Connect with us

Personal Finance

Congress Reaches Settlement On New COVID-19 Aid Invoice

Published

on


U.S. Senate Majority Chief Mitch McConnell (R-KY) announced Sunday night time {that a} COVID-19 aid settlement has been reached.

Senator McConnell stated, “Extra assistance is on the best way. Moments in the past, in session with our committees, the 4 leaders within the Senate and the Home finalized an settlement.”

The practically $900 billion rescue package deal contains the next, along with cash for vaccine distribution.

  • $300 enhanced weekly unemployment advantages
  • $600 aid checks per particular person
  • $284 billion for a second draw of the Paycheck Safety Program (PPP), offering monetary aid for small companies
  • $82 billion for schools and faculties
  • $25 billion in rental help
  • $20 billion in EIDL Grants for small companies
  • $13 billion in enhanced SNAP advantages
  • $10 billion for baby care

The invoice expands eligibility for Federal Pell Grants to incorporate 500,000 extra recipients. Greater than 1.5 million college students will now qualify for a most Federal Pell Grant.

As well as, eligibility for the Earned Earnings Tax Credit score and Youngster Tax Credit score may be primarily based on 2019 earnings for households who skilled job loss and pay cuts in 2020.

The settlement doesn’t embody the beforehand proposed $160 billion in help for state and native governments, nor does it embody legal responsibility safety for companies.

The laws doesn’t embody any scholar mortgage forgiveness. Nonetheless, the laws will prolong the coed mortgage cost pause and curiosity waiver.

The laws is funded partially by repurposing $560 billion in unspent CARES Act funding, plus greater than $400 billion in new funding.

In a joint statement, U.S. Home Speaker Nancy Pelosi (D-CA) and U.S. Senate Democratic Chief Chuck Schumer (D-NY) stated, “The emergency aid on this settlement, the second largest in historical past solely to the CARES Act, is a vital first step that Democrats stay up for constructing on below the brand new Biden-Harris Administration to fulfill the remaining wants of the American individuals throughout this historic well being and financial disaster.”

Further particulars will likely be forthcoming after the legislative language is drafted and launched.

A vote is predicted on Monday.



Source link

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *