Now that President Donald Trump has signed, may the IRS and Treasury Department begin . But the emergency legislation just passed includes much more than just another round of payments for: .
The new law renews, including , An and help for small businesses to cover payroll.
Trump delayed signing COVID relief bill for nearly a week,and demand that Congress in front of . (President-elect Joe Biden has already committed to a . Here’s how a .)
“As president, I told Congress that I want much less wasteful spending and more money going to the American people in the form ofTrump said in a statement Sunday night, after signing the bill. On Monday after Trump’s request for larger payments, that would increase payments to $2,000, sending the legislation to the Senate this week to consider.
Now that the Incentives Act is law, we’ve laid out all the important parts. This story has been updated with the most current information.
A second stimulus check for $600 per adult, but…
The new law on economic aid willtopping at $600 for each eligible adult and a flat fee of $600 per age 16 years and younger. That’s a change from the $1,200 limit per adult and $500 per dependent child, from the first round of payments.
The House passed an amendment that would change the amount to $2,000, and it is now up to the Senate to increase the $600 incentive check cap to $2,000.
If it stays at a lower dollar figure,if their is less than $75,000. Their payment will begin to decline as their annual income rises. For householders, the AGI is $112,500, and for those who are married and filing jointly, the number is $150,000. Here’s a breakdown of for the and some information about .
$300 per week in federal unemployment insurance
Theto people who are out of work, on top of their usual state unemployment check. When this funding lapsed at the end of July, to pay a $300 per week bonus. That .
The bipartisan package provides $300 per week in additional federal unemployment benefits for 11 weeks — except that the delay in signing means there are now only 10 weeks until the March cutoff. There’s no language in the bill that would make payments retroactive. Here are more details on.
Extends Payroll Protection Program to cover employee wages
The Payroll Protection Program initially provided forgivable loans to small businesses as a way to help cover worker wages so they wouldn’t have to lay off employees.
The new bipartisan law will add $284 billion to the Paycheck Protection Program for small business forgivable loans. The legislation will target aid for businesses especially hard hit by closures, including nonprofits, restaurants and live venues.
Renews an eviction ban, delivers some renter assistance
The CARES Act established afor renters who were late on their rent. When that was set to expire, Trump extended the ban. But that extension, too, was set to expire at the end of the year. The new bipartisan law extends the federal eviction moratorium through Jan. 31, 2021.
It will also help guard against evictions by providing $25 billion to state and local governments to help qualified renter households pay for rent and utilities.
According to this summary of the bill:
“Assistance would be prioritized for renter households whose incomes do not exceed 50 percent of AMI [local area median income] as well as tenant households that are currently unemployed and unemployed for 90 or more days. Financial assistance provided under this Section is not taxable for households receiving such assistance.”
Financing for Healthcare and COVID-19 Vaccinations
With the US that are, the proposals focus on the distribution of the financing of the . The two-pronged package will bring in $16 billion for vaccine development and distribution, along with funding and attempts.
Money for childcare, schools and food aid
Funding for education was part of proposals for increased economic aid dating back to May. The new bipartisan law reserves $82 billion for education and $10 billion for childcare. The legislation also includes $13 billion for the Supplemental Nutrition Assistance Program (SNAP).
State and local aid funding? Not this time
The bipartisan bill splits $160 billion for state and local aid into another package of liability waivers that hasn’t been voted on. It is envisioned that Congress could consider the two conflict zones separately from the bill that focuses solely on economic aid.
Which, here’s what you need to know about , and .
No liability protection from COVID-19 lawsuits this round
A major sticking point during the summer and fall, Republican lawmakers have supported the COVID-19 liability limit to guard against lawsuits against businesses, schools, hospitals and other people’s organizations that said these institutions caused them to spread the coronavirus. except in cases of gross negligence. Democrats have rejected the plan.
The coronavirus liability shield, along with money for state and local funding, was split into a separate $160 billion piece of legislation. The final stimulus law in 2020 does not take this into account, but that discussion could flare up again in 2021.
“We all know the new administration will ask for another package,” Senate majority leader Mitch McConnell said on Dec. 15. we can agree about. That’s the way forward.”