Chattanooga, Tenn – President Biden signed off on his first COVID-19 stimulus package in March. The $1.9 trillion package sent out direct payments of $1,400 to millions of Americans, extended unemployment benefits and provided nearly $20 billion for the production and distribution of the COVID-19 vaccine.
“This historic legislation is about rebuilding the backbone of this country… and giving the people in this nation, working people, the folks who built this country a fighting chance,” President Biden stated.
This package is much larger in value than the package that President Trump released. Some market experts have criticized the size of the package, and have released reports that it leaves the President too few resources for other projects that may need his attention. But other local officials have stated differently.
Ronald Harvey, community development specialist and financial coach, believes the stimulus package is necessary because it provides a direct deposit for a wider group of Americans.
“With President Trump’s stimulus a lot of people were left out,” Harvey stated. “Many college students and older dependents received nothing, and when the goal is to stimulate the economy, it is important to include as many groups of people as you can.”
As the stimulus is being distributed, it provides many students with the opportunity to build some wealth through this pandemic. UTC alumni Jason Alvis, says he is using his stimulus on Robinhood.
“As soon as the money came to my account, I immediately put it in crypto-currency.” Alvis stated. “With work being inconsistent, I’ve found myself with more time on my hands and it’s good that I have some extra cash to turn that time into money.”
Robinhood and other trading apps have been growing in popularity throughout the pandemic, as more people like Jason are trying to find ways to make money to take care of their responsibilities.