After months and months of negotiations between the House, Senate, and President, congress has reached a deal on the next round of coronavirus related stimulus. What is in this bill and what will it mean for you? In this post, we will cover some of the key aspects of the new COVID-19 relief bill.
Direct payments to individuals – similar to the first COVID-19 relief bill, this bill provides direct payments of $600 to each taxpayer earning less than $75,000 ($150,000 if married and filing a joint tax return). As with the first round of stimulus, dependent children under the age of 16 will also qualify for $600.
Paycheck Protection Program Extension – the bill provides more relief for small businesses via PPP loans. The bill is projected to include $284 billion in additional funds under this program.
Pandemic Unemployment Insurance – the new bill will add a $300 weekly federal unemployment supplement to help those already receiving state unemployment benefits. This program is set to provide benefits for up to 11 weeks.
Rental Assistance – $25 billion has been earmarked for rental assistance programs and the federal eviction moratorium has been extended.
Additional benefits include $30 billion for distribution of vaccines, $82 billion for schools and colleges, and up to $15 billion for airline payroll assistance. Two notable provisions not in this bill were the much-argued aid to state and local government and liability protection to businesses. Stay tuned as we continue to follow the developments in Washington and how they may impact you.
