The Covid-19 pandemic was a global disaster that affected millions of lives and as a response, several actions were taken by the Government of every country. As per a report by New York Times, the Washington Government has till now sanctioned $5trillion as stimulus checks to people of America for their business, basic necessities, and healthcare. All these consequences were a result of the pandemic and worsened economic conditions.
$1.8 Trillion Stimulus Checks Received By People Of America
Some people tried to find out the exact amount of money that has been distributed by the government as stimulus checks for assisting families and individuals who were under the poverty level. Millions of people have received almost 19 packages of relief that were sanctioned by congress.
The families of farmers and some individuals received a total of $1.8 trillion. The business class people who were immensely affected by the lockdown got a total amount of $1.7 trillion. The state also authorized more than $745 to the people out of which $482 was given to the Healthcare sector. Moreover, some additional costs of $288 were spent on other important things.
Some sources reveal that a total of $817 billion was paid to the American citizens directly in their bank accounts. This was because of the first stimulus check of $1,400 that was provided by Former President, Donald Trump. The benefit received by unemployed people amounted to a total of $678 and $93 was allotted to the Child Tax Credit. Moreover, other expenses include $24 billion to child providers, $28 billion as grants to children, $71 billion on benefits of food assistance, and many more.
These stimulus checks helped the people financially and revived the economy in the hard times. However, some analysts stated that the long-term impact of stimulus checks are not good as they can indulge the economy into inflation again.
