MADISON, Wis. (WMTV) -- Millions of Americans are now waiting for their checks of up to $1,200 from the federal government.
A financial advisor explains how a $1,200 check could come your way.
Individuals who made more than $75 thousand, will see their payments reduce by $5 per $100 of income that exceeds the limit.
Patricia Helt, a single mom living with her 10-year-old daughter, is a hairdresser who just filed for unemployment.
She said, “It helps, but it’s not sustainable, especially if this goes on for a long time. If it goes on for a couple months, definitely not.”
Mara Paddock, an hourly daycare teacher, is also a mother of three. She is currently the only one bringing home a paycheck. For her household, she said extra cash would be an “asset.” On top of groceries, she said she would use the money to pay off credit card debts and bills.
Kristian Finfrock, a financial advisor and founder of Retirement Income Strategies, said getting money into consumers’ hands is significant.
“If you are somebody that did not have direct deposit, my advice is now's the time to get direct deposit because that money will get into your account much faster,” Finfrock said, comparing it with a check in the mail.