The relief is aimed to help people and businesses endure the surging COVID-19 pandemic during the next few months. President Trump signed the bill into law Sunday, closing an impasse with Congress after seeking a higher $2,000 payment to individuals.
The new mandate, among other things, will mean $600 in direct payments to Americans and a $300 weekly unemployment bonus. Small businesses will gain new aid, including roughly $284 billion for the Paycheck Protection Program.
Yet, the stimulus payment will be half of the $1,200 individuals received previously and lower than the extra $600 weekly in unemployment benefit in the CARES Act earlier this year. So the reductions raise the question if the new support will be enough to jump-start the fragile U.S. economy still being hindered by the ongoing pandemic? Some observers believe not, contending more funding will be needed.
Treasury Secretary Steven Mnuchin stated last week that the $600 second stimulus checks to eligible recipients could be sent out a week after the bill becomes law. People are anxious about the new cash infusion. About six in 10 Americans report they are hurting financially from the coronavirus, a recent survey by credit reporting agency TransUnion shows.
So what can people do if they need more than the $600 payment or want to generate extra money on their own? Here are some actions they can consider:
Trim credit card debt
Consider refinancing your mortgage.
Research your insurance costs
Cut back on spending
Examine where you are paying out money now. For instance, perhaps you can cut the number of times you eat out or order carry out by cooking more for yourself. Another move might be contacting your cable company and see if they offer promotions or incentives to help reduce your bill.
Seek support with student loan debt