How Long Islanders are planning to spend their stimulus checks
The Treasury Department is now sending out stimulus checks to Americans as part of the $1.9 trillion American Rescue Plan.
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Mar 13, 2021, 10:52 PM
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Updated 1,231 days ago
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3h agoThe Treasury Department is now sending out stimulus checks to Americans
as part of the $1.9 trillion American Rescue Plan.
President Biden signed the bill into law on Thursday, which includes
$1,400 of direct economic assistance to millions of Americans.
Eligibility for the stimulus checks is based on income. $1,400 checks
will be sent to individuals making less than $75,000, and couples making less
than $150,000. Individuals making more than $80,000 and couples making $160,000
will not receive checks.
Even though less people will get the aid, economists say it will have a
direct effect on Long Island’s financial health.
“I think Long Island will benefit very much from this new infusion of
cash,” says Martin Melkonian, a Hofstra University economics professor. “I
think, particularly, it will prevent unemployment from rising. That's the key
thing.”
The IRS says Americans should receive the vast majority of checks in the
next few weeks.
