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Updated on June 23, 2022 9:27 pm
All countries
Updated on June 23, 2022 9:27 pm
All countries
Updated on June 23, 2022 9:27 pm

Global Statistics

All countries
Updated on June 23, 2022 9:27 pm
All countries
Updated on June 23, 2022 9:27 pm
All countries
Updated on June 23, 2022 9:27 pm
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What’s In The Covid Stimulus Bill

Heres A Look At Whats In The Massive Covid

Covid-19 Relief Package: What’s in the $900 Billion Stimulus Bill in Congress?

The United States Capitol Building at night in Washington DC


So you know how folks throw around adjectives and superlatives all of the time? And sometimes you just dont believe them?

If you hear anyone describing the latest stimulus bill from Congress as huge or giant or even ginormous, believe them. Its so large that aides had trouble printing it:

And again while trying to upload it to the internet:

Eventually, the text was made available on the House website. Its 5,593 pages long. You can take a peek here .

Primary Dealer Credit Facility And Money Market Mutual Fund Liquidity Facility

On March 20, 2020, the Fed relaunched a Great Recession-era program: the Primary Dealer Credit Facility , which has given loans to primary dealers backed by a wide variety of securities as collateral. There was no set limit to the amount of credit issued. The program ran until March 31, 2021.

To add more liquidity to money markets, the Fed announced the Money Market Mutual Fund Liquidity Facility on March 18, 2020. This program lent money to financial institutions so they can buy money market mutual funds.

This program was similar to the AMLF program launched in 2008 after the collapse of Lehman Brothers caused a major money market fund to fail. It did not have a specific lending limit but ended on March 31, 2021.

The Treasury Department gave the MMLF $10 billion of debt credit protection for the program. On May 5, 2020, the central bank said that participation in the MMLF wouldnt affect the liquidity coverage ratio of participating banks.

When Can I Expect To Receive My Payment

The IRS began rolling out Economic Impact Payments in April 2020. For most people, you wont have to do anything the payment will be directly deposited into your bank account or sent to you by check or prepaid debit card. Be aware, however, that if its sent by check, it might take a little longer.

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Support For Climate Measures

In an unusual rebuke of the Trump administrations climate policy, the deal includes new legislation to regulate hydrofluorocarbons, the powerful greenhouse gases common in air-conditioners and refrigerators.

It also allocates $35 billion to fund wind, solar and other clean energy projects.

Both measures received vocal bipartisan support, with senior senators from both parties hailing the breakthrough as overdue and key to creating jobs of the future.

The State of Vaccine Mandates in the U.S.

The inclusion of some climate legislation may be of particular interest to President-elect Joseph R. Biden, whose hopes of enacting even modest reforms on climate change hinge on the support of Republicans such as Senator John Barrasso, Republican of Wyoming, who threw their support behind the new measures.

State And Local Funding

Senate Approves Massive $2 Trillion Coronavirus Stimulus Bill

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.

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Targeted Aid For Small Businesses

With a specific focus on aiding small businesses ravaged by the pandemic, the agreement sets aside $285 billion for additional loans under the Paycheck Protection Program, renewing the program created under the CARES Act.

The latest version includes stricter terms that appear intended to correct some of the unpopular elements of the original program, which allowed a significant share of funds to flow to a tiny fraction of borrowers, including professional sports teams, high-income law firms and national restaurant chains. Public outcry over the distribution of funds sparked an audit by the Treasury Department the program was also criticized for falling prey to widespread fraud.

Among other measures, the new legislation caps loans at $2 million and makes them available only to borrowers with fewer than 300 employees that experienced at least a 25 percent drop in sales from a year earlier in at least one quarter. The agreement also sets aside $12 billion specifically for minority-owned businesses.

Further focusing on small businesses, publicly traded companies will be ineligible to apply this time around.

The law also provides $15 billion to support a broad category of entertainment-related businesses, including small theaters and live music venues, that have been shuttered for most of the year.

More Money For State Local And Tribal Governments

Since the fall, economists have pushed for Congress to provide funding for state and local public jobs. “The case for additional aid is strong because the downside risk of doing nothing is quite real,” the American Enterprise Institute, a conservative think tank, said at the end of last year. “The fact that over 1 million state and local government workers have lost their jobs is a sign that fiscal distress has had real consequences.” In addition to state and local funding, the law provides funds for food and water assistance and food stamps.

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Relief To Mail Delivery

  • The U.S. Postal Service will receive a $10 billion line of credit. On April 24, Trump attempted to use this loan as leverage for a new demand, as he threatened to block the emergency funding if the post office did not quadruple its prices for online retailers. As of early May, the details of the loan were still being negotiated.
  • $400 million will be allocated to help states prepare for an expected increase in mailed ballots in .

