WICHITA FALLS, Texas (TNN) - More than $2 trillion in relief will soon be coming to Americans who are struggling because of the Coronvirus outbreak.
Friday the CARES Act was signed into law. It gives most Americans checks for $1,200, provides relief to small businesses, and hospitals.
“All these things are to keep people working or to make up for the lost pay that they have while they're furloughed or they have reduced hours or even possibly lose their job,” Gary Silverman, a certified financial planner said.
This money will be coming in a few different ways along with the personal checks, funds will go towards small business loans and unemployment benefits. We asked viewers on Facebook how they would spend their $1,200. Overwhelming it will come as a major sign of relief to help pay for bills, food, and medical expenses.
For some though, this money will come as something extra and are encouraged to either save it for a rainy day or put it back into the economy.
“Let's face it there is a whole lot of businesses that probably owned by your friends or your friends work at who are suffering that this is a great time to help them,” Silverman said.
For Casey Davis, he says he’s doing alright right now and plans to spend his check on hunting and fishing supplies.
“After being stuck inside for this quarantine thing going on the weather’s nice this time of year so it’ll be nice to get outdoors and go be able to have some fun,” Davis said.
While this may be a time of hardship, it can give some the chance to reflect on what it will take to get through this.
“Remember the lessons you're learning now and if there is some weak spots in your finances or personal life, let’s get them fixed,” Silverman said.
Another way that the bill will help Americans is that if you need to dip into a retirement fund. There is now no penalty for doing that for up to $100,000 if it’s taken out for Coronavirus related payments.