FAYETTEVILLE, Ark. (KNWA/KFTA) — Families and businesses across Northwest Arkansas are feeling the financial strain of the coronavirus pandemic. The U.S. government is working to ease those burdens.
After several days of negotiations, the White House and Senate leaders struck a deal on a $2 trillion stimulus package.
The full details haven’t been released, but some elements include:
- $250 billion for direct payments to individuals and families
- $1,200 for people making $75,000 or less
- $2,400 for married couples and an additional $500 per child
- $250 billion in unemployment insurance
- $350 billion in small business loans
- $500 billion in loans for distressed companies.
If this deal passes Congress, it will be the most significant action taken to address the COVID-19 pandemic, with Senate Minority Leader, Chuck Schumer calling it “the largest rescue package in American history.”
Alden Napier, executive director of Credit Counseling of Arkansas in Fayetteville said this money is a good step for Americans. He said many people can’t afford a $1,000 emergency and in Arkansas, it’s even worse. He said this may be a good time to try and change that.
“The average Arkansan cannot sustain a $400 emergency,” Napier said. “So we’re advising people to take this opportunity if they’re able to, to start a portion of their emergency fund.”
Napier went on to say it’s also a good time to reprioritize spending and come up with a budget.
For free advice on money management during the COVID-19 pandemic, click here.