$600 Stimulus Checks Begin Arriving to Americans

The latest $600 stimulus check passed by Congress just before the end of 2020 has begun dispersement. According to Earnin, mobile app that allows access to paychecks early, the latest $600 stimulus check should last three to three and a half months for the average American living paycheck to paycheck.

During the first round of $1200 stimulus checks it had taken peoples’ bank accounts about six and a half months to return to normal fund levels. That being said, those using Earnin are people that live paycheck to paycheck, with lower bank balances.

The $600 stimulus however, only covers those who earn less than $75000 if single and $150000 as couples in 2019. The payments phase out if the individual earned more.

Those with $87,000 single income or $174,000 for married couples will receive no stimulus payments.

Any American who has less than $100 in their checking accounts will not see their money last more than 6 weeks, as about 1 in 5 of those struggling financially will spend the money straight away.

As it is after the December holiday season and winter, timing could also show that people are likely to spend the money faster than when they received the money last year, as it is generally known to be a time of higher expenses.

Although Americans could defer some payments on their credit cards, student loans and mortgages, and while some have been extended, others have not. It may still be a long while before Americans can actually “stimulate” the economy.

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