The Drake Institute of Research and Policy SUPPORTS General Assembly Bill 4160 which provides one-time financial assistance grants of $1,000 and one-time special needs grants to veterans or their surviving spouses for COVID-19 related events to mitigate personal financial crises, promote stability, and prevent homelessness.
Military family members identified financial issues as their number one stressor, with 62% reporting stress about their family’s financial situation in 2018. Similarly, military families reported higher rates of difficulty (13%) meeting living costs compared to civilian families (7%). COVID-19 and related events have led to higher unemployment and increased financial instability. In addition to this, the increased cost of child care and household expenses will place an increased burden on the approximately 25,791 female veterans in New Jersey.
By providing grants for financial assistance designated for veterans and their families, negative outcomes such as homelessness and financial instability can be mitigated. The $1,000 grants for veterans, surviving spouses, or their families will reduce negative financial impact across the board, while special needs grants of $2,000 will assist those in need of immediate support.
Prepared by Emma Shokeir (Policy Analyst)