Global Statistics

All countries
Updated on August 7, 2022 6:30 pm
All countries
Updated on August 7, 2022 6:30 pm
All countries
Updated on August 7, 2022 6:30 pm

Global Statistics

All countries
Updated on August 7, 2022 6:30 pm
All countries
Updated on August 7, 2022 6:30 pm
All countries
Updated on August 7, 2022 6:30 pm
- Advertisment -

What Is Included In The Covid Relief Bill

Economic Injury Disaster Loans

Whats Included In The Third Covid Relief Bill? | NBC News NOW

Under the expansion of this existing Economic Injury Disaster Loan Emergency Advance program , small businesses affected by COVID-19 were able to apply for an EIDL of $10,000 that did not have to be repaid. For EIDL loans, those eligible were able to borrow up to $200,000 without a personal guarantee.

What Else Is In Bidens Covid Relief Package Besides Stimulus Checks

In his seventh week in office, President Joe Biden is expected to sign the American Rescue Plan Act into effect on Wednesday. The massive piece of legislation will provide direct payments to Americans, extend jobless benefits, and offer financial relief to state and local governments, among a number of other initiatives aimed at boosting the economy and inspiring hope as the U.S. stays on course to move past the coronavirus pandemic.

While many headlines focus on the question at the forefront of everyones minds when stimulus checks will arrive there are many other important developments in this $1.9 trillion plan that are worth highlighting. Namely, this relief package dedicates considerable funding for an ambitious anti-poverty program and significant benefits for low-income people.

Its a remarkable, historic, transformative piece of legislation which goes a very long way to crushing the virus and solving our economic crisis, House Speaker Nancy Pelosi said on Tuesday.

Many Republican politicians have attacked the measure as wasteful and excessive however, most people in the U.S. dont seem to share their sentiments. A Pew Research Center poll released Tuesday found that 70% of Americans support the relief package.

President Biden Announces American Rescue Plan

Emergency Legislative Package to Fund Vaccinations, Provide Immediate, Direct Relief to Families Bearing the Brunt of the COVID-19 Crisis, and Support Struggling Communities

The COVID-19 pandemic and the corresponding economic crisis are devastating families across the country. More than 20 million Americans have contracted COVID-19, and at least 370,000 have died. From big cities to small towns, too many Americans are barely scraping by, or not scraping by at all. And the pandemic has shined a light on the persistence of racial injustice in our healthcare system and our economy. The need to act is clear in the lines at food banks, the small businesses that are closed or closing, and the growing number of Americans experiencing housing insecurity. After nearly a year of the public health crisis, our nation remains in this dark winter of the pandemic and facing a deep economic crisis.

President Biden is laying out the first step of an aggressive, two-step plan for rescue, from the depths of this crisis, and recovery, by investing in America, creating millions of additional good-paying jobs, combatting the climate crisis, advancing racial equity, and building back better than before.

As last months jobs report underscored, the virus and our economy are intertwined. We cannot rescue our economy without containing this virus.

Read Also: How Much Are Cvs Covid Tests

Election To Terminate Transfer Period For Qualified Transfers From Pension Plan For Covering Future Retiree Costs

  • Permits employer/sponsor of pension plan the ability to make an election to terminate any existing transfer period effective as of any taxable year specified by the sponsor.

  • Specified taxable year must begin after the election date.
  • Assets previously transferred to either health benefits or life insurance account in prior, qualified future transfer , which were not used as of the election effective date, are required to be transferred back to transferor plan within a reasonable amount of time.
  • Assets transferred back to transferor plan are treated for certain purposes as an employer reversion, unless an equivalent amount is transferred back to the applicable health benefits or life insurance account prior to the end of the five-year period beginning after the original transfer.
  • Provision is effective for taxable years beginning after December 31, 2019.

Federal Reserve Lending Facilities

Fact check: Breaking down spending in the COVID

Lastly, the Federal Reserve was at the center of a major hurdle in negotiations before the weekend. Republican Sen. Pat Toomey of Pennsylvania insisted that there be language in the bill outlining what the Feds emergency lending powers will look like in the future. The Fed established a number of emergency lending programs during the pandemic.

