LITTLE ROCK, Ark. — With stimulus checks expected for Arkansans, financial experts say if you want to stimulate the economy, look no further than your small businesses.
John Shrewsbury is a financial advisor at GenWealth.
“The objective of the government is to stimulate the economy. And the only way to stimulate the economy is spending the money,” said Shrewsbury.
Soon qualified Arkansans can expect a $1,400 stimulus check as congress passed the $1.9 trillion relief bill Monday.
But to fulfill its purpose, Shrewsbury at GenWealth said it's got to go to the right places.
"If your local community has been hit hard by COVID-19 then put the money back there. It's where you live. It's where you work,” said Shrewsbury.
"I'm going to take it and put it right back into my business,” said Vickie Collie, small business owner.
Collie owns a small candle shop, Candles and Cream Collection.
She's eagerly waiting on her stimulus check to give her own business a boost after working in survival mode for a year now.
"You know I’m at least trying to help us get back on our feet because we have taken a hit,” said Collie.
Shrewsbury said some people are using their stimulus checks to survive, they'll spend the money.
But many who don't necessarily need it are paying off debt and saving.
"That doesn't really help the money circulate back into the economy,” said Shrewsbury.
So, your best bet is to shop locally; that's where the money will circulate and help business owners like Collie keep their doors open.
"Some holidays are coming up with Easter and Mother's Day, so I hope they shop local,” said Collie.