The Federal government is providing more assistance to Americans and businesses in a second Coronavirus Relief Bill approved by Congress and the Senate Monday, capping off months of debate.
The 5,593 page document and $900 billion bill was paired with a $1.4 trillion omnibus spending bill, detailing many extensions and funds aimed at providing help.
The package includes $166 billion for direct stimulus checks, of which $600 will be provided for individuals making $75,000 or less per year while $1,200 will be provided for couples making less than a combined $150,000. An additional $600 per child will be provided in such households.
Treasury Secretary Steven Mnuchin assured that the stimulus checks would be dispersed faster than the first wave, indicating that they would start getting out next week.
The legislation also provides $120 billion for extra unemployment help, offering an extra $300 per week for jobless workers through March 14.
A total of $25 billion is dedicated to rental assistance, and a federal eviction ban was extended through the end of January.
Businesses affected by the pandemic can also benefit from more than $300 billion of assistance, including $284 billion in loans through the Paycheck Protection Program, which has been expanded to include more types of businesses that can apply for the grants. (More information can be found at sba.gov/funding-programs/loans/coronavirus-reliefoptions/paycheck-protectionprogram)
The legislation also make it possible for businesses to deduct expenses related to their forgiven PPP loans and expands the employee retention credit, a measure intended to prevent layoffs.
A total of $15 billion was ear-marked for venues like live theaters, movie theaters and museums.
The package also includes $13 billion to aid farmers and ranchers with pandemicrelated losses. An additional $13 billion is dedicated to supporting the food stamp program.
The package also includes $20 billion for the purchase of vaccines, nearly $9 billion for vaccine distribution and approximately $22 billion to help states with testing, tracing and Covid-19 mitigation programs. The legislation also includes $5 million for testing in the Capitol Building.
A total of $82 billion was included for educational assistance with more than $4 billion for a governors’ relief fund, more than $54 billion for public schools and nearly $23 billion for a higher education fund. The child care sector will also receive about $10 billion in emergency cash.
About $2 billion is being provided to FEMA to assist families with COVID-related funeral expenses.
The omnibus portion also includes a 3 percent military pay raise and preserves a one percent pay raise for federal civil employees next year.
The bill includes $1.4 billion for the southern border wall in addition to $20 million for new border processing coordinators. The bill also includes $15 billion for Customs and Border Protection, nearly $8 billion for Immigration and Customs Enforcement.