In response to the ongoing economic crisis caused by the COVID-19 pandemic, the US government has passed multiple stimulus bills to provide financial relief to American citizens. The latest round of stimulus payments, included in the American Rescue Plan, has already started reaching eligible individuals’ bank accounts.
However, there is still confusion and controversy surrounding who is eligible for the third round of stimulus checks and how much they will receive. In this article, we’ll break down the latest information on stimulus payments, including their eligibility requirements, previous payments, the Republican counterproposal, and why Americans need stimulus money.
We’ll also share the results of a GOBankingRates poll that sheds light on how Americans plan to use their stimulus checks.
Stimulus Payments
Third Round Eligibility and Amount
The American Rescue Plan, which was passed by Congress and signed into law by President Biden on March 11th, 2021, includes a third round of stimulus payments. The eligibility requirements for this round of payments differ from previous rounds.
To be eligible for the full payment of $1,400 per person, individuals must earn $75,000 or less, heads of households must earn $112,500 or less, and couples must earn $150,000 or less. After these income thresholds, the amount of the stimulus payment will gradually decrease until it reaches zero.
Individuals earning more than $80,000, heads of households earning more than $120,000, and couples earning more than $160,000 will not be eligible for any payment.
Previous Stimulus Payments
The previous rounds of stimulus payments were $1,200 and $600, respectively, and were approved under the Trump administration. In both cases, individuals who earned less than $75,000 per year and couples who earned less than $150,000 were eligible for the full payment.
However, only those with a valid Social Security number were eligible for payments in both the rounds. Additionally, children and dependents aged 17 and younger were eligible for payments of $500 and $600, respectively.
Republican Counterproposal
Republicans in Congress proposed a counterproposal that would have limited stimulus payments to $1,000 per person, with eligibility capped at an annual income of $40,000. This plan would have resulted in 29 million fewer Americans receiving stimulus payments than under the American Rescue Plan.
Americans Need for Stimulus Money
A GOBankingRates poll of 4,000 Americans found that 61% of respondents need their stimulus checks to pay bills, including rent and mortgage payments. The poll also found that 19% of respondents planned to save their stimulus checks, 9% planned to invest the money, and 6% planned to use the money for nonessential purchases.
Poll Results
Use of Third Stimulus Check
The same GOBankingRates poll found that 45% of respondents planned to use their third stimulus check to pay bills, 12% planned to use it for necessities, such as groceries and healthcare, and 9% planned to use it to pay rent or mortgage payments.
Nonessential Use of Stimulus Check
The poll also found that 19% of respondents planned to save their stimulus check, 9% planned to invest the money, and 6% planned to use the money for nonessential purchases.
Gender Differences
There were notable differences in how women and men planned to use their stimulus checks. According to the GOBankingRates poll, women were more likely to use their checks to pay bills and necessities, while men were more likely to use the money for investing or nonessential purchases.
Age Differences
The poll also showed that all age groups planned to use their stimulus checks to pay bills, but those aged 55-64 were more likely to do so than other age groups.
Conclusion
The third round of stimulus payments is providing much-needed financial relief to millions of Americans who have been impacted by the COVID-19 pandemic. The American Rescue Plan’s eligibility requirements and amount of the stimulus payments have been designed to provide the most help to those who need it the most.
However, the controversy surrounding the Republican counterproposal shows that there are still differing opinions on the best way to provide financial relief. The GOBankingRates poll underscores the importance of stimulus payments for Americans’ essential needs, but also shows that some plan to use the money for nonessential purchases or investing.
Overall, the latest stimulus payments demonstrate the government’s commitment to helping Americans during this difficult time.
Methodology
To provide a fuller picture of how Americans plan to use their third stimulus checks, we must look beyond the GOBankingRates poll results we previously discussed. In this article expansion, we will delve deeper into the methodology used in collecting and analyzing the poll data in question.
Poll Collection and Dates
The original poll we referenced in the previous article was conducted by GOBankingRates between March 3, 2021, and March 12, 2021. A total of 3,972 people participated in the poll, which was conducted online.
Respondents were carefully selected to ensure that they were a representative sample of the US population based on age, gender, income, and state of residence.
Poll Question
The question used in the GOBankingRates poll was straightforward: “If you get a stimulus check, how will you use it?” Respondents were given four options to choose from: pay bills, invest/save, necessities (such as groceries and healthcare), or nonessential purchases.
Poll Analysis
The results of the GOBankingRates poll were analyzed by CivicScience, a market research firm. CivicScience applies a weighting system to the raw data to ensure that the results are representative of the US population based on age, gender, income, and geographic location.
This weighting system helps to ensure that the results are statistically sound and not skewed by any particular demographic group’s overrepresentation in the sample. One interesting aspect of the CivicScience analysis is the demographic insights it offers.
For example, while women were more likely to use their stimulus checks for bills and necessities, men were more likely to use the money for nonessential purchases or investing. Additionally, older age groups were more likely to use their checks to pay bills than younger age groups.
The analysis also revealed some differences based on geographic region, with respondents from the Northeast more likely to use their stimulus checks for necessities than those from other regions.
Conclusion
By providing additional information on the methodology behind the GOBankingRates poll we previously discussed, we can gain a fuller understanding of how Americans plan to use their third stimulus checks. The GOBankingRates poll, in combination with the CivicScience analysis, provides a valuable snapshot of Americans’ financial priorities during these challenging times.
Knowing how Americans plan to allocate their stimulus checks can help policymakers and businesses prepare for the coming months and tailor their responses to meet Americans’ most pressing needs. The latest round of stimulus checks has been a hot topic among Americans since its announcement.
To provide in-depth insight into how Americans plan to use their stimulus checks, pollsters conducted various surveys. The GOBankingRates poll found that most Americans plan to use their checks to pay bills, while a CivicScience analysis showed gender and age-based differences on how Americans will use their stimulus.
Knowing how Americans plan to allocate their stimulus checks can help policymakers, businesses and the public prepare for the coming months and tailor responses to meet the most pressing needs. With the current economic crisis caused by the pandemic, financial aid such as stimulus checks is crucial to support the American economy.