The house and senate leaders reached a deal late Sunday night on a $900 billion dollar stimulus package. The bill includes direct payments to individuals, small business loans, unemployment benefits, school and child care funding, nutrition assistance, rental assistance, grants for live venues, payroll tax repayment, and funding for hospitals and vaccines. The bill is expected to be brought to vote on Monday.
Stimulus Checks
Direct payments of $600 will be sent to eligible individuals. This is half of the amount that was sent in the previous stimulus package. Eligible families will also receive $600 per child.
Similar to the last stimulus there is an income phaseout that starts at an adjusted gross income of $75,000 and ends at $99,000.
Small Business Loans
The bill will bring back the Paycheck Protection Program from earlier this year. Eligible businesses will need to have fewer than 300 employees and have seen drops of at least 25% of revenue during the first, second or third quarter of 2020. The amount a business can receive has been lowered from $10 million to $2 million.
Unemployment Benefits
The bill will provide a $300 weekly benefit for the unemployed. this is half of the amount from the previous stimulus. This will continue until March 14, 2021.
School and Child Care Funding
The bill will provide $82 billion in aid for schools K-12 and an additional $10 billion for child care providers.
Nutrition Assistance
The bill will send $400 million to food banks and food pantries. It will also increase SNAP benefits by 15% for 6 months. $175 million will be used to provide nutrition services for seniors.
Rental Assistance
The bill will provide $25 billion in rental assistance for various uses. It will also extend the eviction moratorium until January 31st, 2021.
Grants For Live Venues
The bill will provide $15 billion for live venues, museum operators and theaters that have lost at least 25% of their revenues.
Payroll Tax Repayment
The payroll tax deferment executive action that President Trump signed in August was to be paid by by April 30th, 2021 has now been extended to the end of 2021.
Funding for Hospitals and Vaccines
The bill will provide $3 billion for hospitals and health care providers, $20 billion for the purchase of vaccines, $8 billion for vaccine distribution and $20 billion to assist with testing.
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