Due to the coronavirus pandemic, thousands of nonessential businesses all over America were forced to halt their operations. This left more than 16 million Americans unemployed.
According to Greg McBride, the chief financial analyst at Bankrate.com, once the economy restarts, the staggering unemployment will linger for months or even years. The massive number of unemployed Americans speaks to the urgency of America's economic predicament.
This means that Americans will be forced to lean on the unemployment system until more help comes. Andrew Stettner, a senior fellow at the Century Foundation stated that the high unemployment rate of the United States is considered an emergency and that President Donald Trump and Congress need to rise to the occasion.
Stimulus checks
At the beginning of April, Congress approved a $2 trillion stimulus package that is expected to be distributed later this month, and the government has also launched a paycheck protection program for small businesses in order to help keep them afloat.
But there is a lot of confusion about the stimulus checks, as numerous reports state that not all Americans are eligible for the financial support and millions voiced their concern that the $1,200 check might now be enough.
Common questions
The first question that Americans ask is when they'll receive the stimulus relief checks. Over the weekend, the first wave of stimulus checks were deposited into some bank accounts, according to the IRS. Millions of citizens can expect to receive theirs in the coming weeks as part of the $2.2 trillion stimulus bill.
In order to help taxpayers check the status of their payment, the IRS will launch a tracking tool called "Get My Payment" on April 17. The tool will also let users update their direct deposit information with the IRS. The agency also unveiled an online tool for low-income Americans who don't typically file taxes, the tool will let them enter their banking information to receive a payment.
The stimulus check is worth $1,200 for those with adjusted gross income below $75,000 and $2,400 for couples who are earning below $150,000. Eligible dependents will get $500. Those who filed 2018 or 2019 returns and authorized direct deposit from the IRS will be paid first. According to the U.S Treasury Department, tens of millions of Americans should receive their deposits by April 15, and the department stated that a large majority of eligible Americans will receive Economic Impact Payments within the next two weeks.
Unemployed Americans also expressed their concern about the amount of the stimulus check, as they stated that it is not enough. According to a recent survey from SimplyWise, 63% of the respondents said that they will need another stimulus check within the next three months.
Of those participants who said that the money won't be enough, 30% said that they plan to look for part-time work, 16% will borrow from friends or family, 15% will sell their assets, 15% will apply for unemployment insurance, 14% will withdraw money from their retirement accounts and 10% will take a loan from the bank.
Unfortunately, there are still no talks about additional financial help from the U.S government, as their focus right now is to distribute all of the checks to all American citizens until May 4 before they move forward with the next plan.
As for those who have additional questions about the stimulus package, USA TODAY has organized a Q&A to help Americans learn more about the stimulus package and to know if they are eligible or not.
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