While millions of Americans are still counting the days until their stimulus checks arrive, many are already finding that the one-time $1,200 payment won’t go very far.

The economic impact payments started to hit bank accounts last week, offering a much-needed cash infusion for some of the more than 20 million people suddenly out of work after the COVID-19 pandemic spurred mass layoffs as businesses considered “non-essential” have closed to fight the spread of the virus. About 80 million Americans were expected to get their payments the week of April 13, while others will receive theirs later this month and or later in the year.

But just under one in three Americans (31%) expect that their share of the stimulus money won’t even sustain them for a full month — or help them out at all, for that matter, according to a recent Bankrate.com survey of nearly 1,500 adults. Almost two-thirds (64%) said it will cover their expenses for less than three months.

Bankrate

So it’s not so surprising that a new WalletHub survey of 350 Americans found that 84% want another wave of stimulus checks, with 43% of respondents saying they plan to use their payment to pay their rent or mortgage. This aligns with a recent report from retirement income company SimplyWise, which found that 63% of respondents said they will need another stimulus check within the next three months.

The coronavirus pandemic has dealt the globe a double-whammy since the end of 2019, sickening 2.53 million and killing 174,336 and counting worldwide, as well as wreaking havoc on financial markets.

Read more:When are stimulus checks being sent out? How to track your $1,200 payment with a new IRS tool

A record 21 million-plus Americans filed for unemployment in just one month, and economists at the Federal Reserve Bank of St. Louis have estimated that joblessness could surpass 32% — which is greater than the Great Depression’s unemployment rate in the 1930s.

The stimulus checks will provide up to $1,200 for adults, $2,400 for married couples and $500 per child.

Read more:Do I have to pay back my $1,200 stimulus check? Don’t fall for these five myths about the stimulus payments

But rent is too high in too many places for that to make much of an impact. In many parts of the country, $1,200 isn’t enough to cover a single median monthly rent payment, let alone all monthly expenses for those who have lost income. Nearly a third of American renters missed their April rent payments.

Read more:The best way to spend your $1,200 stimulus check, according to financial advisers

And it should come as no surprise that the stimulus checks matter the most to the lowest earners.

Some 69% of those making under $30,000 a year told Bankrate that the stimulus money will be “very important” to their financial situation in the near future, while 22% said it will be “somewhat important.” Only 7% said it would be not very important or not at all important. In comparison, just under half of those earning more than $80,000 (49%) said the stimulus money would be “very important” to them, while 14% said it wouldn’t be very important, or important at all to them.

Bankrate

The problem is many Americans were already on the back foot before the coronavirus hit: nearly 4 in 10 didn’t have enough money saved to cover a $1,000 emergency expense, according to a separate Bankrate survey from January, and lower earners were disproportionately much less prepared. WalletHub reported that almost 160 million Americans are less than three months away from running out of money.

Opinion:One $1,200 stimulus check won’t cut it. Give Americans $2,000 a month tax-free to fire up the economy

What’s more, up to 74% of all American employees were living paycheck-to-paycheck, according to recent reports from both the American Payroll Association and the National Endowment for Financial Education. And now many of those paychecks have disappeared.

Read more:A shocking number of Americans are living paycheck to paycheck

The pandemic has illustrated just how financially insecure many Americans have been. And even those who were more well-off are feeling a pinch.

Almost three in four Americans said that the outbreak has lowered their household income in a new Financial Times survey. And that has been felt across all income brackets, with almost as many families earning more than $100,000 a year claiming their income has taken a hit (71%) as the those making less than $50,000 (74%).

Of course, the households earning less than $50,000 were also much more likely to say that their income was hit “very significantly” (29%) compared to those making more than $100,000 (19%).

The FT survey also noticed a partisan split over fears about the lasting effects of the COVID-19 outbreak. Republicans were more likely to be concerned about the economic impact compared to Democrats (45% vs. 22%), while Democrats were more worried about the public health impact over the financial fallout (78% vs. 55%).

But more help is on the way for American workers.

Lawmakers in Washington, D.C. are working on a “Phase 4” $1 trillion bipartisan stimulus package to pass sometime between late April and mid-May, which House Speaker Nancy Pelosi said will “extend and expand” the CARES Act (also known as the $2 trillion Phase 3 relief bill) to assist small businesses, strengthen unemployment benefits and give families additional direct payments.

Read more of MarketWatch’s coronavirus coverage here.