It was reported in the months after the pandemic had started that many of the communities and their businesses in every sector had faced difficulties as a result of the COVID 19. Not only that, there were reports which had suggested that the families and/ or individuals in the US had been facing financial difficulties for a long time, and the pandemic had started to show the reasons for these difficulties. It has also suggested that in the coming years, the US workforce is going to see a big important change.
The workforce includes a lot of jobs, as of 2023, which are going to be taking help from the Artificial Intelligence or which have started to take the AI use in their daily purpose of tasks. This has created a lot of worry for the job market, and for this reason, there are now plans which have been brought forward with an aim to help the workers in the US who are expected to lose their jobs or have financial difficulties in the coming years. There are two names which had been announced in the year 2021 for the first time to help with this, and they are the Sending Unconditional Payments to People Overcoming Resistances to Triumph, or as it has been called popularly as, the SUPPORT Act, and the Genuine Progress Indicator or the GPI Act.
$1200 Monthly Checks for Low Income Seniors
It has been announced in the year 2021 that the Federal Government in the US is going to come out with the plans which will help save and build the US economy for the 21st Century, and the bills for the SUPPORT Act and GPI Act have been helpful because they will help in creating a grant program, and this program will be used to start the Local Income pilot plans and at the same time, also build a National Guaranteed Income Program for the Americans who need it.
These payments are also going to be helpful for the individuals and/ or families who have been on a low income, and at the same time, they are also a part of the benefits which are sent to the SSA, SSDI, SSI beneficiaries, etc. To get an idea, it was updated that the SUPPORT Act is going to help with building and providing a national Guaranteed Income Program, where this program is going to provide a monthly amount of about $1200 for all the eligible adults in the US, and if there are children who qualify, then they will also get about $600 for these children.
$1200/Month Stimulus Checks News Overview
|Guaranteed Income Program
|The Secretary of Treasury
|Stimulus Check 2023
$1200 Per Month Stimulus Update
The news of the SUPPORT Act is very important as after the pandemic, the Federal and the local US State Governments had decided that the struggling Americans need to get financial help so they can meet their basic needs without any problems. The relief checks which had been provided between 2020 and 2021 were also reported to be of help in reduction of poverty, and for this reason, the US citizens had been anticipating for a new relief check in 2023 or after. To help with this, the $1200 payments which will be sent after the SUPPORT Act is signed, are in the news.
The SUPPORT Act is an important step which will also help in creating the Guaranteed Income a national priority, and this is going to be completed after the Treasury Department is going to coordinate federally so that the bills for these policies are brought out on time. It must be noted that to help with the funding of these US Local Income Pilots, and these national programs are going to:
- Create a Guaranteed Income Tax Credit which will be paid to the US residents who were above 18, and this amount is going to be a minimum of $1200 every month.
- For the children who qualify, these payments are going to be half of $1200 every month.
- The income limits or the limits for the beginning of the phaseouts are set to be at $75000 for those who have filed single, at AGI more than $150,000 for the people who filed it jointly, and above the AGI $112,500 for those who head their houses.
- Create a system which will integrate the FedAccounts with the help of the Postal Banking System, for the individuals who have housing problems when they get their payments.
$1200 Stimulus Package News
This $1200 payment is going to be provided after The Secretary of Treasury is going to build a new Office of Guaranteed Income Programs, and there is going to be a 10 member National Economic Advisory Council which will give the feedback to Treasury on the GIPs. Also, in 2023, the individuals who have not received their Stimulus Checks can still claim their payments as it can be done with the help of Recovery Rebate Credit. This is to say that the individuals and/ or families who have not received their first Stimulus Check for $1200, or the second Stimulus Check for $600 with an extra $600 if the individual has dependents, can claim the payments after filing the Recovery Rebate Credit for 2020.
The limit for the Substantial Gainful Activity or the SGA is going to increase to $1550 every month, and for the blind recipients it is $2590 every month after increase in 2024. This is followed by the SSDI limit which has increased to the $3822 every month in 2024, and the SSI benefit of $943 for an individual every month. Not only that, the VA Benefits are going to increase by a total of 3.2% because of the COLA in 2024.