Stimulus checks can come in handy during times of financial hardship. If you qualify for one, you may be able to reduce the financial burden you’re experiencing and get through a difficult period. If you’ve received stimulus checks in the past, you may be wondering whether there will be a 4th stimulus check. Keep reading to find out.
How stimulus checks work
Stimulus checks are direct payments sent out by the government to provide Americans with some financial security during tough times. Stimulus checks are also designed to stimulate the economy by encouraging consumers to spend the funds at various companies.
Federal vs. state stimulus checks
Stimulus checks can be distributed on a federal or state level. Federal stimulus checks apply to all Americans, no matter which state they live in. State stimulus checks, on the other hand, are dispersed by state governments and designed to support the economy and residents in specific states.
Will there be a 4th stimulus check?
As of now, there won’t be a 4th federal stimulus check. But the good news is many states are offering stimulus payments. If you live in a state that is giving out stimulus checks, you may get some financial relief from the high costs of goods, services, and gas due to inflation.
What states are giving stimulus checks?
Currently, these states are distributing stimulus checks to qualifying residents:
- California: Rebates of up to $1,050
- Colorado: $500 rebate payments
- Delaware: $300 rebate payments
- Florida: $450 payments
- Georgia: $250 rebate payments
- Hawaii: $300 rebate payments
- Idaho: $75 rebate payments
- Illinois: $50 rebate payments
- Indiana: $125 rebate payments
- Maine: $850 direct relief payments
- Minnesota: $750 payments for frontline workers
- New Jersey: $500 rebate checks
- New Mexico: $500 rebate payments
- Oregon: $600 direct relief payments
- South Carolina: $800 rebate payments
- Virginia: $250 rebate payments
What states are pending for stimulus checks?
Even though their stimulus checks have yet to be approved, these states have introduced them:
- Kansas: One-time tax rebate of up to $500
- Kentucky: One-time payment of up to $500 and up to $1,000 per household
- Massachusetts: $250 rebate payments
- North Carolina: $200 rebate payments
- Pennsylvania: One-time payment of $2,000
Am I eligible for a state stimulus check?
Eligibility requirements for state stimulus checks vary by state. Most states, however, require that residents have filed taxes and meet certain income criteria. Typically, if your individual or household income is too high, you won’t qualify for a stimulus check. But in some states, income doesn’t matter, and all residents are eligible.
4 loan options if you’re not getting a state stimulus check
If you aren’t receiving a state stimulus check, consider these alternatives:
Payday loans are short-term, small-dollar loans you can repay when you get your next paycheck, usually within two to four weeks. A payday loan may be a good option if you need a few hundred dollars to cover expenses until your next payday.
With installment loans, you’ll get a lump sum of money upfront and repay it over time (anywhere from a few months to several years) via fixed monthly payments, or installments. If you need a large sum of cash, an installment loan may be a smart choice.
Title loans are secured loans that allow you to receive funds using your car as collateral. Title lenders will appraise your vehicle, then offer you a loan amount worth 25 to 50% of its value. You can keep driving your car as you repay the loan.
Lines of credit
While lines of credit are similar to credit cards, they typically offer lower interest rates. You can withdraw money whenever you’d like up to a set credit limit, and you’ll only pay interest on the amount you borrow. You should consider a line of credit if you’d like a flexible loan.
You don’t need a stimulus check to get cash now
An Advance America loan should be on your radar if you don’t qualify for a stimulus check. Our loan products, including payday loans, installment loans, title loans, and lines of credit, can get you the cash you need as quickly as the same day you apply. Better yet, you don’t need good credit to get approved. Visit Advance America today to learn more about the loans we offer.
I am David, economist, originally from Britain, and studied in Germany and Canada. I am now living in the United States. I have a house in Ontario, but I actually never go. I wrote some books about sovereign debt, and mortgage loans. I am currently retired and dedicate most of my time to fishing. There were many topics in personal finances that have currently changed and other that I have never published before. So now in Business Finance, I found the opportunity to do so. Please let me know in the comments section which are your thoughts. Thank you and have a happy reading.