by Alexis Cala, PICurrent Assistant Producer
Courtesy of Hiking Artist
There’s a lot going on right now with pieces of the stimulus package starting to fall into place. It’s been a long road toward economic disaster, yet we’ve already made some progress.
The short version: several corporations have been prevented from going under and we’re finally pumping money into parts of the economy that need it. Now that we’re making some headway, it’s time to talk about what the recovery package will do for you.
Beginning in May, nearly 55 million disabled individuals and older Americans will receive a $250 Economic Recovery Payment. This one-time payment will be separate from your benefits and you don’t really need to do a thing to get it (read the full story on The Associated Press). Just be sure to check your mailbox!
You may get a check if you receive any one of the following benefits (you may also qualify if you were eligible in November or December 2008, or January 2009):
Payments will be distributed through the end of May, however if your payment hasn’t arrived by June 4, contact the Social Security Administration:
- Toll-free number, 1-800-772-1213 (TTY 1-800-325-0778)
- Contact your local Social Security office
If you don’t qualify, there may still be a little extra cash coming to you.
For the rest of us, we should see a little relief from the Making Work Pay tax credit which will begin on April 1 and continue through 2010. These tax cuts will give 129 million, that’s 95 percent of working households an extra $13 per week on their paycheck. Not to mention that this credit will help over 10 million low-income Americans by eliminating their federal income taxes.
It may not sound like a lot, but it can add up quickly. When all is said and done, the credit totals up to $400 for individuals and $800 for couples. Just think about how much you could save if you put some of that money into a savings account!
For more information, please visit:
U.S. Department of the Treasury
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