Uncle Sam is doling out $1,200 stimulus relief checks to millions of Americans soon. But many say it won’t be enough to cover their bills.
Of those that anticipate receiving a stimulus payment, just under one-third think the influx of money would help sustain their financial well-being from one month to less than three months.
About 11% think it would maintain them from three months to less than five months and another 11% believe it would help preserve their financial well-being for at least five months. Another 14% are unsure how long they will be able to sustain their financial security. Padding the emergency savings is a much-needed step for many households. Even before the pandemic forced the economy to a standstill, just 41% of Americans were able to pay for an unplanned expense of $1,000 from savings, McBride says.
A record 10 million Americans sought unemployment benefits in the past two weeks, the Labor Department said, as layoffs accelerated in the wake of the outbreak. Another wave of job losses is likely in the coming weeks, experts warn, as travel restrictions stay in place and businesses remain closed across the country.
Treasury Secretary Steven Mnuchin said Americans who have set up direct deposit with the IRS will receive their payment by the third week of April. For those who don’t, checks will be mailed, which could take longer to arrive.
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