Initially, Toomey wanted the bill to forbid the Fed from doing anything similar to that without Congressional approval. He compromised. So now the bill just says the Fed cant recreate those exact same programs, and they expire at the end of this year.

Former Fed Chair Ben Bernanke issued a statement saying it was vital that the Feds ability to respond to a crisis not be circumscribed.

Also Check: How Much Is The Pcr Test At Cvs

Medicare Sequestration Delayed An Additional Three Months

  • Section 102 of the legislation extends the suspension of sequestration for Medicare fee-for-service payments by an additional three months.
  • This suspension adds on to the relief originally provided by the CARES Act, Section 3709, codified at 2 U.S.C. 901. Sequestration, which has been in place since 2013, results in a two percent reduction in payments to Medicare providers and suppliers.
  • The CARES Act had suspended this payment reduction from May 1, 2020, to December 31, 2020, with sequestration scheduled to resume January 1, 2021. Section 102 extends the termination date to March 31, 2021. Prominent provider trade associations had requested a longer period of suspension.

These changes are in addition to the other changes included within the larger appropriations bill, which are outside of the immediate scope of this article. It should be noted, however, that these changes will impact health care providers and in many cases will increase reimbursement or access to funds.

Families First Coronavirus Response Act

On March 18, 2020 the Families First Coronavirus Response Act was enacted to provide economic support to those in need. That legislation, totaling $192 billion, included a number of key components, including:

  • Enhancing unemployment insurance benefits
  • Increasing federal Medicaid and food-security spending
  • Requiring certain employers to provide paid sick leave as well as family and medical leave
  • Providing free coverage for coronavirus testing under government health programs

Read Also: Are You Guaranteed To Get Covid If Exposed

Expanded Tax Credits For Families

The bill raises the child tax credit for most families in the coming year by $1,000, to $3,000 per child. Its even more for families with young children: many can receive a credit of $3,600 for each child under age six. All of these credits are fully refundable, and some researchers say these measures could potentially help cut child poverty in half.

Title Vi Labor Provisions

$15/hour minimum wage will not be included in Covid relief bill

Foley Title VI Contact:

The bill does not contain extensive employment provisions. The only employment-related provisions relate the expansion of Job Corps eligibility. Specifically, the bill waives the drug testing requirements to facilitate virtual enrollment and slightly expands the eligible age range for such program.

Don’t Miss: How Much Is The Rapid Test At Cvs

Additional Financial Relief For Rural Providers

The bill would provide $8.5 billion to reimburse rural health care providers for health care-related expenses and lost revenues attributable to COVID19. Its definition of rural provider is broad and includes those that:

  • are located outside a metropolitan statistical area or
  • are located in a rural census tract of an MSA or
  • are located in an area designated by the state as rural or
  • are a sole community hospital or rural referral center or
  • are located in area that serves rural patients, such as a small MSA or
  • are a rural health clinic or
  • provide home health, hospice, or long-term services and supports in patients’ homes that are located in rural areas or
  • otherwise qualify as a rural provider, as defined by the Secretary.

Team Bidens N95 Giveaway Is As Ever Too Little Too Late

Uncle Sam is about to play Santa for America and the world.

Congress passed a $2.3 trillion COVID-19 relief and government funding bill that gives just $600 to most Americans struggling during the COVID-19 pandemic while doling out gifts to foreign countries and powerful lawmakers.

In addition to the slim stimulus cash payout, the bill contains a $300 weekly unemployment supplement, $284 billion in loans to small businesses and money for transit systems and entertainment venues hard hit by the virus.

The COVID-19 legislation which was combined with the nations regular annual spending bill also contains more pork than a Christmas ham.

The legislation adds not one but two National Mall museums, $10 million for gender programs in Pakistan and $2.5 million for internet freedom.

The 5,593-page package wasnt available until around 2 p.m. Monday before it passed in the House around 9 p.m. and in the Senate before midnight. President Trump is expected to sign the bill.

