Stimulus checks are coming, but don’t see them as an instant fix to the economy
RALEIGH, NC (WNCN) — The stimulus money is beginning to flow—but that won’t be an instant relief to the economic crisis we are in as the result of COVID-19.
A local economist says it’s going to take a while to get this country back to a sound economy again.
The money from the stimulus checks is a windfall, but it’s a windfall being delivered electronically—mostly by direct deposit.
“It’s not going to be taxable,” said N.C. State Economics professor Dr. Michael Walden. “Those are checks most people will get.”
Some folks wonder, can you track the money to see when it will come your way?
Since the IRS is handling distribution it says it expects to create an online portal in late April or early May that will enable taxpayers to both update their direct deposit information and check the status of their stimulus check.
If you own a small business your stimulus money is on the form of a loan that carries a one percent interest rate.
But Walden says under certain circumstances, you won’t have to pay off that loan.
“If 75 percent of that loan is ultimately used for payroll to pay workers—that loan will turn into a grant,” he explained.
Despite the ongoing pandemic news—the stock market is showing shines of recovery.
Leave a Reply