Should New Yorkers Expect Another Stimulus Payment This Year?

Since the onset of the COVID-19 Pandemic, the US Economy had been thrown into a tailspin with the country needing to essentially shut down for the better part of two years, causing massive global disruption and the loss of millions of jobs.

Those job losses all created ripples throughout every sector of our society and there needed to be some action.

In response, the US Government issued more than $800 billion in stimulus payments that went to businesses and residents. Those payments were issued in multiple rounds and do not include some additional support that various states also gave residents.

Now, while the economy is booming in some areas of the country, the financial recovery hasn't been uniform. That, coupled with record inflation over the last couple of years has many people in the government, both state and federal, wondering if more stimulus is needed.

Will There Going Be Another Stimulus Payment Issued?

While there isn't a clear-cut answer to this question, mostly because it's being debated in Congress, but things really depend on the economy.

According to an article on Yahoo Finance, there are several states that have issued or are on the verge of issuing stimulus payments to residents. Those states include California, New Jersey, Pennsylvania, and others. Those payments will range from a few hundred bucks to $1,500 or more.

The Federal Government is also currently debating a bill that would issue direct monthly payments in the amount of 1,200 to every adult and $600 to every child for a five-year period.

H.R.4895, The Sending Unconditional Payments to People Overcoming Resistances to Triumph Act of 2021 (otherwise known as the US SUPPORT Act) would at least $14,000 per year to people.

Is New York Issuing a Stimulus Payment?

Yes, the Empire State also has a stimulus program, but currently, it's just limited to homeowners in the state.

Both the New York City Department of Tax and the New York State Department of Tax and Finance have issued payments that may total more than $1,000.

The Homeowner tax rebate credit is still available for many people in the state, if you haven't received your payment yet, you can check here on the NYS website for more information about that or here for the New York City program.