Are you experiencing financial difficulties? The coronavirus continues to hit us hard, and sometimes it feels like the end is nowhere in sight. We are here to help you in the best way we can.
If you have been experiencing this time as challenging financially, this could be the good news you are waiting on!
Congress is currently trying to take steps toward quickly passing President Biden’s coronavirus aid proposals. This will include a third wave of direct relief payments for most Americans.
With Biden announcing a generous $1.9 trillion COVID rescue package, many Americans will receive a welcome relief from having to choose between paying rent and putting food on the table.
According to the U.S. Bureau of Labor Statistics ,the first $1,200 relief payments Americans received last spring were mostly spent on expenses for getting by. This includes spending on groceries and rent.
When Can you Expect Payment?
With many Americans still struggling because of the pandemic, the U.S. House is attempting to fast-track Biden’s plan to hand out this money as quickly as possible. The good news is that the impeachment trial for Trump is on hold for a few weeks. This delay will hopefully help to get the new coronavirus aid up and running more quickly. In terms of timing, you may be able to expect things to be up and running as early as next week.
If both the Senate and House can approve the new stimulus checks by early next month (which is certainly possible) you could receive your payment by the end of February. If, however, there are any issues (which is also possible), you may have to wait until March or April. there are any snags — and those are possible, too — you might have to wait until March or even April.
What to Do if You Need Money Now
For some people, waiting a few months (or even weeks) for a pay out is simply not an option. Here are some top tips on what you can do to help you get by in the meantime:
- Find innovative ways to save – You will be surprised at what big savings you can make at home. For example, if you are not using any of your subscriptions, cancel them. You can also download a free browser add-on that will automatically search for better prices and coupons whenever you shop online.
- Reduce your insurance bills – Many of us are driving less since the pandemic. Because of this, a lot of car insurance companies have been giving price breaks. Contact your insurance provider and ask what options they have available during this time. If they cannot offer you a better policy, shop around elsewhere. You could save hundreds on your homeowner’s insurance. All it takes is comparing rates to find a better price.
- Refinance your mortgage and slash your payments. Mortgage rates are lower than ever, so financing your existing home loan can provide you with major savings.
We hope you find this article helpful. We will be back soon with the latest updates. Keep checking our blog for updated information on this and other financial news.
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