Everything You Need To Know About The New, $900 Billion Stimulus Package
WASHINGTON, DC - DECEMBER 8: Republican Senate Majority Leader Mitch McConnell (R-KY) hears a media question after the Republican's weekly lunch at the U.S. Capitol on December 8, 2020 in Washington, DC. McConnell spoke about ongoing legislation on the coronavirus relief package. (Photo by Kevin Dietsch-Pool / Getty Images)
On Sunday, the leaders of Congress officially reached a long-awaited agreement on much-needed pandemic relief law for the United States. The House and Senate agreed on a $ 900 billion stimulus package to be sent to individuals, families, schools, businesses and government-funded programs - including nutritional aid programs - across the country. According to the New York Times, President Donald Trump signed the bill before midnight Sunday.
The package will include the much-anticipated second stimulus check - only this time, it's only $ 600 for individuals who qualify, rather than the $ 1,200 on the previous bill. Unlike the additional $ 600 in the last stimulus package, an additional $ 300 per week is paid in unemployment benefits. The bill will also fund the purchase of COVID-19 vaccines, increase the benefits of the Supplemental Nutrition Assistance Program (SNAP), and expand evacuation protection across the country, among other things.
Senate Majority Leader Mitch McConnell announced that the aid bill was lit in green on Sunday night and stated, "We can finally report what our nation has had to hear for a long time." Then he promised, "More aid is on the way." But the details were of course vague. The passage of the Aid Act was the last major act of Congress of the year before it broke through 2021.
While it is undoubtedly a relief that this package has been adopted, there are still major concerns about the compromises made and there are many questions. Below we explain everything we know about the second pandemic relief bill and the incoming $ 600 stimulus checks.
What is in the second business cycle calculation?
The second stimulus plan includes $ 900 billion in funding for numerous government programs in the United States, loans for small businesses, and a second round of economic reviews for skilled individuals. The second largest bill passed during the COVID-19 pandemic - the first is the $ 2 trillion CARES bill last spring. This new stimulus package will bring the US: the return of the paycheck protection program for small businesses in need of funding with $ 12 billion saved specifically for minority businesses; a 15 percent increase in SNAP benefits; Funding of food banks and senior food programs; an expansion of the Pandemic EBT program; Evacuation protection until January 31; Help for day care centers, K-12 schools and colleges; Funding COVID-19 Vaccines; a second stimulus check for $ 600 for individuals, families, and children who qualify; and an additional $ 300 unemployment for those who qualify.
How much do the stimulus checks cost?
In contrast to the first stimulus check for up to 1200 USD, the second stimulus check is carried out for 600 USD. The reduced amount was rightly ridiculed by many, including new Congressman Cori Bush, who made it clear on Twitter: "$ 600 is not enough."
Who gets the stimulus checks?
According to the New York Times, the $ 600 stimulus checks are expected to be available to people earning up to $ 75,000. Couples who earn up to $ 150,000 will receive $ 1,200. Families receive US $ 600 per child for households with children who are considered dependent. Children aged 17 and over who are classified as dependent are not entitled to stimulus checks.
How do we get the stimulus checks?
As with the first stimulus checks, the money is distributed via direct deposit once the IRS has provided your bank account details. For those who do not have a bank account or bank account information on file with the IRS, a check or prepaid debit card will be sent to the last address they left on file.
What if I never got my other stimulus check?
Eligible recipients who did not receive the first Stimulus Check sent earlier this year can claim the $ 1,200 as a refund credit on their 2020 tax return. On a page on the IRS website titled "Recovery Rebate Credit", the organization states, "In general, this credit will increase the amount of your tax refund or decrease the amount of tax you owe." Those who received the full amount of their check are not required to provide recovery balance information on their 2020 tax form.
What does this mean for unemployment insurance?
People currently on Unemployment Benefit will receive an additional $ 300 per week, half of the original $ 600 they received earlier this year. The additional check will be issued by March 14th, an additional 11 weeks after the original December 26th expiration date. Self-employed and gig workers using Pandemic Unemployment Assistance are also eligible for additional unemployment benefits.
How is this changing student loan payments?
The deadline within which students can receive help from the federal government in paying their student loan interest has been lifted. If a student took too long to finish school prior to the stimulus package, the government stopped getting help repaying their interest. More students and incarcerated people would also be eligible for Pell Grants.
Do you like what you see? How about a little more R29 grade, right here?
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