Second stimulus checks to impact economy differently

KNWA

(KNWA/KFTA) FAYETTEVILLE, Arkansas — The last time Arkansans received a stimulus, several industries saw a boost in business.

Experts say 70 percent of the checks went to paying off bills. Debt like credit cards and student loans was paid off with another 15 percent.

Sales for cars, retail, and medical marijuana went up after the checks were released.

The amount for the next round of stimulus checks is cut in half, and it is likely people will see a different economic outcome.

David Sorto, an economist for the University of Arkansas says, “It will help with people’s obligations and their situations to stay afloat on their financials. The thinking is that this should be used to help people get through the tough economic situation right now if they are falling behind on bills because of the coronavirus.”

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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