#Now that #President #Donald #Trump has signed, the IRS and #Treasury #Department can start . #But the just-approved relief legislation 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 put off signing the COVID relief bill for nearly a week,and demanding that #Congress for . (#President-elect #Joe #Biden has already committed to a . #Here’s how a .)
“#As #President, I have told #Congress that I want far less wasteful spending and more money going to the #American people in the form of,” #Trump said in a statement #Sunday night, after signing the bill. #On #Monday following #Trump’s request for larger payments, that would boost the payments to $2,000, sending the legislation to the #Senate to consider this week.
#Now that the stimulus bill is law, we’ve laid out all the major parts that are in it. #This story has been updated with the most current information.
A second stimulus check for $600 per adult, but…
The new economic relief law will send atopping out at $600 to each eligible adult and a flat sum of $600 per age 16 years and younger. #That’s a change from the cap of $1,200 per adult and $500 per child dependent, from the first round of payments.
The #House has passed an amendment that would change the amount to $2,000, and it’s now up to the #Senate to up the $600 stimulus check maximum to $2,000.
#If it stays at lower dollar figure,if their is under $75,000. Their payment will start to decline as their yearly income goes up. #For heads of household, the AGI is $112,500, and for those 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 renter households who are currently unemployed and have been unemployed for 90 or more days. #Financial assistance provided under this section is non-taxable for households receiving such assistance.”
#Funding for health care and COVID-19 vaccinations
#With the US offering its, the proposals turn toward funding distribution of the . The bipartisan package will provide $16 billion for vaccine development and distribution, along with funding and efforts.
#Money for childcare, schools and food assistance
#Funding for education has been a part of proposals for more economic assistance going back to #May. The new bipartisan law sets aside $82 billion for education and $10 billion for child care. The legislation also includes $13 billion for the #Supplemental #Nutrition #Assistance #Program (SNAP).
#State and local aid funding? #Not this time
The bipartisan law splits off $160 billion for state and local aid into another package with liability guards that has not been voted on. The intention is that #Congress could consider the two areas of conflict separately from the bill focused just on economic relief.
#Now that, here’s what you need to know about , and .
#No liability protection from COVID-19 lawsuits this round
A major sticking point through the summer and fall, #Republican legislators have supported limiting COVID-19 liability to guard against lawsuits against businesses, schools, hospitals and other organizations from people who said these institutions caused them to acquire the coronavirus, except for instances of gross negligence. #Democrats have balked at the plan.
The coronavirus liability shield, along with money for state and local funding, had been broken off into a separate piece of $160 billion legislation. The final stimulus law in 2020 doesn’t include this, but that discussion could pick up again in 2021.
“#We all know the new administration is going to be asking for another package,” #Senate #Majority #Leader #Mitch #McConnell said #Dec. 15. “#We can live to fight another day on what we disagree on, but we all agree to go forward on what we can agree on. #That’s the way forward.”
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