You may have already heard that congressional leaders reached a deal on a nearly $900 billion COVID-19 relief package. The deal includes individual checks, loans to small businesses, and benefits to the unemployed.
According to Senate Majority Leader Mitch McConnell, R-Ky., the bill’s text must be finalized. Barring any “last-minute obstacles,” it must pass the House and Senate before President Donald Trump can sign it into law.
The New COVID-19 relief deal
- Temporary (for the next 10 weeks) $300-per-week supplemental unemployment benefit – (down from $600 provided under the Coronavirus Aid, Relief and Economic Security Act passed in March).
- According to The New York Times, the bill also would give an additional federal benefit of $100 a week to those who earned at least $5,000 a year in self-employment income.
- Some people could see a lapse in their unemployment benefits because outdated state systems could slow down the distribution of aid.
- Most Americans will get up to $600 direct payment, and $600 per child.
- The COVID-19 relief Bill also includes $1,200 for couples making up to $150,000 a year.
- The amount of the benefit would be reduced for those who earned more than $75,000 in 2019.
- The agreement provides a tax credit to support employers offering paid sick leave.
- $25 billion is provided for direct rental assistance.
- The eviction moratorium has been extended.
- The PPP small business lending program has been extended. An additional $20 billion.
- Live venues will get $15 billion in grants.
- $82 billion in education funding.
- The COVID-19 relief bill doesn’t extend a freeze on payments and interest for federal student loan borrowers.
- It also provided $13 billion in increased benefits for the Supplemental Nutrition Assistance Program or SNAP.
- There is $30 billion for procurement and distribution of the vaccine.
- The COVID-19 Relief will put an end to surprise medical billing.