In 2010, President Obama will be paying out a $250 stimulus check to all eligible recipients of SSI which is stands for “Supplemental Security Income”. This $250 payment is part of his ongoing efforts to stimulate the poor economy out of recession.
Who is eligible for the $250 stimulus?
Anyone who is currently receiving SSI payments will be eligible for the $250 check. There are also some other groups who will receive this check including Social Security recipients and disabled veterans.
[Update - Jan 4 - Will there be another stimulus check in 2010?]
[update - find out about the new $250 stimulus check in 2010 for Social Security recipients]
When will the $250 checks be paid out?
It is not known at this time when the payments will be made but it is likely that they will be paid in the first quarter of 2010 (ie before the end of March).
Is there any income limit for the $250 payment?
No, it doesn’t matter if you have other income or if you are working or not. It doesn’t matter how much income you make – you will still get the check.
How much will this cost the government?
According to White house officials, the cost of all the stimulus checks will be $13 billion. A large amount of money but don’t forget that the stimulus package for 2009 was almost $800 billion.
Why is the government doing this?
The government is giving out this money in order to try to stimulate the economy. Because of problems in the financial markets and housing markets over the last 2 years, there has been a slowdown in economic activity in America and many job losses. By putting extra money into the economy it is hoped that the decline of the economy can be slowed down or even reversed.
Will it be a check or electronic payment?
The $250 should be given to you in the same format you currently receive your regular Social Security payment. If you get your SS payment by check then the $250 will also be by check. If you get your SS payment deposited in to your bank account then the $250 will also be deposited into your bank account.