Stimulus Funds Should Be Delivered Via Mobile Payments
— April 3, 2020
By Robert Seamans
The need for speed
The recently passed Coronavirus Aid, Relief, and Economic Security (“CARES”) Act provides multiple types of financial support for businesses and individuals. Notably, it provides $1,200 for individuals ($2,400 for joint taxpayers) and $500 for each child, with income-based and child-age-based thresholds. These individual stimulus checks are important for the well-being of our economy and help ensure that newly unemployed individuals have money to spend on important necessities including food and housing.
The question is how to most effectively get these much needed funds from the U.S. Treasury to individuals. For those recently out of work, the most likely answer is “the sooner the better.”
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Robert Seamans is an Associate Professor of Management and Organizations.