Parents with young children may soon be seeing a new BABY bonus deposited into their accounts. Having children is infamously expensive, especially during the newborn stage. With multiple upfront costs for equipment such as strollers and cots, as well as newborns’ growth rate, meaning new clothes are constantly in order, parents are constantly needing to stick to a strong budget. Parents in this one state may be in luck, where a new stimulus payment will be coming their way to help aid in the expenses of having a baby.
Stimulus payments help support imminent expenses
Stimulus payments are one way in which governments can provide immediate financial support to families and individuals in specific qualifying circumstances, during natural disasters, unexpected periods of financial downturn, or times of economic uncertainty. During the COVID-19 pandemic, stimulus payments played a vital role within the federal government to help citizens who experienced job and income loss and retrenchment.
During the height of the pandemic between 2020-2021, the Biden Administration released three rounds of stimulus payments known as the Economic Impact Payments (EIP). For this year’s recently passed tax season, it was your last chance to claim the final $1,400 EIP if you had not claimed it in March 2021. Currently, no further widespread stimulus payments are expected to be distributed by the federal government.
This state releases a new BABY bonus
New York State has recently been announcing and distributing a variety of one-time stimulus payments for residents. Known for being one of the most expensive states in the US, particularly if you reside in New York City, these payments are intended to help citizens cope with the high cost of living as well as receive some leeway when it comes to combating inflation.
Not only has the state announced a new once-off inflation payment, but according to Governor Kathy Hochul’s official website, New York’s Financial Year 2026 (FY2026) budget is set to include $8.5 million allocated for new low-income parents. The Birth Allowance for Beginning Year (BABY) benefit stimulus payment will be a once-off $1,800 payment for low-income New Yorkers when they have a new baby. To be eligible to receive the payment, you must already be on public assistance.
“{We plan to] transform New York into the best, most affordable place to start and raise a family,“ says Gov. Hochul during a press conference in May
$5,000 stimulus payment for the rest of the nation?
With Governor Hochul’s plans to help low-income families, the rest of the nation continues to hope for more widespread initiatives by the federal government to help the whole nation, regardless of state, with the cost-of-living crisis. Recently, rumors were sparked online of a potential $5,000 stimulus payment for eligible taxpayers by the Department of Government Efficiency (DOGE).
However, no official source within the federal government has confirmed that such a payment will be distributed. Further, if the payment were to be made, it would have been based on DOGE’s federal savings goal of $2 trillion. This initial goal has since been revised to $150 billion, meaning that if DOGE were to release a stimulus payment if they reached this goal, it would amount closer to $1,000 and not $5,000.
Another recent rumor began to circulate online about a $2,000 stimulus payment. However, this payment also has no official source or confirmation, and was most likely driven by a combination of misinformation about the DOGE stimulus payment as well as the $1,400 EIP payment, some families decided to claim this year if they didn’t already do so in 2021. These rumors are reminders to citizens to be cautious over where they receive their news from and to always verify any financial payment information through official sources.
Disclaimer: Our coverage of stimulus checks, tax reliefs, tax rebates, tax credits, and other payments is based on the official sources listed in the article. All payment amounts and dates, as well as eligibility requirements, are subject to change by the governing institutions. Always consult the official source we provide to stay up to date and obtain information for your decision-making.
