See something extra in your bank account this week?
A good number of $1,400 stimulus checks arrived by direct deposit in the accounts of citizens all over the nation the past couple of days. The amount of funds suddenly in the hands of people across most wage brackets in our country is staggering.
The IRS said Wednesday it has already distributed 90 million stimulus checks. Assuming each were for $1,400 (and the average figure is probably just a bit less), that’s $126 billion sitting in bank accounts that wasn’t there three days earlier. And more is on the way; on Monday, President Biden said “By the time all the money is distributed, 85 percent of American households will have gotten $1,400 rescue checks.”
In Humboldt County alone, given 53,697 total households broken down by the various IRS filing categories and income levels, that comes out to a whopping $115.4 million.
This is a once-in-a-lifetime, completely unprecedented dump of money into the hands of millions of consumers. In a majority of the cases, this is going to end up as discretionary spending. And it comes just as so many of our local businesses — the ones who have struggled to stay afloat during the past year of shutdowns — are emerging from months of “purple tier” and hoping to see more customers again.
Has there ever been a better time to support local businesses?
One of the countless frustrations for many small business owners the past year was the way government regulations basically picked and chose who was going to prosper in the era of COVID. Some nationwide big-box chains were practically bursting at the seams with customers most days, and many ended up with record-setting revenues in the process.
Meanwhile, down the street, mom-and-pop businesses were empty, often with their doors closed — doors that in too many cases, never opened again.
We’ve encouraged people in the past year to support these businesses however possible once they re-opened. In many cases, that meant buying gift cards, or ordering more food to-go. As always, our community stepped up in every way they could.
Now, in a manner of speaking, the gloves (if not the masks) are off. Here’s the best, most worthwhile opportunity you may ever have to get our local economy roaring again.
Visit that local store you’ve stayed away from for months. Think about the local proprietors who have always been there for the community; after all, they are the ones who sponsor Little League teams and support junior livestock auctions and are always the first to back charitable organizations.
More than 20 percent of Californians have received at least one COVID-19 vaccination shot as of this morning. Case numbers are plummeting and, slowly but surely, we see signs every day of an actual light at the end of the tunnel.
These stimulus funds are designed to help us get there more quickly. Let’s use them wisely, and make the ultimate investment in all of our futures by supporting our hard-hit local business communities.
