Stimulus Payments To Americans Starting, How Far Will The Money Go?
This article originally appeared on WNY News Now
By News Staff
JAMESTOWN – Stimulus checks will soon begin to be deposited into American’s bank accounts, and in some cases, the money will arrive this weekend.
Many are asking, how far will this money go for Jamestown families in need? A new report seems to show not very.
President Joe Biden signed his sweeping $1.9 trillion COVID-19 relief package known as the ‘American Rescue Plan’ into law Thursday.
Key features of the relief package include $1,400-per-person stimulus payments that will send money to about 90 percent of households nationwide.
Among those getting the money, are Chautauqua County residents. A new report by Doxo, a national mobile bill pay service, indicates that 90 percent of Americans believe that the $1,400 will help their improve their financial health.
In data provided to WNY News Now, Doxo analysis found that residents in the Jamestown area may use up most of their check to cover just one month of expenses.
“According to Doxo’s data, residents in the Jamestown, Dunkirk, Fredonia area pay $762 on the eight most common household bills (excluding housing expenses like rent or mortgage),” the report stated. “If you consider the fact that the $762 per month does not include housing costs, it is evident that while the $1400 will help, it will not go very far.”
The money management site says that the majority of Americans, just under 60 percent, plan to use the money to pay household bills, with utilities; cable/internet; and mobile phone bills topping the list.