What The New Stimulus Package Means For People In The F-M Area
There Is Still No Set Date On When The Checks Will Be Sent Out.
FARGO, N.D. — Under President Trump’s new stimulus package, billions of dollars will flood into the economy for business in the Red River Valley.
Every adult filing for themselves who make less then $75,000 a year will be getting over $1,000 in a one time payment.
Married families with two dependents making less then $218,000 will get checks up to $3,500.
“I think it’s going to make a big difference, it’s going to give them more money to spend and hopefully there will be businesses to spend them on, I think that’s important for people to look at their local businesses rather than sending them away,”President of Legacy Wealth Management Paul Meyers said.
Paul Meyers with Legacy Wealth Management in Fargo says a big provision is the increase in unemployment funding and allowing businesses to use their loans from the government to pay workers who are stuck at home.
Meyers says it’s hard to forecast how long and how much additional support may be needed beyond the stimulus package.
“There are some people who think by Easter we will be over the hill. I don’t think that’s the case; I think we have a longer road in front of us so there may be additional bailout or stimulus package coming down the line,” Meyers said.
North Dakota Building Trades Unions President Jason Ehlert says the funds are a needed helping hand but it will take time for the economy to bounce back.
“The funds will help businesses for sure, but when people kind of like after 9/11 you know there was that long term psychological effect of “Is it time to start spending money? Is it time to go back out to eat?” is a problem,” Ehlert said.
Meyers says for investors to look at the long term as the economy will eventually bounce back.
“In fact, the market tends to recover like 30 percent in a year like we saw. We are expecting the markets to recover, we are hoping, we are pretty optimistic and that’s what we do over at my company,” Meyers said.
There is still no set date on when the checks will be sent out.
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