12 Ways The Government Is Helping Americans Get Money Before The Next Recession
9 min read
12 Ways The Government Is Helping Americans Get Money Before The Next Recession
By ARCAMAX
With the upcoming recession, it’s more important than ever to get all the extra help with money that you’re able to.
And luckily, there are many things the Government is doing to help Americans during the financial crisis.
We’ve compiled an extensive list of programs you can utilize to boost your bank account in 2022. Share this with everyone you know!
1. Congress Forgives $10,000 In Student Loans For Americans
The President announced his administration’s long-awaited student loan forgiveness plan recently, saying it will forgive $10,000 in student loans for borrowers who earned less than $125,000 during the pandemic. People who received Pell Grants, grants to low-income students, while they were enrolled in college will be eligible to have $20,000 in debt forgiven.
The move will be enough to wipe out some student debt entirely: 15 million of the 43 million people with federal loans owe less than $10,000, and those borrowers are typically the most likely to fail to pay back their loans. In all, the plan will eliminate student debt for about 20 million people, according to an analysis provided by the Education Department, and decrease monthly payments by an average of $250 for borrowers with a remaining balance who are on standard 10-year payment plans.
The President’s announcement came after months of speculation and a pandemic pause on student loan payments that lasted more than two years. Ultimately, the plan showcases the attraction, and the limitation, of executive action. He had the opportunity to provide immediate financial relief to millions in need, and he took it. But the challenge of preventing people from falling into the student debt trap in the future remains.
2. State Stimulus Payments Update 2022: Residents in These States Are Getting Checks This Week
Thanks to health budget surpluses, some taxpayers are receiving up to $1,500 in tax rebates in August.
Thanks to healthy budget surpluses, many states have been giving supplemental tax rebates to eligible taxpayers. While some have already been issued, other states are still sending payments out.
Taxpayers in Colorado and Pennsylvania are getting checks this month, while Hawaii and Illinois are set to send bonus refunds in early September.
Direct deposit payments for Indiana’s Automatic Taxpayer Refund started going out in May but the 1.7 million Hoosiers who requested physical checks — worth $325 for individuals, or $650 for married couples filing jointly — are only getting them now, thanks to a paper supply shortage.
3. Johnson & Johnson Ordered To Pay $2.1 Billion To Ovarian Cancer Victims – Women Urged To Check Eligibility For Compensation ASAP
Johnson & Johnson won’t want you reading this.
Have you or a loved one used Johnson & Johnson talc-based Baby Powder or Shower-to-Shower products? Those who have been diagnosed with ovarian cancer, fallopian cancer, or mesothelioma cancer after using Johnson & Johnson talcum powder may be entitled to significant compensation due to a recent judgement against Johnson & Johnson.
So while Johnson & Johnson hopes you don’t learn about this, attorneys nationwide are urging victims to take action and check their eligibility for compensation. This class action lawsuit is currently open for victims to join, but the deadline is approaching quickly. But the good news is that once you’re in, you’re in. If you or a love one has been diagnosed with ovarian cancer, fallopian cancer, or mesothelioma cancer after 2010, it’s vital you act now and check your eligibility for compensation.
4. Emergency Bans on Evictions and Other Tenant Protections
The federal government, as well as many any states, cities, and counties are taking steps to minimize the impact of the novel coronavirus crisis on tenants, including placing moratoriums on evictions, holds on shutting off utilities due to nonpayment, and prohibiting late rent fees.
On September 1, 2020 the Centers for Disease Control and Prevention (CDC) issued an Agency Order titled Temporary Halt in Residential Evictions to Prevent the Further Spread of COVID-19 (Order). The Order went into effect on September 4, 2020, and prohibits residential landlords nationwide from evicting certain tenants through December 31, 2020. The Order protects tenants who:
– have used their best efforts to obtain government assistance for housing
– are unable to pay their full rent due to a substantial loss of income
– are making their best efforts to make timely partial payments of rent, and
– would become homeless or have to move into a shared living setting if they were to be evicted.
In addition to the above requirements, one of the following financial criteria must apply. To qualify for protection, tenants must:
– expect to earn no more than $99,000 (individuals) or $198,000 (filing joint tax return) in 2020
– not have been required to report any income to the IRS in 2019, or
– have received an Economic Impact Payment (stimulus check) pursuant to Section 2201 of the CARES Act.
5. Paid Sick Leave
Another recently enacted federal law, the Families First Coronavirus Response Act, requires certain companies to provide paid sick leave for up to two weeks if a worker has to be quarantined or is experiencing symptoms of a coronavirus infection and is seeking a medical diagnosis.
There is also a provision for workers to receive paid sick leave if they are unable to work because they are caring for someone else.
6. Serve In The Military Between 1953 – 1987? Those Affected by Camp Lejeune Water Are Getting a Huge Pay Day
Were you or a loved one exposed to contaminated water at Camp Lejeune? If you, a family member, or civilian were stationed, worked, or lived at Camp Lejeune between 1953 and 1987 and developed cancer or a serious illness, a recent federal order can help you get significant financial compensation!
So while the Government may not be proud of this, they have taken action and created a massive $6.7 billion dollar fund to compensate anyone affected. Many veterans could get anywhere from $25,000 to over $1 million! This is life changing for many and they should take action immediately before time runs out.
