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Well, it has taken around nine months but Congress has finally reached a deal on the new stimulus package.
The new bill has not been signed into law but we do know many of the details.
“There will be another major rescue package for the American people,” Senate Majority Leader Mitch McConnell, R-Ky., said.
“It is packed with targeted policies to help struggling Americans who have already waited too long.”
The entire coronavirus relief package is valued at almost $1 trillion and is set to deliver much-needed aid as the country awaits for vaccines to start to work their magic.
Just as expected, the new deal will contain stimulus checks but they will be limited to $600. Apparently, income limits will be the same as they were back in March with the payments phasing out above $75,000.
Unemployment benefits will be extended temporarily and allow recipients to collect $300 per week and supplemental benefits. It appears this will last 10 weeks instead of 16 weeks.
There will also be more subsidies for hard-hit businesses along with money for schools, healthcare providers, and renters facing eviction.
We’re expecting to see $25 billion in rental assistance, $15 billion for theaters and other live venues, $82 billion for local schools and colleges, and $10 billion for childcare.
The big issue related to the Federal Reserve that was holding up negotiations was apparently solved last night by the Senate’s top Democrat, Chuck Schumer of New York, and conservative Republican Pat Toomey of Pennsylvania.
So with that out of the way, the path to a new agreement was cleared and got us to where we are.
The House is expected to vote on the legislation tomorrow so we will likely see this package passed and signed into law by the middle of the week.
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Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.