CNBC Writer Claims “$1,400 Stimulus Check Would Help Keep 20 Million Adults Afloat Through July”

 

As Congress irons out the details of the next coronavirus relief package, a new report from Morning Consult finds that the much-anticipated $1,400 stimulus payments would help keep tens of millions of Americans up-to-date on their bills for the next few months. Using its household survey data, Morning Consult estimates that over 30 million adults were unable to pay their bills in January. 

The vast majority of those who could not afford their bills in January — 82% — were households with incomes of $50,000 or less a year, “underscoring how severely pay losses have been concentrated among low-income adults during this recession,” according to Morning Consult. 

Among the adults who could not pay all of their bills in January, three-fourths fell short by less than $300. With that in mind, Morning Consult estimates that an additional $1,400 stimulus payment — coupled with income from a job or unemployment benefits — would enable 22.6 million adults to pay their expenses completely for four and a half months. If the checks are sent at the beginning of March, they could help keep tens of millions of adults out of debt through mid-July.