Stimulus check Maryland: how much money is it and when will it arrive?
Governor of Maryland Larry Hogan has now signed a bipartisan stimulus bill worth $1.2 billion called the RELIEF Act. Here’s all you need to know.
On Monday, the Governor of Maryland Larry Hogan has now signed a bipartisan stimulus bill worth $1.2 billion called the RELIEF Act. So what’s in it and when could checks be sent out?
The Maryland RELIEF Act 2021: how much and for whom?
The Maryland Governor’s office say that the bill includes immediate payments of $500 for families and $300 for individuals who filed for the Earned Income Tax Credit.
Marylanders would qualify for these payments who annually earn:
The payments are set to provide $178 million in relief to 400,000 Marylanders. In addition, the legislation increases the refundable Earned Income Tax Credit to 45% for families and 100% for individuals.
The RELIEF Act also enhances the Earned Income Tax Credit for these same 400,000 Marylanders by an estimated $478 million over the next three tax years.
When will the Maryland stimulus checks arrive?
Maryland Comptroller Peter Franchot announced Tuesday that his office has already begun sending out stimulus checks under the RELIEF Act, which the legislature passed last week and Gov. Larry Hogan signed into law on Monday.
Direct deposits will begin arriving in bank accounts by Friday, Franchot said, and paper checks will be placed in the mail in the coming days.
"Ninety-eight percent of all relief payments will be processed by Friday," Franchot said.
Similar to federal stimulus payments, no application for relief is necessary. State and federal stimulus checks do not cancel each other out, if you are eligible you will be entitled to receive both.
Maryland stimulus bill: support for small businesses
The RELIEF Act sets aside nearly $200 million to support small businesses with sales tax credits of up to $3,000 per month for three months - for a total of up to $9,000. Governor Hogan says that this relief will directly help more than 55,000 Maryland small businesses.
This relief is automatic and based on a sliding scale up to $3,000. For example, if you are a business with $100,000 in monthly revenue and you collect $6,000 in sales taxes, you only remit $3,000. If you have $50,000 in monthly revenue and you collect $3,000 in sales taxes, you keep all $3,000.
Scope of Maryland stimulus checks expanded
A recent amendment changed the eligibility requirements of the package so that the Earned Income Tax Credit (EITC) wouldn’t be the only deciding factor in eligibility.
Since taxpayers need a Social Security number to qualify for the EITC, thousands of immigrants wouldn’t see any of that relief, so the amendment ensures that checks will also be sent to ITIN filers who meet the EITC income requirements.
ITIN filers represent a broad group of taxpayers, including undocumented immigrants and “some people who are lawfully present in the U.S., such as certain survivors of domestic violence, Cuban and Haitian entrants, student visa–holders, and certain spouses and children of individuals with employment visas,” according to the National Immigration Law Center.