With over 35 million people filing for unemployment since March, $1,200 stimulus checks are only a Band-Aid for Americans


More than 130 million stimulus checks are already winding their way to millions of Americans. They’re a key part of the government’s $2.2 trillion CARES Act, but furloughed and laid-off workers say a maximum $1,200 payment is not nearly enough to see them through what could be an even bigger economic crisis than the Great Recession.

Approximately 2.4 million unemployed Americans applied for unemployment benefits last week using the traditional method of reporting initial claims, but the real number was almost 1 million higher if applicants made eligible through a new federal relief program are included. Some 35.5 million people have applied for jobless benefits through their states.

Roughly 8.1 million new claims have been filed via a new federal program that has made self-employed workers and independent contractors such as writers or Uber
UBER,
+1.66%

drivers eligible for the first time ever. Total new claims since mid-March: almost 44 million. Some of these claims had their applications rejected, while others found a new job and still others returned to work.

LendingTree
TREE,
-1.95%

analyzed income data in the 98 cities with the highest number of families per capita to determine their monthly expenses and estimate how much of a household’s monthly expenses $3,400 in economic impact payments would cover. That’s two $1,200 stimulus checks, plus $500 each for two dependents.

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