Today is not my typical post or anything related to my blog, but I wanted to share my thoughts and what I am doing to help.
I just received the stimulus money today. It feels good to receive money out of nowhere. However, I am lucky to be working during this historic time.
Currently there is an enormous amount of fellow Americans out of jobs. The weekly unemployment reached over 6 million new applications two weeks in a row. With many more in the coming months with the potential to raise unemployment to 20%. Yes, this is a huge! To make matters worse, many companies are trying to conserve money and stopped hiring. So people without jobs will not be able to get one for months.
This stimulus is for those hardest hit by this pandemic. Since there is no financial impact to me by the pandemic, I donated my entire stimulus to the local food banks and other places that will help those in need.
If haven’t heard about the stimulus. It is a 2 trillion dollar stimulus for small businesses and individuals. Not everyone is will be getting money though. There are income limits based on adjusted income when you filled 2018 or 2019 taxes.
I ran some math on the numbers for a rough estimate purposes. There are roughly 130 million Americans in the job market today. The projected unemployment is 15 to 20% from some financial articles I have read (Number is changing weekly). Lets say of those unemployed got the full $1,200 one time deposit. Using high end of 20% unemployment to calculate how much money is going to them. The amount comes to $31.2 Billion. The Washington post believes 80% of American adults will get the stimulus. Lets use this as another rough number to calculate the amount of money for people who are still employed. That would be 60% x 130 x 1,200 = $93.6 Billion. That is 3 times what the unemployed is getting. If all those employed do not have financial hardship during this time, that money could be given to those in need. Which will help stretch out the relief needed such as food.
Now I know $1,200 is not a lot for anyone struggling financially, but lets just say it is enough to cover basic necessities for 1 month. For those who do not need this stimulus can give to charities. This will potentially give them some additional relief up to 3 more months. Which hopefully this pandemic will end by then.
I like to encourage all those like me who received stimulus and do not need the money to give to charities for those in need during these trying times. My goal is to get as much people to do the same that the charities will be reporting record surpluses. Enough to reassure the public that even in these dark times we got each other’s back. Everything will be ok. Together we can make best use of this stimulus and help others.
Please share! Stay healthy!
Additional Resources
https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here
https://www.washingtonpost.com/graphics/business/coronavirus-stimulus-check-calculator/
I truly appreciate this post. I have been looking everywhere for this! Thank goodness I found it on Bing. You have made my day! Thank you again