Recent news coming out of Congress is sure to delight several Americans still struggling with financial woes related to the ongoing coronavirus pandemic. Thanks to the $900 billion economic relief package that made its way through Congress on December 21, 2020, another round of stimulus checks will soon be on their way.
There will be some differences this time compared to the stimulus checks from earlier this year. The amount will be a bit different this time with $600 allocated per eligible person. This $600 check is just half of what many adults received during the first round of stimulus checks this past spring.
Though the amount will be lower, this $600 check will bring much-needed relief to many families that have suffered income loss and unforeseen expenses since the pandemic swept across the globe and caused shutdowns all over the world.
Stimulus check distribution will be expedited with checks reaching some bank accounts as soon as next week. Eligible dependent children under age 17 will benefit from $600 checks this time around, up from the $500 that they received tied to the CARES Act this past spring.
Other key points for this round of stimulus checks in 2020 include:
Those still struggling with expenses even with the second stimulus check payout can seek loan options both online and from brick-and-mortar financial institutions. There are a variety of emergency loan products available to help cover short-term expenses. When researching these loans, be sure to look at the following:
If you feel that a Spotloan might be right for you, we encourage you to review the Spotloan FAQ to answer any further questions. To apply for a Spotloan, simply click on Get Started at the top of the Spotloan webpage.