Personal Finance

Here’s how Americans are spending those coronavirus stimulus checks

Key Points
  • Many Americans will receive new coronavirus stimulus checks, some as soon as this weekend.
  • Here's how they plan to spend the money.
These five other benefits are included in the new $1,400 stimulus check bill
Five other benefits are included on top of the new $1,400 stimulus checks

Another round of stimulus checks are on the way.

Direct deposits will start hitting Americans' bank accounts as soon as this weekend, according to the White House.

As part of the $1.9 trillion American Rescue Plan, the $1,400 checks top off the $600 stimulus payments that were issued in December — providing Americans with $2,000 in addition to the $1,200 stimulus checks first issued under the CARES Act. (Like the previous two rounds of checks, the $1,400 direct payments come with eligibility rules based on income and other requirements.)

For many, that money has served as a lifeline during the coronavirus outbreak and subsequent economic crisis.

Americans are using the funds to buy food and household supplies, pay rent and utility bills and make car payments, according to new data from the Census Bureau. They are also paying down debt and saving more than they have in decades. 

Here's the breakdown: