and should be out by the end of October.

The New York Tax Department said it would be issuing $475million in additional New York State child and earned income tax payments to roughly 1.8million people.

The checks are automatically mailed to taxpayers who received the Empire State Child Credit, the Earned Income Credit, or both, on their 2021 state tax returns.

To receive the checks, no action is required by taxpayers.

Illinois

Alongside Virginia and New York, some residents in Illinois will be seeing their first batch of monthly direct payments Tuesday.

These payments, worth $500, are part of the city of Evanston’s experiment with establishing a universal basic income.

Eligible residents must have submitted applications by August 29.

Selected through a random lottery drawing, they also needed to have a household income at or below 250 percent of the federal poverty line.

Nationally, that is $69,375 for a family of four.

They also had to fit certain criteria:

  • Adults, age range: 18-24 years old
  • Adults, age range: 62 years old and older
  • Undocumented community members

The cash will be loaded onto a prepaid debit card and will start going out Tuesday.

Basic income in Virginia

The city of Alexandria, Virginia opens its new no-strings-attached $500 monthly direct payment program on Monday.

The ARISE program plans to randomly select 170 people in a lottery system for the payments, which will continue for two years.

The first check is expected to be issued in January 2023.

In order to be eligible, residents must be 18 or older and have an income at or below 50 percent of the area median income.

For a household of one, that’s $49,850.

California

Similar to Virginia, California has launched a guaranteed income program to help needy families fight against the impacts of inflation.

Over 300 families will receive the $500 direct payments for two years, but the deadline is fast approaching this Monday.

The Sonoma County Board of Supervisors allocated just over $3million for the pilot program last May.

Additional funding includes about $1million from the City of Santa Rosa, $636,000 from the City of Petaluma and $250,000 from the City of Healdsburg, as well as support from non-profits.

To be eligible the family must reside in Sonoma County and have a household income at or below 185 percent above the federal poverty level per family size.

They also must be pregnant or parenting a child under the age of six and have experienced adverse economic impacts due to the pandemic, including loss of employment, housing or child care.

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Here are four direct payments worth up to $1,050 going out in November.

Plus, see the payment deadlines coming up in weeks so you don’t miss up to $3,000 in cash.

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