A second stimulus package is on the way!
Congressional leaders finally agreed on a deal. They decided on December 20 for the $900 billion economic relief package. Unfortunately, it’s not the same amount as the first one, under the $2 trillion Cares Act that was passed in March. CBS reports some Americans will receive $600 instead of $1200. Here’s a breakdown of everything you need to know:
How much will I get and how do I know if I qualify?
The package would send direct payments of $600 to most Americans down from the $1,200 passed in March as part of the CARES Act. Families will also get $600 per child. Individuals who earned up to $75,000 per year and couples who made up to $150,000 in 2019 will receive the full sum. The payments will phase out until they stop for individuals and couples who made $99,000 and $198,000, respectively. Another source points out the “$600 will be directed toward each ‘child dependent,’ which suggests that adults who are nevertheless
Tara Siegel Bernard and Ron Lieber, The New York Times
Published: 21 Dec 2020 06:39 PM BdST
Updated: 21 Dec 2020 06:39 PM BdST Lawmakers agreed to issue stimulus payments of $600 and distribute a federal unemployment benefit of $300 for 11 weeks but that money will take time to start arriving. Robert Neubecker/The New York Times
Another dose of relief is finally on the way for the millions of Americans facing financial distress because of the coronavirus pandemic. );
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On Sunday, congressional leaders in both parties announced an agreement to provide a round of $600 stimulus payments to most Americans and partly restore the enhanced federal unemployment benefit, offering $300 for 11 weeks.
Here’s what’s in the $900B stimulus package Author: Rachel Siegel, Jeff Stein, Mike DeBonis, The Washington Post Updated: December 28, 2020
Print article WASHINGTON - Congressional leaders brokered a deal on a roughly $900 billion relief bill Sunday night, with promises to pass the legislation as soon as possible. The bill would extend aid to millions of struggling households through stimulus checks, enhanced federal unemployment benefits, aid for small businesses, schools, and child care, as well as for vaccine distribution. The bill comes at a critical time for the recovery as the coronavirus pandemic is overwhelming health-care systems and scores of Americans were set to lose federal aid by the end of the year. Bill language was released late Sunday, and The Washington Post confirmed some details of what’s in and out of the bill.
Our economy is in a deep, deep, deep hole, Sen. Chuck Schumer (D-NY) said on the Senate floor Sunday night. A lot more needs to be done.
Congress is expected to vote on the bill on Monday. Lawmakers are also still debating a second stimulus bill that includes liability protections for businesses and funding for states and local governments.
Here are some of the biggest provisions included in the new relief bill:
Unemployment insurance
One of the largest provisions in the bill is funds for enhanced unemployment insurance (UI). Those accessing jobless benefits through the Pandemic Unemployment Assistance (PUA) program and the long-term unemployed accessing Pandemic Emergency Unemployment Compensation benefits now qualify for 11 additional weeks of payments through March 14, 2021, for a total of 50 weeks.