By: Olivia Armstrong, Writer / Follow South Jersey News Reporting Intern
TRENTON, N.J. — On March 24, New Jersey announced a new plan for the Stimulus Payment Protection program for all New Jersey residents. This plan requires banks to give New Jersey residents their $1,400 stimulus payment from the federal government even if their bank accounts are overdrawn or have a negative balance.
“The American Rescue Plan is for the American people, not the banks and creditors,” Governor Phil Murphy said in a press release. “We want residents who have received their federal stimulus funds to be able to put it to use as they deem necessary. I am pleased that 50 banks and credit unions have signed on to our agreement to protect these federal payments being received by New Jerseyans from being garnished for past debts or overdrawn accounts.”
The state has support from Bank of America, Citibank, PNC Bank, TD Bank, and Wells Fargo, as well as 45 other federal and state-chartered banks and credit unions to protect the stimulus payments of New Jersey residents.
Passed on March 11, the American Rescue Plan is a $1.9 trillion stimulus package that aimed to kickstart the U.S. economy following its downturn caused by the COVID-19 pandemic. One of the key tenants of the plan is a third round of direct $1,400 payments to Americans who are eligible, but that number decreases depending on your income level.
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This article was produced by a Follow South Jersey news intern thanks to a grant provided by the Robert Wood Johnson Foundation through the New Jersey Health Initiatives program to create hyper-local news to meet the informational and health needs of the City of Bridgeton, N.J.