The most recent variation of theand be dropped at a vote as quickly as this week or weekend. The ultimate COVID-relief invoice might be price $900 billion and comprise a of $600 or $700 apiece, based on a number of studies.
That is a giant change from the place the bundle has stood within the final two weeks, with proposals careening from a $748 billion compromise take care of noto a $918 billion White Home supply that included $600 direct funds, however minimize weekly unemployment insurance coverage. The brand new stimulus plan would come with $300 weekly federal unemployment checks for out-of-work People and comes days earlier than protections towards evictions expire.
How is that this new invoice totally different from what got here earlier than? This is what we all know in the meanwhile, together with how this new invoice is totally different from the $908 billion bundle that started the week and which funding priorities can be placed on maintain till 2021. We just lately up to date this story with new data.
Wasn’t the stimulus invoice $908 billion after which $748 billion? What modified?
This “new” proposal is the most recent iteration of a $908 billion plan that was first revealed Dec. 1. On Monday, the group of bipartisan senators cut up it off into two separate payments that collectively whole $908 billion. The bigger is a $748 billion bundle for areas of funding with essentially the most widespread assist. The opposite breaks the 2 prickliest points — state and native funding, and legal responsibility protections — right into a second $160 billion bundle.
Whereas the $748 billion invoice was declared by its authors able to be voted on as is, in addition they urged Congressional leaders to make use of it as a constructing block for but a brand new bundle.
“We implore our leaders on either side, take this work, construct it into no matter bundle that will get voted on this week,” mentioned Democratic Sen. Mark Warner in the course of the press convention unveiling the laws. “Let’s make sure that we carry it throughout the end line.”
Whereas some line objects could change from the $748 billion portion to the $900 billion invoice that features a, the main points haven’t been made public. For now, we’ll share what we all know concerning the $908 billion plan.
What’s the story with a second stimulus check?
It appears that top US Democrats and Republicans have taken the $748 billion kernel as a foundation, and may add a smaller second stimulus check to total $900 billion.
Shaving off the contentious funding programs and saving it for later — likely a more sweeping package in 2021 — has left $152 billion for stimulus checks if negotiators want to hit a $900 billion cap. Otherwise, a $160 billion budget for stimulus checks could bring the total back to $908 billion.
At a maximum of $,1200 per eligible adult and $500 per, the first 160 million stimulus checks cost the Treasury $270 billion, the IRS reported earlier this year. If the final number came out closer to $300 billion, then there could conceivably be enough money in a $152 allotment to cover a $600 per person check if the .
$300 per week in federal unemployment benefits
Theto people who are out of work, on top of their usual state unemployment check. When this funding lapsed at the end of July, to pay a $300 per week bonus. That .
The bipartisan proposal would provide $300 per week in additional federal unemployment benefits for 16 weeks. It would not make payments retroactive. Here are more details on.
No liability protection from COVID-19 lawsuits this time
A major sticking point through the summer and fall, Republican legislators have supported limiting COVID-19 liability to guard against lawsuits against businesses, schools, hospitals and other organizations from people who said these institutions caused them to acquire the coronavirus, except for instances of gross negligence. Democrats have balked at the plan.
The coronavirus liability shield, along with money for state and local funding, has now been broken off into a separate piece of $160 billion legislation. It now appears likely that a final stimulus bill in 2020 would not include this, but that the discussion could pick up again in 2021.
“We all know the new administration is going to be asking for another package,” Senate Majority Leader Mitch McConnell said Tuesday. “We can live to fight another day on what we disagree on, but we all agree to go forward on what we can agree on. That’s the way forward.”
Extend Payroll Protection Program to cover employee wages
The Payroll Protection Program initially provided forgivable loans to small businesses as a way to help cover worker wages instead of laying them off.
The new bipartisan proposal would add $300 billion to the Paycheck Protection Program for small businesses. The bill would target aid for businesses especially hard hit by closures, including restaurants and live venues.
Renew an eviction ban for renters
The CARES Act established afor renters who were late on rent. When that was set to expire, Trump extended the ban — but that extension, too, is set to expire at the end of the year.
The new bipartisan proposal would guard against evictions through providing $25 billion to state and local governments to pay for rent and utilities. The bill would also extend an eviction moratorium through Jan. 31, 2021.
Funding for health care and coronavirus vaccinations
With the US undergoing its, the proposals turn toward funding distribution of the .
The bipartisan proposal would provide $16 billion for vaccine development and distribution, along with fundingand efforts.
Money for schools and childcare
Funding for education has been a part of proposals for more economic assistance going back to May. The bipartisan plan would set aside $82 billion for education and $10 billion for child care.
State and local aid money? Not this time
The bipartisan proposal would split off $160 billion for state and local aid into the package with liability guards, with the intention that Congress could consider the two areas of conflict separately from the bill focused just on economic relief.
While we wait to see how and when, here’s what you need to know about , and .