With the economy tanking in the wake of COVID-19 pandemic, a boost from a government stimulus check could mean a lot to many families.
But when exactly will the money arrive and what’s the best way to spend it?
Sharon Epperson, CNBC’s senior personal finance correspondent, explained to Know Your Value that some direct deposits will come in the next few weeks, while some paper checks may not arrive until August. Some of the payments, which are part of the CARES Act, will be as high as $1,200, depending on a person’s reported 2018 household income.
“… People are desperate for this money,” said Epperson, who has been answering viewer questions about stimulus checks. “This is someone who is a consultant, entrepreneur, or just got laid off from a corporation…It’s really highlighting how little people have been paying attention to their…