What to Do With Your Coronavirus Stimulus Check

Keep an eye on your bank account – because you could be getting a check from the government in the next few weeks…

This story was originally published here.

The government is doing everything it can to support the economy. Last month, President Donald Trump signed a historic $2 trillion stimulus bill to try and contain the economic devastation caused by COVID-19.

But many lawmakers think $2 trillion may not be enough. There's talk of a new assistance package that House Speaker Nancy Pelosi said could “easily” cost more than $1 trillion. In the end, though, total spending could be much more than $3 trillion…

It's clear that the federal government is willing to spend whatever it takes to keep this from becoming a depression.

Now, we could debate the government's actions for days. But that's a topic for another time… And I imagine countless books and shows on Netflix will cover its response to the pandemic in the years to come.

Today, I want to talk about your personal finances.

Because despite all of the government's efforts, many households are struggling…

With at least a quarter of the U.S. economy idle during this shutdown, nearly 17 million people have filed for unemployment in the last three weeks.

Mortgage forbearance requests skyrocketed nearly 2,000% in the last half of March. And according to a recent survey by market research company YouGov, 11% of U.S. adults said they couldn't pay their rent or mortgage for April. Seven percent said they were unsure if they could.

Think about how many folks won't be able to afford their May payments.

Thankfully, there is some relief on the way. (I emphasize “some” because out of the $2 trillion in the stimulus package, $500 billion goes straight to big corporations.)

According to Larry Kudlow, director of the U.S. National Economic Council, an estimated 175 million Americans will start receiving stimulus checks with the first round of payments. Some may have gotten their checks already.

The check amounts will vary depending on your income, but they are worth up to $1,200 per adult, plus an additional $500 per child. So a household of four could receive a check of $3,400.

To see if you qualify for an economic impact payment – and to find other helpful information regarding the checks – visit this IRS page: Economic impact payments: What you need to know.

I also mentioned earlier that lawmakers are currently in talks for another stimulus bill… which could mean another round of checks to taxpayers. So there's a chance you may receive more than $1,200 over the coming months.

The goal of these checks is for folks to get back out and start spending again… But that doesn't mean you need to spend yours right away.

I want to give you some ideas about what to do with these checks. It really depends on your situation…

Editor's Note: To finish the story, click here.

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