Issue Brief: Stimulus Payments in Florida
After circulating through the House and Senate, the American Rescue Plan Act was signed into law by President Joe Biden on March 11th, 2021. Among other features, the bill will provide an economic impact payment of up to $1,400 to individuals making up to $75,000 annually, marking the third stimulus check the Federal Government has issued to American families since the onset of the Covid-19 pandemic. While stimulus payments represent much needed relief for many households, how they choose to use the economic impact payment will largely depend on the financial scenario the household is in.
In this Issue Brief, we dive into data provided by the U.S. Census Bureau learn more about how Florida households have used past stimulus payments.
Main findings from the Issue Brief include:
- Lower income Florida households were more likely to use their first stimulus payment for expenses, while higher income households were more likely to save the payment or pay off debt.
- Lower income Florida households used their stimulus checks to help with necessities, such as food, household supplies, rent, and utilities.
- The second stimulus check was used a bit differently by lower income Florida households, as most of these households used the check to help pay off debt.
Download the latest Issue Brief for more information.