TOPEKA, Kan. (KSNT) – A local financial expert believes that the latest stimulus package signed into law is only the beginning. President Donald Trump signed a $2 trillion stimulus bill into law Friday. It includes expanded unemployment benefits, loans for small and large businesses, and cash payments to the majority of Americans.
Carl Carlson is the CEO and founder of Carlson Financial. He said the current stimulus bill, while large, is meant to hold the economy in place.
“It’s sort of a stop gap,” Carlson said. “Let’s try to keep everything ready to go as close as possible so that when people can go back to work the economy can crank back up quickly.”
However, that crank up is most likely weeks if not months away. The state of Kansas is in a “stay-at-home” order until April 19, but other counties have their own orders. Shawnee County’s “stay-at-home” order lasts until April 26.
In order to see the type of bounce back lawmakers are looking for, Carlson said he believes additional work by Congress is needed.
“I think we’re probably going to end up closer to four trillion by the time it’s all over,” Carlson said. “That’s why I would hope they would start quick on the next one. Maybe they don’t have to use it but at least get it in place.”
Carlson said ultimately how long the current recession lasts is determined by two things: how long the Coronavirus pandemic lasts and whether or not Congress is willing to pass another stimulus.
This can be daunting, especially for people who are looking to retire in the near future. Carlson said that hopefully people’s retirement portfolios have been built with enough safe investments to keep them afloat while the stock market recovers.
Americans will see some economic relief soon. The $2 trillion stimulus package includes at least $1,200 one-time payments for the majority of Americans. That number goes up for couples that file jointly and parents with dependent children. CNN has put together a stimulus bill calculator to help people figure out how much they’ll be getting from the government.
Although the bill was signed into law on Friday, it’s expected to take at least three weeks for people to start receiving their stimulus payments.