$850 Check: When will it arrive, and who is eligible?
Some Maine residents will receive a check worth $850. When will it arrive and who will receive it. We took a look.
The coronavirus pandemic and the increasing market instability caused by the Russian invasion of Ukraine have left the US in a vulnerable place economically.
Consensus over the possibility of a recession occurring in the near future has not been reached by economists, but some are already warning that an economic downturn in the next two years could be possible.
Earlier this week, Federal Reserve Chairman Jerome Powell stuck an optimistic tune, saying that the strengths of the economic recovery thus far means there is a “good chance to restore price stability without a recession.”
Although the economic recovery has made significant progress, inflation remains at historic levels.
Some states are considering sending economic stimulus payments to support households weather the current price shocks, which have begun to cut into their purchasing power significantly. Among these states is Maine, which has approved checks worth $850, and are expected to arrive in the coming weeks.
When will the checks be sent?
Maine Governor Janet Mills signed the budget, which included the stimulus checks, 20 April, and some 850,000 residents are expected to receive the benefit.
The state will begin to distribute checks on 1 July, twenty days before the official start of summer. The state hopes that the payments will help families enjoy their summer, which is expected to be the most “normal” as many pandemic-related restrictions have been lifted.
Mills has said that the push to send direct aid to residents came as “people are grappling with the increased costs as a result of pandemic-driven inflation, ranging from higher energy costs to increased prices of everyday goods.”
“While the Governor cannot control the impact of COVID-19 on global markets, she can make sure that we deliver to Maine people the resources they need to deal with these higher costs,” reported state officials.
How much will those single vs. married receive?
The budget allows $850 to be distributed to each individual that qualifies. This means that two qualifying individuals who are married and file their taxes jointly will receive $1,700.
State officials have said that “to be eligible, individuals must file a 2021 Maine individual income tax return by October 31, 2022 as a full-time Maine resident.”
Additionally, there are further requirements related to income:
- $100,000 if filing single or if married and filing separately;
- $150,000 if filing as head of household;
- $200,000 for couples filing jointly.