With the ever-increasing number of unemployed citizens, Americans are desperately waiting for the second wave of stimulus checks. There seems to be an unfortunate slowdown amongst lawmakers in Washington in discussing the release of the second stimulus money.
The uncertainty of another round of stimulus checks has worried several Americans. Many are concerned about how they should use the first stimulus money. Their expenditure will be determined from whether the second round of stimulus checks are on the way. Here’s everything we know about the coronavirus relief packages so far.
The Number Of Individuals Who Have Received Stimulus Packages
Currently, the number stands at 159 million US citizens. The total amount of stimulus money given out by the government amounts to $267 billion.
Every eligible individual received $1,200. Meanwhile, married couples received $2,400. Additionally, children under 17 received $500. The first round of stimulus checks was approved by Congress under the republican party’s CARES Act.
What Makes One Eligible For A Stimulus Check?
There are certain financial thresholds that categorize one as eligible for a stimulus package. Under the first round of stimulus checks, people who earned less than $75,000 received full checks. Meanwhile, married couples with an income of $150,000 were also eligible.
Citizens with more than the above-mentioned threshold received decreased stimulus checks. Individuals who earned more than $99,000 received none.
How Can You Utilize Your Stimulus Money?
As per Columbia Business School research, a majority of the stimulus money recipients spent one-third of the money on basic necessities as soon as the check arrived. It was also observed that the rest was kept in their bank accounts.
Financial experts have recommended people to pay their high-interest debts and save up to sustain themselves for about 3 months.
Additionally, they have also said that people can invest conservatively on market stocks. Historically, it has been proved that people who actively invest do better in times of crisis than people who simply save up.
If You Have Not Received Your Stimulus Check Yet, Here’s What You Should Do
If you are an American citizen who is eligible for stimulus money, you should immediately check your check’s status in Get My Payment.
As per reports, approximately 35 million stimulus packages are yet to be delivered to their recipients. This also includes millions of Americans who have not filed tax returns.
If you have not filed your tax return, visit the government’s Nonfiler tool, and enter your details. The last date to do so is 15th October. However, if you have filed your tax returns but still did not receive any stimulus checks, you can call 800-919-9835.
Second Wave Of Stimulus Checks
There have been discussions regarding the second wave of stimulus checks. However, due to several disagreements between the two parties, no stimulus package has been finalized yet.
The second wave of stimulus checks is likely to be a subject of focus after the Senate resumes.