A check for $850 will be mailed to some Maine residents. When will it be delivered, and who will be the recipient? We took a look around.
The coronavirus pandemic, combined with rising market instability brought on by Russia’s invasion of Ukraine, has left the United States economically vulnerable.
Economists have yet to reach a consensus on the likelihood of a recession in the near future, but some are already warning that a downturn within the next two years is possible.
Federal Reserve Chairman Jerome Powell sounded upbeat earlier this week, saying that the economy’s strengths so far mean there’s a “good chance to restore price stability without a recession.”
POWELL: “The economy is doing fairly well. We expect growth to be solid this year. … It’s a strong economy and nothing about it suggests that it’s close to or vulnerable to a recession. … I think we have a good chance to restore price stability without a recession.” pic.twitter.com/Q70ZdkYXME
— JM Rieger (@RiegerReport) May 4, 2022
Despite significant progress in the economic recovery, inflation remains at historic levels.
Some states are considering sending economic stimulus payments to help households cope with recent price shocks that have significantly reduced their purchasing power. Maine is one of these states, with checks worth $850 approved and expected to arrive in the coming weeks.
When are the checks going to be delivered?
Maine Governor Janet Mills signed the budget, which included the stimulus checks, on April 20, and the benefit is expected to be received by approximately 850,000 residents.
One day after winning the overwhelming bipartisan support of the Legislature, today I signed the supplemental budget into law. 1/ pic.twitter.com/TqBwKYah4X
— Governor Janet Mills (@GovJanetMills) April 20, 2022
On July 1, twenty days before the official start of summer, the state will begin distributing checks. The state hopes that the payments will assist families in enjoying their summer, which is expected to be the most “normal” due to the lifting of many pandemic-related restrictions.
The push to send direct aid to residents, according to Mills, came as “people grapple with increased costs as a result of pandemic-driven inflation, ranging from higher energy costs to increased prices of everyday goods.”
“While the Governor has no control over the impact of COVID-19 on global markets, she can ensure that Maine residents have the resources they need to cope with these higher costs,” state officials stated.
How much will single people get compared to married people?
Each individual who qualifies will receive $850 from the budget. This translates to $1,700 for two qualifying individuals who are married and file their taxes jointly.
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“To be eligible, individuals must file a 2021 Maine individual income tax return as a full-time Maine resident by October 31, 2022,” according to state officials.