$ 1,400 stimulus checks would help keep 20M adults afloat through July
$ 1,400 stimulus checks would help keep 20M adults afloat through July

$ 1,400 stimulus checks would help keep 20M adults afloat through July

While Congress deletes the details of the next corona aid package, one new report from Morning Consult finds that the long-awaited $ 1,400 stimulus payments would help keep tens of thousands of Americans updated on their bills over the next few months.

Using its household survey data, Morning Consult estimates that over 30 million adults were unable to pay their bills in January. The vast majority of those who could not afford their bills in January – 82% – were households with an income of $ 50,000 or less per year, “underscoring how serious wage losses have been concentrated among low-income adults during this recession. , “according to Morning Consult.

Among the adults who could not pay all their bills in January, three-quarters fell short with less than $ 300. With that in mind, Morning Consult estimates that an additional stimulus payment of $ 1,400 – combined with income from a job or unemployment benefit – would allow 22.6 million adults to pay their expenses in full in four and a half months. If checks are sent in early March, they can help keep tens of thousands of adults out of debt by mid-July.

The remaining people who are behind on their bills, about 7.5 million, would still benefit from the one-time payment, however less. They lacked at least $ 500 to pay all their bills in January, according to Morning Consult, which means a payment of $ 1,400 would last them less than three months (that said, some households will qualify for more than that depending on of the number of relatives).

Wading into the debate about potential change of income limits for stimulus payments, Morning Consult notes that low-income households and parents reported spending more of their stimulus checks than higher incomes per capita. February 4th. It argues that future payments should be limited to households earning less than $ 50,000 a year and that parents should have higher payments for each child. (Of course, households earning more than $ 50,000 a year may have used the check afterwards.)

Right now, there is no concrete timeline for when to expect the next emergency aid package, although top Democrat lawmakers have said they want to pass it within the next few weeks before the main unemployment insurance benefits (UI) expire on 14 March.

In addition to the up to $ 1,400 payments to eligible taxpayers and their relatives, the $ 1.9 trillion relief package includes an additional unemployment benefit of $ 400 per year. week and would extend certain UI programs through August 29th. It would, too provide financing to a national vaccination program and additional loans to small businesses, among other provisions.

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