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Financial Assistance is money given to individuals in need to help them solve their problems in different aspects. Most of the financial assistance given to individuals is from different programs.

The main purpose of these programs is to help and assist individuals through their different problems that involve money. Financial assistance has many classifications, but the most common are loans and grants.

The main difference between the two is that loans need to be repaid while grants are given for free. However, they still come up with a purpose, to help individuals with their financial stability.

Financial Assistance for Eligible Beneficiaries

In the United States, several programs mainly provide assistance for eligible beneficiaries. Most of these programs are created and funded by the U.S. federal government alongside the local government units.

Moreover, programs that provide financial assistance services as a great source of money for individuals who suffer from financial instability.

Financial programs are continuously supporting and benefitting eligible individuals throughout the United States.

Programs that Provide Assistance

Various programs provide financial assistance for eligible individuals throughout the United States. Some of these programs focus on housing, education, employment, and other needed assistance.

Most of the programs were created by the U.S. federal government that continuously supported and assisted U.S. individuals. Check the following programs that provide assistance below.

Emergency Solution Grants (ESG)

Emergency Solutions Grants (ESG) is a federal program that primarily assists individuals having problems with housing stability.

It provides financial assistance for a household to quickly recover from their homeless or suffering housing crisis. The main purpose of ESG is to give families the need to access a permanent house.

Application for ESG in local state offices or agencies. Individuals can also contact their Local HUG Field Office

The list below for the eligibility requirements:

  • Households must suffer from homelessness or a housing crisis.
  • Household Income must be under 30% of the Area Median Income.
  • Proof of Homelessness before
Federal Student Financial Aid (FSA)

Federal Student Financial Aid (FSA) is a program by the U.S. federal government aiming to help students with their financial problems within education. It offers a broad variety of specific programs whether it is a loan or grants.

Moreover, the Federal Student Financial Aid (FSA) serves as the main source of financial assistance for students throughout the United States.

The list below for the eligibility requirements

  • Must be a U.S Citizen.
  • Must demonstrate a financial crisis in education.
  • Must be a student for degree programs or certification programs.
  • Must have a high school diploma.
  • Further requirements on income may depend on the type of specific loan or grant under FSA.
  • Proof of Enrollment
Self-Employment Assistance (SEA)

Self-Employment Assistance (SEA) helps dislocated workers with their re-employment. It was created to encourage unemployed individuals to work, build a business, and be self-employed.

SEA can provide financial assistance by giving allowances for its eligible beneficiaries to start their respective businesses or enterprises.

Contact your State Unemployment Insurance agency for the application process.

The list below for the eligibility requirements:

  • All individuals are qualified as long as they received regular unemployment insurance under their local state government.
  • Proof of Regular Unemployment Insurance
7(A) Small Business Loan

7(a) Small Business Loan is the most common basic loan from the Small Business Administration (SBA). It is section 7(a) of the Small Business Act that authorizes the SBA to provide loans for businesses in the United States.

The purpose of the said program is to be a source of financial assistance for businesses that do not have funds stability.

The list below for the eligibility requirements:

  1. Must operate a profitable business in the United States.
  2. Must be a small business following the definition of SBA
  3. Must reasonably invest equity.
  4. Must demonstrate a need for a loan.
Earned Income Tax Credit (EITC)

Earned Income Tax Credit (EITC) benefits low-income to moderate individuals with their taxes. Once an individual qualifies for EITC, his/her taxes can be lessened and tax refunds will increase to receive more financial assistance.

The U.S Internal Revenue Service manages and handles the said program. It ensures its capability to assist more eligible individuals for the said program.

The list below for the eligibility requirements:

  • You can check your eligibility for EITC through the IRS official website.
  • Form 1040, US Individual Income Tax Return

The financial assistance that a beneficiary can get from the programs above may vary. However, the financial assistance given through the said programs is sufficient and enough to solve their financial hardships related to the program.

Eligible individuals for the Programs

The eligibility requirements for financial assistance programs are different from one another. Some qualification rules were set by the U.S. federal government, but there are also by the local state government. However, the qualification rules will still depend on the type of program.

Required Documents

The necessary documents for the application for financial assistance programs will vary from one another. Local State Offices and agencies may request other documents related to the program that you’re applying for.

Individuals must ensure that the documents that they will pass must be valid. Refer to the given documents below for the mentioned programs above.

Major Documents

  1. Proof of U.S. citizenship
  2. Proof of Residency
  3. Proof of your Household Annual Income (must meet the standard income guidelines of the said program)
  4. Proof of Birthdate

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