Here are a list of items other than the main COVID-19 relief the bill contains:

  • $4 billion for New Yorks MTA as part of bailouts for mass-transit systems.
  • $15 billion earmarked toward grant programs for live entertainment venues such as Broadway.
  • $7 billion toward expanding broadband access.
  • $1.4 billion for a construction of a wall on the southern US border.
  • A rule saying the US Postal Service can no longer deliver e-cigarettes.
  • $2.5 million for Internet freedom programs in closed societies

Read Also: Cost Of Cvs Covid Test

Consolidated Appropriations Act 2021

Consolidated Appropriations Act, 2021

Long titleAn act making consolidated appropriations for the fiscal year ending September 30, 2021,providing coronavirus emergency response and relief, and for other purposes.
Enacted by
  • Passed the House of Representatives on January 10, 2019
  • Passed the Senate on January 15, 2020 with amendment
  • House agreed to Senate amendment on December 21, 2020 with further amendment
  • Senate agreed to House amendment on December 21, 2020
  • Signed into law by President Donald Trump on December 27, 2020

The Consolidated Appropriations Act, 2021 is a $2.3 trillion spending bill that combines $900 billion in stimulus relief for the COVID-19 pandemic in the United States with a $1.4 trillion omnibus spending bill for the 2021 federal fiscal year and prevents a government shutdown. The bill is one of the largest spending measures ever enacted, surpassing the $2.2 trillion CARES Act, enacted in March 2020. The legislation is the first bill to address the pandemic since April 2020. According to the Senate Historical Office, at 5,593 pages, the legislation is the longest bill ever passed by Congress.

The bill was passed by both houses of Congress on December 21, 2020, with large bipartisan majorities in support. The bill was the product of weeks of intense negotiations and compromise between Democrats and Republicans during the lame-duck session. After initially criticizing the bill, President Donald Trump signed it into law on December 27.

Bill Has Faced Backlash

Senate Fails To Advance Slimmed Down COVID

The sweeping COVID-19 relief bill has been criticized by Republicans for an array of earmarks that stray far from the stated purpose of the bill.

PolitiFact rated “Mostly True” a claim from conservative Stand for America that the bill contains unrelated projects. Examples cited in that fact check included a $1.5 million bridge connecting New York and Canada a $100 million underground rail project in Silicon Valley $480 million for Native American language preservation and maintenance and $50 million in environmental justice grants. The bill would also raise the minimum wage to $15 an hour and change pension funding rules.

All told, about 15% of the proposal goes to long-standing policy priorities that are not directly related to the current crisis, said the Committee for a Responsible Federal Budget, a nonpartisan, nonprofit organization formed to educate the public on federal budget issues.

But thats a far cry from the claim here about little money going to Americans.

The Committee for a Responsible Federal Budget analysis identified $10 billion from the bill as going to foreign affairs. Thats about one-half of 1% of the total.

The bungled 9% figure may have been a misunderstanding of the money tied to direct COVID-19 intervention.

Read Also: How Much Does A Rapid Test Cost At Cvs

Biden Democrats Agree To Tighten Income Limits For $1400 Stimulus Here’s What Will Change

WASHINGTON President Joe Biden and Democrats agreed Wednesday to tighten the upper income limits at which people could qualify for stim

“We tell the American people, help is on the way,” said Senate Majority Leader Chuck Schumer, D-N.Y. Citing the country’s desire to resume normalcy, he added, “Our job right now is to help our country get from this stormy present to that hopeful future.”

The huge package its total spending is nearly one-tenth the size of the entire U.S. economy is Biden’s biggest early priority. It stands as his formula for addressing the deadly virus and a limping economy, twin crises that have afflicted the country for a year.

Saturday’s vote was also a crucial political moment for Biden and Democrats, who need nothing short of party unanimity in a 50-50 Senate they run because of Vice President Kamala Harris’ tiebreaking vote. They also have a a slim 10-vote edge in the House.

A small but pivotal band of moderate Democrats leveraged changes in the bill that incensed progressives, not making it any easier for Speaker Nancy Pelosi, D-Calif., to guide the measure through the House. But rejection of their first, signature bill was not an option for Democrats, who face two years of trying to run Congress with virtually no room for error.

State And Local Funding

There’s a $350 billion pot of cash to help governors, mayors and other local leaders recover lost funds “stemming from the public health emergency.”

That includes $220 billion for states, territories and tribal governments, in addition to an extra $130 billion for metropolitan cities, localities and counties.

The money can be put to a wide variety of uses, including infrastructure projects, but there are some restrictions: States can’t use the relief money to cut taxes either “directly or indirectly” through rate cuts, deductions, credits, rebates or delaying the onset of a tax. If they do, they’ll have to pay the money back to the Treasury. To enforce that, the bill requires states to give the Biden administration a “detailed accounting” of the use of funds and any changes to tax revenue sources during the relevant time period.

The money also can’t go to pension funds.

CORRECTION : A previous version of this article misidentified the state Sen. Roger Wicker represents. It is Mississippi, not Arkansas.

Recommended Reading: Does Cvs Rapid Test Cost Money

Tax Rebates Tax Credits And Tax Deductions

The Act:

  • Provides credits against the 2020 personal income tax for eligible individuals. These advance payments will be sent to people in April 2020. Eligibility for the advance payments will be based on the person’s income tax return for 2019, or 2018 if the return for 2019 has not been filed yet. Individuals who are not required to file an income tax return but are eligible for the advance payment may register through the Internal Revenue Service’s web site. Eligible individuals who receive social security benefit payments will generally receive payments without registering. The payments are not, contrary to common misconception considered taxable income.
  • $2,400 to each married couple filing jointly or $1,200 to each other individual, and
  • $500 for each dependent who is a qualifying child under age 17 as of December 31, 2020.
  • Payment amounts are reduced for each married couple filing jointly whose adjusted gross income is between $150,001 and $198,000. Payments are reduced for a head of household whose adjusted gross income is between $112,501 and $146,500. Payments are reduced for each other individual whose adjusted gross income is between $75,001 and $99,000.
  • An individual is not eligible if he can be claimed as a dependent by another taxpayer. An individual is also not eligible if he is a nonresident alien.
  • Allows individuals who take the standard deduction to take a tax deduction for up to $300 of cash charitable contributions per year, effective January 1, 2020.
  • Coronavirus Preparedness And Response Supplemental Appropriations Act

    What you need to know about the coronavirus relief bill | The Washington Post

    As an initial response, policymakers enacted legislation in early March, 2020 that provided $8.3 billion in emergency funding for public health agencies and coronavirus vaccine research. That bill appropriated $7.8 billion in discretionary funding to federal, state, and local health agencies and authorized $500 million in mandatory spending through a change in Medicare.

    Don’t Miss: How Long Cvs Rapid Test

    Time Periods And Eligibility For Extended Fpuc Benefits

    • The legislation provides Federal Pandemic Unemployment Compensation in the amount of an additional $300 per week, also known as the federal bump, beginning after December 26, 2020, and ending before March 14, 2021, for up to 24 weeks of unemployment. Individuals who are already receiving FPUC will continue to receive FPUC until they have exhausted all of it.
    • However, no individuals will be eligible to receive FPUC in any week after April 5, 2021.
    • This legislation also provides rules to states regarding how to properly administer FPUC in conjunction with other unemployment benefits, such as extended compensation.

    Limitation On Certain Employee Compensation

    • Passenger air carriers and contractors that receive aid must enter into agreements with the Secretary that, from October 1, 2020, through October 1, 2022, impose the following compensation restrictions:
    • Total compensation above $425,000 for any individual employee is frozen.
    • No retirement or severance package for any individual employee can exceed twice the maximum total compensation during 2019.
    • Further, no officer or employee whose total compensation exceeded $3,000,000 in 2019 may receive in excess of $3,000,000 and 50% of the excess over $3,000,000 of the total compensation received in 2019.
    • Total compensation includes salary, bonuses, awards of stock, and other financial benefits.

    Don’t Miss: Cvs Testing Cost

    - Advertisment -

    Hot Topics

    - Advertisment -

    Related Articles