Congress is scheduled to vote on an almost 1 trillion dollar new coronavirus bill on Monday, December 21. This bill has been much awaited as the earlier stimulus package is about to lapse. It is a small step forward and many lawmakers agree that the nation and many Americans need much more help.
Senator Chuck Schumer said, “Our economy is in a deep, deep, deep hole. A lot more needs to be done.”
Some of the major provisions of the stimulus bill are as follows:
Unemployment insurance
Those under jobless benefits through Pandemic Unemployment Assistance get payments for 11 additional weeks through March 14, 2021. Enhanced federal job benefits of $300 per week will be given, as a stimulus check, which is half of the $600 one received under the CARES act.
Small business loans
Paycheck Protection Program loans have been sanctioned up to $248 billion. Many new businesses, who can avail these benefits, have been added.
Stimulus checks
The bill gives $600 stimulus checks to individual tax payers with an income under $75,000 per year and their dependents.
Rental relief
The bill offers $25 billion as relief to be used for future or back rent owed as well as future or back utilities. The eviction moratorium across the nation will extend through January 31, 2021.
Food assistance
It will give $13 billion to increase Supplemental Nutrition Assistance Program (SNAP) funding.
Some of the important requirements that were left out of the bill include the following:
- No aid provided for state and local governments
- No liability protection given for businesses
- No check assistance for adult dependents
- No hazard pay for essential workers
Source CNBC
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