The catch is that the stimulus check is based on your 2018 income: If you didn't qualify then, but have fallen on hardship since, you're out of luck. Not to mention that $1,200 doesn't even cover a month of rent for many people, particularly those in large cities. One in three Americans, according to a new survey , say they or an immediate family member has been laid off or lost their job as a result of the coronavirus pandemic , and economists are worried about double-digit unemployment rates. A small, one-time payment is not going to make a dent in many of their bills or student loans.