7. Take Full Advantage Of These Tax Deductions
Owning a home can be very lucrative. Seriously, owning a home can not only give you a cheaper monthly payment than renting but in many cases, the tax benefits make the decision a no-brainer.
Here are a few of the larger deductions that you need to be sure to take:
Interest you pay on your mortgage: If you own a home and don’t have a mortgage greater than $750,000, you can deduct the interest you pay on the loan. This is one of the biggest benefits to owning a home versus renting–as you could get massive deductions at tax time. The limit used to be $1 million, but the Tax Cuts and Jobs Act of 2017 (TCJA) reduced the limit and made some clarifications on deducting interest from a home equity line of credit.
Property taxes: Another awesome benefit to owning a home is the ability to deduct your property taxes. Before TCJA, the rules were a little more flexible and you were able to deduct the entirety of your property taxes. Now things have a changed a bit. Under the new law, you can deduct up to $10,000. The deduction for state and local income taxes was combined with the deduction for state and local property taxes, too.
Tax incentives for energy-efficient upgrades: While most of the tax incentives for making energy-efficient upgrades to your home have gone away, there are still a couple worth noting. You can still claim tax deductions on solar energy–both for electric and water heating equipment, through 2021. The longer you wait, though, the less money you’ll get back. Here’s the percentage of equipment you can deduct, based on time of installation:
Between January 1, 2017, and December 31, 2019 – 30% of the expenditures are eligible for the credit
Between January 1, 2020, and December 31, 2020 – 26%
Between January 1, 2021, and December 31, 2021 – 22%.
8. Homeowners Are Getting Solar Panels Installed For Their Home Thanks To Lucrative Tax Credit Incentives In 2022
Warning: Do not pay your next energy bill until you read this…
This is the 1 simple truth your power company doesn’t want you to know. There is a new policy in 2022 that qualifies homeowners who live in specific zip codes to be eligible for $1,000’s of Government funding to install solar panels. Has your power company told you that? Of course not. They hope homeowners don’t learn about this brilliant way to reduce your energy bill tremendously!
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When homeowners check whether they qualify many are shocked that subsidies and rebates can cover a lot of the costs associated with installation so it greatly reduces the amount you’ll have to pay. Many may qualify for $0 down! Soon, you could be on your way to significantly reducing your electric bill in a matter of weeks.
Smart homeowners are setting out to do their own research and determine whether this new program lives up to its reputations. Over and over again, many are reporting back on their findings, with the most exciting part being that they are now able to save $1,000s a year on their own energy bill.
9. Advance Child Tax Credit
By claiming the Child Tax Credit (CTC), you can reduce the amount of money you owe on your federal taxes. The amount of credit you receive is based on your income and the number of qualifying children you are claiming.
Because of the COVID-19 pandemic, the CTC was expanded under the American Rescue Plan of 2021. The IRS pre-paid half the total credit amount in monthly payments from July to December 2021. When you file your 2021 tax return, you can claim the other half of the total CTC.
10. Get Help Buying Food With SNAP If You’re In Need
SNAP helps you buy the food you need for good health and nutrition. With SNAP, you get benefits on a special debit card on a monthly basis. You can use the card to get food at many grocery stores, as well as through some senior centers or home-delivered meal programs. Also, SNAP has free programs to help with healthy eating habits and physical activity.
SNAP is not for everyone. SNAP is made available to those truly in need.
11. Clean Vehicle Rebate Program (CVRP)
Get up to $7,000 to purchase or lease a new plug-in hybrid electric vehicle (PHEV), battery electric vehicle (BEV), or a fuel cell electric vehicle (FCEV).
CVRP offers vehicle rebates on a first-come, first-served basis and helps get the cleanest vehicles on the road in California by providing consumer rebates to reduce the initial cost of advanced technologies. Rebates are available to California residents that meet income requirements and purchase or lease an eligible vehicle.
12. Born Before 1987? Get $7,895 To Use However You’d Like In November Thanks To The Government Backed “FaCOP” Initiative
Don’t expect banks to tell you this, but they can’t stop you from doing it either…
Still unknown to many is a brilliant government insured refi plan called the FHA Cash-Out Plan (FaCOP) that could benefit millions of homeowners and give them $7,895 or more in cash to use however they’d like! You could bet the banks aren’t too thrilled about losing all that profit from high interest loans and might secretly hope homeowners don’t find out before this program ends for good.
American homeowners are paying for their home renovations, funding their business, paying off debts & even taking vacations – All thanks to the home “cash out” option that is now available. Home values are through the roof right now and smart homeowners are taking advantage of their huge equity in their house and getting $7,895 or more in cash! There is NO COST to see if you qualify either.
So while the banks happily wait for this program to end, experts are making a nationwide push and urging homeowners to take advantage. This program currently exists as of November, but with national economic uncertainty, it could be pulled away from homeowners at any time. But the good news is that once you’re approved, you’re in. If getting $7,895 or more to use however you’d like sounds good, it’s vital you act now and see if you could qualify for FaCOP now.
URGENT: So many homeowners could still benefit today, but sadly, many perceive FaCOP to be too good to be true. Remember, FaCOP could get you $7,895 or more in cash & there’s absolutely NO COST to see if you qualify. See how much you could get
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