SIOUX FALLS, S.D. (KELO) — Americans, including South Dakotans, are hurting as the economy has virtually ground to a halt. The latest numbers from the state show more than 16,600 reemployment claims processed between March 16 and April 4.
The overall economy is a bleak forecast. The International Monetary Fund said in its latest forecast released Tuesday, the world economy in 2020 will suffer its worst year since the Great Depression of the 1930s.
In South Dakota, travel spending is down 70%, according to new data released by the state this week. Video Lottery income for the state is also down nearly 50%. It’s an early indication of the funding struggles the state will be facing, as it relies on video lottery and sales tax revenue (instead of income tax) to fund much of government operations.
While unemployment assistance (named reemployment in South Dakota) is broadening during the pandemic and includes a federal $600 bonus, everyone’s bank account, investments or retirement accounts are likely taking some sort of hit.
That’s where the stimulus or Economic Impact Payments come in. For a single person in Sioux Falls, this payment will be about equal to the take-home pay of one paycheck (semi-monthly) for a person making $35,000 per year.
KELOLAND News has looked at what you need to know when it comes to stimulus checks and other financial resources.
When will I get my payment?
The checks began direct depositing on Saturday. The IRS estimates 60 million Americans will get their check by mid-April if direct deposit payments are setup.
How much will I be getting?
It depends on your tax status and income. To figure out your income, you need to look at your latest tax return and figure out your adjusted gross income.
In addition to reemployment assistance and the stimulus check, the state’s Department of Social Services said it’s open for business to help families in need.
“The mission of the Department of Social Services is to create strong families,” said DSS Cabinet Secretary Laurie Gill said in a statement. “When families are struggling, there are options to help support and strengthen them.”
Programs include assistance with nutrition, home heating and health care expenses, as well as temporary financial assistance for very low-income families with children who are deprived of parental support.
Your Guide To
KELOLAND News is covering the COVID-19 pandemic. This is your guide to everything you need to know to prepare. We also have the latest stories from across the globe feeding into this page.
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