Each year, the Federal Government releases an updated Federal Poverty Guidelines chart. This helps you understand if your household income qualifies you for several types of federal aid. However, with the passing of the American Rescue Plan, these guidelines have been adjusted.
The Federal Poverty Guidelines, also known as the Federal Poverty Level (FPL) is a measurement of the minimum amount of annual income. Income is necessary for individuals and families to pay for essentials. For instance, room and board, clothes, and transportation. The FPL takes into account the number of people in a household. Besides, it depends on their income and the state in which they live. On the other hand, the Federal Benefit Rate, a monthly cash benefit, is the maximum payment that an aged, blind, or disabled adult can be paid via Supplemental Security Income.