Here are the latest updates on what’s in the now fully passed COVID relief stimulus package. The main items include providing another round of aid including direct payments to over 80 million Americans and their families, enhanced unemployment benefits and funds for small businesses loads and Coronavirus vaccine distribution.
Stimulus checks worth $600 per person and qualifying dependent
The size of that benefit would phaseout for people who earned $75,000 and cap out at $99,000 based on prior year income, similar to the last round of stimulus checks. The stimulus checks would provide $600 per person, including adults and dependent children, meaning a family of four would receive $2,400 up to a certain income.
Households would receive $600 for each adult and $600 for each dependent, instead of $1,200 and $500, respectively, in the first round of stimulus payments. Mixed-status households, where some people are ineligible noncitizens, would get payments based on the number of eligible people in the households, as opposed to being shut out as they were in the first round.
The payments would be based on income from 2019 and begin phasing out for individuals with adjusted gross incomes over $75,000 and married couples over $150,000.
Enhanced Unemployment Stimulus
Congress would also extend unemployment benefits of up to $300 per week, which could start as early as Dec. 27. States would have to make these payments and may take 1 to 2 weeks to hit bank accounts. PUA and PEUC unemployment programs will also be extended for up to 10 weeks.
Senate Majority Leader Mitch McConnell (R-Ky.) and Senate Minority Leader Charles E. Schumer (D-N.Y.) both expressed optimism that lawmakers could finalize legislation as early as Sunday. House Speaker Nancy Pelosi (D-Calif.) told her leadership team on Sunday that she wants a vote SundayWashington Post
Small Business Funding via PPP Funding Increase
The stimulus bill also has $284 billion of funding for the Paycheck Protection Program small business loans, and includes funds for loans for small and minority-owned lenders. It would direct another $20 billion to small business grants and $15 billion to live event venues.