Merry Christmas and a Happy New Year!
Well, if you wanted a new federal stimulus package for Christmas, you may be in luck! Check out Jeremy and Michael's commentary below!
New $900 Billion Stimulus Package
• The legislation includes $600 stimulus checks per person, including adults and children. That means a family of four would receive $2,400, up to a certain income threshold.
• The size of the payment decreases for people who earned more than $75,000 in the 2019 tax year. The check disappears altogether for those who earned more than $99,000.
• Congress will extend unemployment benefits of up to $300 per week. The benefit could kick in as early as Dec. 27 and run at least through March 14.
• An unemployment benefits program for contract and gig workers, which is set to expire at the end of the year, would be extended, too.
Relief for Businesses
• The bill includes more than $284 billion for first and second forgivable Paycheck Protection Program loans, expanded PPP eligibility for nonprofit organizations and news outlets, and modifications to the program to serve small businesses, nonprofits and independent restaurants.
• The language ensures that churches and faith-based organizations are eligible for PPP loans, according to a summary circulated Sunday night by the office of House Republican Whip Steve Scalise (R-La.).
• The package provides $15 billion for independent movie theaters and cultural institutions.
• The deal includes $20 billion for targeted grants through the Economic Injury Disaster Loans program.
Emergency Rental Assistance and Eviction Moratoriums
• The agreement extends until Jan. 31 a moratorium on evictions that was slated to expire at the end of the year. The incoming Biden administration can extend the deadline further.
• The bill includes $25 billion in emergency assistance to renters, although it remains unclear how the money will be distributed.
Money for vaccine distribution
• The bill includes $20 billion for the purchase of vaccines “that will make the vaccine available at no charge for anyone who needs it,” according to a summary circulated by Scalise’s office. It also provides $8 billion for vaccine distribution and includes $20 billion to assist states with testing.
• In a statement late Sunday, House Speaker Nancy Pelosi (D-Calif.) and Senate Minority Leader Charles E. Schumer (D-N.Y.) said billions were “reserved specifically for combating the disparities facing communities of color, and to support our heroic health care workers and providers.”
• Colleges and schools will have $82 billion to help cover HVAC repair and replacement to reduce the risk of coronavirus infections and reopen classrooms. The Republican summary specified $2.75 billion in designated funds for private K-12 education.
• Lawmakers also struck a deal on $10 billion for child-care assistance.
• The package includes legislation to end surprise billing for emergency and scheduled care; provides a tax credit to support employers offering paid sick leave; $13 billion in increased food stamps and nutrition benefits; and $7 billion to increase access to broadband.
• The House GOP summary specified $45 billion for transportation, including $16 billion for another round of airline employee and contractor payroll support; $14 billion for transit; $10 billion for highways; $2 billion for intercity buses; $2 billion for airports; and $1 billion for Amtrak.
• The bill also includes $1.4 billion in new funding for Trump’s border wall with Mexico and new border security technology, Scalise said.
*Details of this stimulus package as reported by The Washington Post