What's in the new $900B coronavirus relief package?
Proposal will be combined with $1.4T in spending to fund government operations for rest of fiscal year
{{#rendered}} {{/rendered}}Congressional leaders on Sunday reached a deal on a roughly $900 billion coronavirus relief package after a half-year of stalemate, securing another tranche of aid as a surge in COVID-19 infections threatens to further derail the nation's sputtering economy.
If passed by the House and Senate on Monday as expected, the legislation would extend aid to millions of Americans still reeling from the pandemic by providing a fresh round of stimulus checks, enhanced unemployment benefits and money for small businesses, as well as new funding for struggling industries, tax breaks, vaccine distribution and education and health care.
The bipartisan, bicameral proposal — intended to blunt the continued economic fallout from the virus-induced crisis — will be combined with $1.4 trillion in spending to fund government operations for the rest of the fiscal year, meaning the total package costs about $2.3 trillion.
{{#rendered}} {{/rendered}}Here's a breakdown of specific proposals included in the measure:
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Stimulus checks: Individuals making up to $75,000 a year will receive a direct cash payment of $600, while couples making up to $150,000 will receive $1,200, on top of $600 for dependents under the age of 17. This means that a family of four could receive as much as $2,400 in payments.
{{#rendered}} {{/rendered}}The payments are tapered for higher-earners and cut off for individuals making more than $99,000 and couples earning more than $198,000.
The deal also includes a provision, retroactive to the CARES Act, to expand the checks to mixed-status households, allowing American citizens who are married to foreign nationals without Social Security numbers to receive the aid.
Boosted unemployment benefits: Laid-off workers will get an extra $300 per week in federal unemployment aid for 11 weeks, through March 14.
{{#rendered}} {{/rendered}}The bill also expands unemployment benefits to self-employed individuals, gig workers and those who have exhausted their state benefits by extending CARES Act programs, including the Pandemic Unemployment Assistance program and Pandemic Emergency Unemployment Compensation program.
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Small business relief: Pandemic-ravaged small businesses will receive $325 billion through the bill, which includes $284 billion in forgivable loans through the Paycheck Protection Program, $20 billion for businesses in low-income communities through the Economic Injury and Disaster Loan program and $15 billion for struggling live venues, independent movie theaters and museums.
{{#rendered}} {{/rendered}}Rental assistance and eviction moratorium: The bill includes $25 billion in rental assistance for millions of families struggling to stay in their homes during the pandemic, with $800 million set aside for Native American housing entities.
The measure extends an eviction moratorium that was poised to sunset at the end of the year through Jan. 31, 2021.
Airline industry aid: The bill allocates $45 billion in transportation aid, including $15 billion to help airlines keep their employees on the payroll.
{{#rendered}} {{/rendered}}Tax breaks: Businesses that receive money through the Paycheck Protection Program will be allowed to deduct expenses associated with those loans, a priority for President Trump. It also includes an extension of the employee retention tax credit for businesses that keep workers on their payroll.
The package also expands the earned income tax credit and the child tax credit to make it available to people who lost their jobs, as well as an expanded Low Income Housing Tax Credit to boost construction of housing for low-wage families.
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{{#rendered}} {{/rendered}}Education: Schools will receive $82 billion through the spending measure, with more than $54 billion going toward K-12 schools and $22.7 billion set aside for distribution to colleges and universities.
Vaccine distribution: The package includes $69 billion for vaccine distribution and testing efforts, including $20 billion for the purchase of vaccines, nearly $9 billion for vaccine distribution and about $22 billion to help states with testing, tracing and mitigation programs.