Second stimulus package: See what’s in it

The package deal sends direct stimulus payments of $600 to individuals, half the quantity supplied within the first spherical of checks, which went out within the spring.

Eligible households will obtain an extra $600 per baby — which is $100 greater than Congress gave households within the first spherical of reduction final spring.

The funds begin phasing out for people with adjusted gross incomes of greater than $75,000, and people making greater than $99,000 won’t obtain something. The revenue thresholds are doubled for {couples}.

The quantities can be primarily based on 2019 incomes. Those that filed their 2019 tax returns will obtain their cash routinely, in addition to Social Safety recipients and those that uploaded their checking account info utilizing the IRS’s on-line portal to obtain their first funds.

Undocumented immigrants who haven’t got Social Safety numbers stay ineligible for the funds. However in a change from the primary spherical, their spouses and youngsters are actually eligible so long as they’ve Social Safety numbers.

Unemployment advantages

The jobless will obtain a $300 weekly federal enhancement in advantages by way of March 14. The quantity is half of the sooner federal enhance, which ran out on the finish of July.

As a result of Trump waited till Sunday to signal the laws, many out-of-work People might solely get 10 weeks of augmented funds, as a substitute of 11 weeks.

Additionally, the package deal extends by 11 weeks two different pandemic unemployment programs that had been created within the CARES Act in March and had been set to run out at 12 months’s finish.

The Pandemic Unemployment Help program initially expanded jobless advantages to gig staff, freelancers, unbiased contractors, the self-employed and sure individuals affected by the coronavirus for as much as 39 weeks. The Pandemic Emergency Unemployment Compensation program supplied an extra 13 weeks of funds to those that exhaust their common state advantages.

Each packages will now near new candidates on March 14, however proceed by way of April 5 for current claimants who haven’t but reached the utmost variety of weeks.

Additionally, the measure offers a federally funded $100 per week further profit to those that have at the least $5,000 in annual self-employment revenue however are disqualified from receiving Pandemic Unemployment Help as a result of they’re eligible for normal state unemployment advantages.

As well as, the package deal provides states the authority to waive overpayments in instances the place the claimant just isn’t at fault.

The ultimate settlement is much less beneficiant than the unique bipartisan deal that was launched earlier this month. It will have supplied 16 weeks of enhanced funds and pandemic advantages.

The package deal additionally continues full federal financing of prolonged advantages by way of mid-March, offering as much as 20 further weeks of funds relying on a state’s unemployment charge. Sometimes, states and the federal authorities cut up the tab. Fewer than two dozen states now supply prolonged advantages due to the enhancing financial system.

Small enterprise loans

The package deal reopens the Paycheck Protection Program in order that among the hardest-hit small companies can apply for a second mortgage. This system stopped taking purposes for the primary spherical of loans in August.

The second loans can be restricted to these with fewer than 300 staff which have seen drops of at the least 25% of their income through the first, second or third quarter of 2020. It additionally reduces the quantity a borrower can obtain from $10 million to $2 million, provides companies extra flexibility on how they spend the cash and simplifies the forgiveness course of for loans underneath $150,000.

It carves out $12 billion for minority-owned companies. It additionally expands eligibility to extra nonprofits in addition to native newspapers, TV and radio broadcasters.

Grants for theaters and different dwell venues

The package deal creates a $15 billion grant program for dwell venues, theaters and museum operators which have misplaced at the least 25% of their revenues.

The preliminary grant can complete as much as $10 million per eligible enterprise. A second grant, value half the quantity of the primary, can also be obtainable.

The cash can be for specified bills reminiscent of payroll prices, hire, utilities and private protecting gear.

In the course of the first 14 days of this system’s implementation, grants can be awarded to those that have confronted 90% income losses. Then, those that have skilled at the least 70% income losses can be eligible through the subsequent two weeks. After the primary month of this system, some other eligible companies can obtain grants.

Funding for faculties and baby care

It offers $82 billion in help for Ok-12 faculties and faculties. Earlier proposals from Republicans and Democrats known as for at the least $100 billion in help for faculties.

An extra $10 billion is included to assist baby care suppliers which have struggled due to the pandemic.

Rental help

It extends till January 31 the eviction safety set to run out on the finish of the 12 months. It additionally offers $25 billion in rental help for people who misplaced their sources of revenue through the pandemic.

Diet help

The package deal raises SNAP advantages by 15% for six months however does not develop eligibility. That is extra beneficiant than the unique bipartisan settlement from earlier in December, which known as for a four-month improve.

Democrats have advocated for augmenting the Supplemental Diet Help Program, or SNAP, as meals stamps are formally recognized, because the pandemic started, however the provision by no means made it into prior reduction packages.

It additionally expands the Pandemic-EBT program to households with kids underneath age 6 who obtain meals stamps, deeming them “enrolled” in baby care and eligible for advantages. This system now offers cash to low-income households with school-age kids in lieu of the free and reduced-price meals they’d have acquired in class.

The package deal sends $400 million to meals banks and meals pantries by way of The Emergency Meals Help Program.

It additionally offers $175 million for diet companies for seniors, reminiscent of Meals on Wheels, and $13 million for the Commodity Supplemental Meals Program, which serves greater than 700,000 older People month-to-month.

Vaccine and hospital funding

It offers $20 billion for the acquisition of vaccines to allow them to be obtainable at no cost for individuals who want it, in addition to one other $eight billion for vaccine distribution.

It additionally provides states $20 billion to help with testing.

And it provides $three billion to the $175 billion fund for hospitals and well being care suppliers for reimbursement of well being care-related bills or misplaced income ensuing from the pandemic. The unique settlement would have given them one other $35 billion.

Payroll tax compensation

Employers who’re deferring their staff’ payroll taxes underneath Trump’s government motion from August now have till the top of 2021 to extend their staff’ withholding to pay again the taxes owed. Initially, the deferred quantity needed to be repaid by April 30.

Many federal staff had been required to participate in this program, although their unions protested.

What’s not included — state and native authorities funding

The package deal doesn’t comprise any direct help to state and local governments — dropping an preliminary name for $160 billion in help as the idea for good religion negotiations.

The availability had been among the many most contentious of the negotiations. Home Democrats had supplied $875 billion within the reduction invoice that handed the chamber in Might to assist states and native governments battling decrease tax revenues as a result of pandemic.

However Republicans resisted allocating further help past the $150 billion supplied in Congress’ $2 trillion reduction invoice in March, which may solely be used for coronavirus-related bills. GOP lawmakers stated they do not wish to bail out states which have mismanaged their funds.

In a joint assertion final week, Home Speaker Nancy Pelosi and Senate Minority Chief Chuck Schumer identified that the ultimate settlement offers emergency sources for faculties, $27 billion for state highways, struggling transit companies, Amtrak and airports, and $22 billion for health-related bills of state, native, tribal and territorial authorities.

As well as, the laws offers $2 billion to assist intercity buses.

The invoice additionally extends the deadline for spending down the $150 billion in coronavirus reduction funds by a 12 months. State and local governments have been racing to make use of all the cash by the present deadline of December 30, with many offering help to residents.

State and native officers had additionally requested to have the ability to use among the funding to plug finances shortfalls.

This story has been up to date with President Donald Trump signing the invoice into regulation on Sunday evening.

CNN’s Manu Raju and Clare Foran contributed to this report.

— to www.cnn.com

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