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Congress passes nearly 1 Trillion dollar COVID Stimulus bill

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Nine months after passing the CARES Act, The US House and Senate passed a second stimulus package aimed at helping Americans with the fallout from the ongoing COVID-19 Pandemic. The House had passed several stimulus bills over the Spring and Summer months but were never taken up by the Senate. It was not until mid-December when talk of a stimulus began to swirl and now has passed.

The second stimulus bill contains:
• $600 for each adult. This will be dispersed to individuals earning up to $75,000 and married couples earning up to $150,000. The overall amount dispersed reduces for all incomes over the thresholds.
• $600 for each dependent child (18 and under) in the household.
• “Mixed–Status” Households will not be denied the stimulus check as they were in the first round. Where wording stipulated that both persons had to be American Citizens, had a Social Security and if they did not meet the stipulations all members of that household and filers would be denied their stimulus check.
• $300 extra in unemployment aid, as well as extended PUA (Pandemic Unemployment Assistance) and PEUC (Pandemic Emergency Unemployment Compensation) benefits until March 14, 2021.
• PPP loan extension and expansion to include and expand funding for local newspapers, local TV stations, and radio broadcasters.
• $20 Million in EIDL (Economic Injury Disaster Loans) for small businesses in low-income communities

The stimulus bill was fraught with contention since early last week as each side fought for special interests and particular bullet points. On December 21, 2020, at approximately 7:45pm the House passed the bill and at 10:40pm the Senate passed its bill. The final bill goes to President Trump to sign or veto as he deems.

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