Coronavirus Relief Bill Passes
By Vivian Caniglia
Both the Senate and the House have now approved a seven-day stopgap coronavirus relief bill after months of deliberation and debate. Approval came late in the evening of December 21st as a shutdown was in sight - federal agencies would run out of funding. The bill comes as the coronavirus pandemic worsens and American’s still struggle with lost jobs and wages.
at a whopping 5,593 pages, the bill went to Congress 24 hrs before voting and includes:
The $900 stimulus package is around half of the $2.2 trillion passed in March.
$600 dollar stimulus checks will be given per person rather than the original $1200 furthering concerns that it will not be enough for American’s facing economic hardships and health struggles until vaccines are largely available.
Individuals earning around $75,000 receive $600 and married partners earning a total of $150,000 or less receive $1200.
Dependent children receive $600, in a raise from the original $500 allocated by the CARES act. Similar to the initial act, the amount provided for children appears to remain directed towards ‘child dependents’ leading to the assumption that adults claimed as dependents may not qualify, for example seniors claimed on adult children's tax returns and college students.
“Phaseouts” (gradual reduction of a tax credit) are assumed to be the same as the CARES act but specific information is not provided yet.
The bill also includes protection against “surprise medical bills” that can land in the laps of those requiring ambulance and or emergency services.
In addition, there is a change for mixed-status households. Previously, only American citizens or those with green card status received stimulus checks and in this bill, couples with a partner who does not have a green card will receive stimulus funds. But direct payments are not the only assistance brought forth in this bill. The Pandemic Unemployment Assistance Program (aiding gig and self-employed workers) and Pandemic Emergency Unemployment Compensation Program (giving more aid to those who run out of regular state unemployment benefits) are also extended. Through March 14, 2021, those receiving regular state unemployment benefits obtain an additional $300 a week in aid.
Small businesses can also receive help via The Paycheck Protection Program giving $284 billion in loans. In a change from the CARES act, monies will be set aside for very small businesses after minority and women owned businesses were neglected and expansions will be made for nonprofits and news sources. Lastly as of what is known at the moment, there will be loans for businesses in low-income communities and for music venues and cultural institutions.
Due to the length of the bill and the short time since its passing, full details are not completely known at the moment and more information is coming.
Further Reading and Listening:
New York Times: https://www.nytimes.com/2020/12/21/us/politics/coronavirus-stimulus-deal.html
CBS: https: //www.cbsnews.com/news/stimulus-check-600-dollars-eligibility-2020-12-21/