Over 130 million stimulus checks are already reaching millions of Americans. They are a key part of the CARES $ 2.2 trillion government law, but laid-off workers say a maximum payment of $ 1,200 is not enough to weather an economic crisis even greater than the Great Recession.
analyzed income data for the 98 cities with the highest number of families per capita to determine their monthly expenses and estimate the amount of monthly expenses for a household that would cover $ 3,400 in economic impact payments. These are two $ 1,200 stimulus checks, plus $ 500 each for two dependents.
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Many Americans are increasingly concerned that businesses will not restart in time to prevent them from paying their rent, mortgages and hunger.
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According to the study, this stimulus size check would cover 45% of the average budget of $ 7,531 per month for families with two parents and two children.
Families in McAllen, Texas will benefit the most, with stimulus checks covering 96% of their monthly bills of $ 3,500. Families in San Francisco, Boston, Bridgeport, Connecticut and Washington, DC earn between $ 158,000 and $ 189,000 and would only be eligible for a small stimulus payment.
But most households will still find it difficult to make ends meet if these parents are unemployed. “In 8 of the 10 main cities, the payment of the economic impact covers only between 60% and 71% of the estimated monthly budget for a family of four. The stimulus payment will cover 50% or more of the estimated monthly expenses in only 34 of the 98 major metropolitan areas, “the report said.
The money may not come soon enough for the estimated 35 million unemployed people, and others worry about bills and rent due to the coronavirus pandemic. The Internal Revenue Service sends $ 1,200 to people with adjusted gross annual income less than $ 75,000 and $ 2,400 to married couples who jointly tax and earn less than $ 150,000, plus $ 500 per eligible child.
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Source: LendingTree.com
Payments, officially called << paiements pour retombées économiques >>, are reduced in size above the family income threshold of $ 75,000 per year / $ 150,000 per year and stop at $ 99,000 per year for individuals and $ 198,000 per year for couples. married. The money will automatically appear in your bank account if the IRS has your account information on file for previous years’ tax returns.
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“People whose jobs are considered important enough to risk exposure to the coronavirus at work also generate less income in the process.”
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However, there is a growing concern among many Americans, especially those who need checks the most and have already accumulated bills, that the economy will not rebound in time to prevent them from paying rent, mortgages and hunger. (For those whose information is not registered with the IRS, they can send their data here and here.)
Fast food and counter workers should work 107 hours, or 2.5 weeks of full-time work, to earn $ 1,200, at a rate of $ 11.18 per hour, LendingTree also found in a separate study of the 100 most common occupations in these workers earn less than $ 75,000 a year, according to data from the 2019 Bureau of Labor Statistics. Restaurant hosts and hostesses are expected to work 104 hours.
Many essential workers, from daycare staff to home health aides, have to work longer hours. “People whose jobs are considered important enough to risk being exposed to the coronavirus at work also generate less income in the process. Workers in these occupations earn between $ 11 and $ 16 an hour, “said the report. (The federal minimum wage is $ 7.25 an hour.)
Overall, American workers have lost $ 1.3 trillion in income, which equates to a median of almost $ 9,000 per worker, according to a study released Tuesday by the Society for Human Resource Management and Oxford Economics. About 20% of the loss, or $ 260 billion, represents workers who have remained employed. These workers accepted lower wages or reduced hours.
