Author: Geoffrey Brown
The U.S. government created different financial aid programs to help low-income Americans. If you’re looking for information about these financial aid programs, you are at the right place. This guide covers several financial aid programs and how you can access them. So keep reading!
Financial Assistance for Individuals and Families
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Unemployment Insurance (UI) and COVID-19 Benefits
The federal and state government created the Unemployment Insurance (UI) program to partially pay people who lose their job without any fault.
The accessibility of this financial program is based on the percentage of your annual earnings, and the program lasts for only 26 weeks.
Also, you have to pay federal taxes from your Unemployment Insurance.
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Temporary Assistance for Needy Families (TANF)
TANF, or Temporary Assistance for Needy Families, is designed by the government to help struggling families achieve independence. People who qualify for TANF are often assisted with housing, food, home energy, job training, or childcare.
But, all TANF recipients must participate in some form of activity defined by their state. Every state running the TANF program will set its unique requirements for potential beneficiaries. Also, you will not be disqualified from other government benefits if you qualify for TANF.
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Social Security Disability Insurance (SSDI) Benefits
SSDI benefits are for people who cannot work for one year or more due to their medical condition. The government also extends this benefit to people expected to die from medical conditions.
Below are the requirements to qualify for SSDI benefit:
- Social security must cover your current or previous jobs.
- You must meet Social Security’s definition of disability to qualify.
- Also, you’ll need to have worked recently and long enough to be eligible for SSDI benefits.
You can find more detailed information about Social Security Disability Insurance in this brochure.
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Supplemental Security Income (SSI)
SSI or Supplemental Security Income is a program administered by social security but funded by the federal government. The SSI financially helps old and blind/disabled Americans.
The benefits consist of monthly payments to assist them with shelter, food, Medicaid, and food stamps.
Below are the requirements to qualify for the SSDI benefit:
- You must be 65+ years, or you must be blind or disabled
- You must have little or no income
- You must be a qualified U.S citizen
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Student Financial Aid
As the name suggests, the program offers financial assistance to college students with financial needs. The benefits include scholarships, work-study programs, and student loans. You can apply for these benefits through FAFSA (Free Application for Federal Student Aid).
Visit the Federal Student Aid Website for more information.
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Affordable Connectivity Program (ACP)
The Infrastructure Investment and Jobs Act created the Affordable Connectivity Program (ACP).
The ACP offers discounts up to $30-$75 on some broadband services. ACP also provides a one-time discount on new tablets and laptops from participating providers.
You can visit ACPBenefit.org to learn more about the Affordable Connectivity Program (ACP).
Financial Assistance for Small Businesses
Below are a few organizations and programs available to assist small businesses with benefits or loans:
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Small Business Administration (SBA)
The SBA or Small Business Administration provides many government assistance loan programs to small businesses.
The SBA also offers pandemic-related assistance programs like Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL).
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U.S. Department of Agriculture (USDA)
The USDA provides aid to new farmers and ranchers with several programs such as farm loans, housing assistance, and other grants helping them to actualize their goals.
You can learn more about USDA Grants and Loans from the program’s webpage.
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Small Business Lending Fund (SBLF)
SMLF, or Small Business Lending Fund, is a program that’s part of the 2010 Small Business Jobs Act. This program is created to provide capital to community banks and community development loan funds (CDLFs). The capital encourages these organizations to lend money to small businesses.
Conclusion
Whether you are a business owner, low-income earner, student, or disabled, there is a program the government created to assist you while making your life easier. Read the topics elaborated above to learn more about these programs, their eligibility, and how you can apply.