COVID Relief Bill nears final passage

President Biden’s $1.9 trillion Coronavirus Relief Bill is in the final stages of House approval, expected to land on the President’s desk this weekend.

The bill includes $1,400 in direct stimulus payments to Americans making under $75,000, plus extra money in the form of billions of dollars for K-12 schools to help students return to the classroom, to assist small businesses hard hit by the pandemic and for vaccine research, development and distribution.

The legislation extends a 15% increase in food stamp benefits through September, helps low-income households cover rent, makes federal premium subsidies for Affordable Care Act policies more generous and provides $8.5 billion to rural hospitals and health care providers.

Here’s a breakdown of the major components of the bill.

Stimulus checks

The bill would send $1,400 stimulus checks on top of the $600 payments issued through the stimulus bill passed in December.

Individuals earning $75,000 per year and couples earning $150,000 would still receive the full $1,400-per-person benefit. The benefit would cease for individuals earning more than $80,000 annually and couples earning more than $160,000.

The new round of checks is expected to go out before the end March, with those slated for direct deposit being among the first distribution.

Unemployment

The package extends the existing $300 weekly unemployment benefit through Sept. 6, as well as provides a tax break on $10,000 in unemployment benefits.

The stimulus passed in December provided the unemployed an extra $300 per week in benefits. That program expires in mid-March. Over 11 million workers are affected.

Child tax credit

Most Americans would receive $3,000 a year in tax credit for each child ages 6 to 17, and $3,600 for each child under age 6.

Aid to state & local governments

The Senate package designates $350 billion for states, cities, tribal governments and U.S. territories which will fund coronavirus testing and contact tracing; increasing the size of the public health workforce and funding vaccine distribution and supply chains.