How to spend coronavirus stimulus check if you’re struggling financially
Financial expert Chris Hogan says as Americans begin to receive their coronavirus relief checks, we should be in ‘conserve mode’ and avoid ‘any unnecessary spending.’
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The Trump administration has sent economic impact payments to millions of American households to help remedy the impact of the coronavirus pandemic – but some states have so far received more payments than others, new data shows.
The IRS said Friday it had issued $158 billion worth of payments to 88.1 million individuals as of April 17 with more on the way.
"The IRS, Treasury and partner agencies are working non-stop to get these payments out in record time to Americans who need them," IRS Commissioner Chuck Rettig said in a statement. "Tens of millions of people across the country are receiving these payments, and millions more are on the way. We encourage people to visit IRS.gov for the latest information, FAQs and updates on the payments."
HERE’S WHAT AMERICANS WILL USE CORONAVIRUS STIMULUS CASH FOR
The agency is expecting to send relief to 150 million American households – but here’s a look at states that have received the most checks so far, according to the IRS:
Number of payments: 9,127,137
Total amount of payments: $15,894,426,934
Number of payments: 7,812,382
Total amount of payments: $14,398,065,881
CORONAVIRUS STIMULUS CHECKS: WHO GETS MONEY AND WHEN?
Number of payments: 6,348,503
Total amount of payments: $11,067,476,416
Number of payments: 5,481,796
Total amount of payments: $9,283,821,196
Number of payments: 3,725,334
Total amount of payments: $6,628,241,748
The lowest number of payments have so far been made to Wyoming and Vermont.
As previously reported by FOX Business, the number-one thing Americans said they planned to spend the money on was bills.
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The economic impact payments are $1,200 per adult for those with adjusted gross incomes of up to $75,000. The threshold for married couples is $150,000 – they are eligible for $2,400 and $500 per child.
The IRS was expected to begin sending out paper checks to individuals this week, while direct deposits began last week.
The relief is intended to hold Americans over until the U.S. economy is up and running again – the federal government and state governments have made the decision to shut down many businesses in an attempt to limit human-to-human contact. As a result, many people have either found themselves without a job or with reduced hours.
More than 26 million Americans have filed unemployment claims since the lockdown began.
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