New Jersey residents got some good news in the face of ongoing financial challenges. The state announced a $1500 stimulus checks program to help people out.
New Stimulus Checks in this state: $1500 more for your pocket
After Covid-19, especially in the residential area, inflation has brought a serious problem, so to speak, it has become more difficult for people to find a roof over their heads.
Nevertheless, as a part of ANCHOR Tax Relief Program 2024, the state of New Jersey will give $1500 stimulus checks to both homeowners and renters within the state. Apart from the check amount, the state published the eligibility criteria as well as the application and payment schedule.
Are you eligible for these new Stimulus Checks? Here are the requirements
There are a few things you’ll need to show to qualify for the new $1500 stimulus checks in New Jersey. These are designed to target people who need financial help the most:
- Residency: The very first and the most important criteria for application is to prove the residency of New Jersey in October 2019. You can make a statement of proof by presenting your utility bills for that period.
- Income: There is a certain threshold that the resident must prove. For a single taxpayer it is limited to $75,000 and for a family it is limited to $150,000. The families who have an income less than $150,000 will fortuitously be receiving the full package from the state.
For the families who have above $150,000 of income (and less than $250,000), up to $1000 will be given. In addition to that, renters in 2019 will be given $450 stimulus check with an income of less than or equal to $150,000.
- Additional qualifiers: Good news for families with kids or dependents! The stimulus amount increases by $500 for every dependent, ensuring larger families receive additional financial assistance.
- Tax Verification: Filing your state taxes for 2023 is required to receive the stimulus check. It’s a way to double-check your income and official residency in that period.
- Strain from the difficulties after pandemic: With an inclusive approach, the program will prioritize applicants who have experienced economic hardship after Covid-19, or who have lost their homes or loved ones.
Payment Schedule of the new Stimulus Checks in New Jersey
The state of New Jersey has thought of everything to provide relief to those in need and has provided a detailed timetable for the application and payment process.
- Application Period: The application period will be one month. The application panel will be open between June 15 to July 1. Applying early will lead to early payment, which encourages residents to apply as soon as possible.
- Reviewing Period: Once application deadline is passed, the process for reviewing will start for the state government which is expected to take approximately two to three weeks.
- Allocating Funds: The stimulus checks will be received in mid-August. Priority ranking in applications will be according to the first applicant. The first payments will be done by the end of August and the second wave is planned to be made in September.
- Types of Payment: The residents who are obliged to take the payments might choose to receive it either by direct check deposit or paper checks. It is important to note that your official address must be up to date to receive the paper checks and it might take some more time to receive them by mail than the direct check deposits.
In a nutshell, this program has been prepared with an inclusive approach to support citizens experiencing economic difficulties, especially during and after the Covid-19 period. If you think that you have all the above criteria and you do not get a positive response to your application, do not neglect to contact the relevant department.