The new maximum payout for SNAP (Supplemental Nutritional Assistance Program) beneficiaries is decided annually by the American government using inflation data.
Every year on October 1st, the new Cost-of-Living Adjustments (COLA) take effect and are in effect into the following year. The U.S. Department of Agriculture’s Food and Nutrition Service boosted the allotments for the 48 states, Washington, D.C., Alaska, Hawaii, Guam, and the U.S. Virgin Islands for Fiscal Year 2023. To allow for inflation, caps, and resource limitations were also increased.
The amount that SNAP users can remove from their income to calculate their benefits, the shelter cap values have also increased by $27, to a total of $624, throughout the 48 contiguous states.
Maximum asset limitations were increased to $2,750 for all other families and $4,250 for families that have at least one family member who is 60 years of age or older. You must notify the IRS of any changes to your household’s monthly income that exceeds $125.