How Will This Bill Benefit The State Of Illinois

Deal Reached In Coronavirus Stimulus Bill

The state of Illinois stands to get a good deal of funding from the bill, with approximately $13.2 billion being sent to state, county and local governments as part of the stimulus package.

Of that money, an estimated $7.5 billion will go to the state government, with another $5.5 billion going toward lower levels of government.

Some of that money will go towards making up for budget shortfalls at the state and local levels, while other funds will go directly toward fighting the COVID-19 pandemic:

-Approximately $1.5 billion will go toward additional testing supplies and other public health funding.

-Approximately $275 million will go toward distributing vaccines.

-Hundreds of millions of dollars will be targeted toward community health centers.

Approximately 7.6 million Illinois adults will qualify for relief checks from the government, with up to $10,200 in unemployment benefits also now tax exempt, according to the senators.

An additional 2 million Illinois residents will also see an increase in SNAP benefits.

For more details on how the bill will help the state of Illinois, click here.

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Im A Representative Payee For A Social Security Or Supplemental Social Security Beneficiary What Do I Need To Know About The Economic Impact Payments

The beneficiarys Economic Impact Payment will arrive in the same way they either receive their monthly benefits or their tax return for 2019 or 2018.

  • If the beneficiary didnt file a 2019 or 2018 tax return, theyll receive their EIP payments the same way they receive monthly Social Security or SSI payments. This may be through direct deposit to their banking account or Direct Express card, or a mailed paper check.
  • If the beneficiary did file a 2019 or 2018 tax return, the payment will be deposited to the same bank account or debit card as the most recent tax refund or mailed to the address on the beneficiarys last tax return.

Stimulus And Relief Package 35

A supplementary stimulus package, nicknamed Phase 3.5, was signed into law on April 24, 2020. It appropriated $484 billion, mostly to replenish the PPP and the EIDL, and contains additional funding for hospitals and COVID-19 testing.

Another supplementary measure, the Paycheck Protection Program Flexibility Act of 2020, which modified the PPP, was signed into law on June 5, 2020. It made the following changes to the program:

  • It allowed businesses 24 weeks to spend the money, up from the initial eight-week period
  • It lowered the requirements for loan forgiveness. Businesses now need to spend only 60% of their PPP funds on payroll, instead of 75% previously
  • The payment deferment period was extended from six months to when the borrower finds out the amount of their loan forgiveness
  • It allowed businesses that received PPP loans to delay paying payroll taxes
  • It allowed businesses loan forgiveness if they dont rehire workers who refused good-faith offers of reemployment or are unable to restore operations to levels before the COVID-19 pandemic
  • It gave businesses until the end of 2020 to restore their payrolls to pre-crisis levels
  • It increased the loan maturity of PPP loans taken out after June 5, 2020, to five years
  • It extended the time borrowers have to pay back unforgiven parts of the loan

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Whats New In The Third Covid

2 min read.Stephanie StammMaureen Linke, The Wall Street Journal

A look at the Senate bill, which now goes back to the House for final approval before likely landing on President Bidens desk for his signature

Senate Democrats voted to advance the latest round of the stimulus bill, which now goes back to the House for final approval before likely landing on President Bidens desk.

The $1.9 trillion legislation known as the American Rescue Plan Act includes a range of measures, from stimulus checks to child tax credits, jobless benefits, vaccine-distribution funds, healthcare subsidies and restaurant aid. This deal would be the largest aid package to pass since widespread restrictions tied to the coronavirus pandemic began in March 2020.

The Senate bill closely reflects what was in the original House bill but includes changes extending unemployment benefits and narrowing the number of people who will receive stimulus checks.

Whats Different?

The current Senate legislation includes $1,400 checks for individuals making less than $75,000 annually and for married couples making less than $150,000 before phasing downthe largest individual section, totaling $410 billion. The package contains tens of billions of dollars to facilitate the vaccine rollout and $130 billion for schools to help safely reopen through improving ventilation, hiring more janitors and providing more personal protective equipment.

Vaccines and Testing

State, Local Government Aid

Check : Expanded Child Tax Credit For 2021 Which Is More Than Double The Amount Of The Stimulus Checks

First Coronavirus Death Reported in Colorado [Video]

The new American Rescue Plan expands the child tax credit that currently allows families to claim a credit of up to $2,000 for children under 17. The plan extends the benefit to lower-income families who otherwise wouldn’t receive the credit. Families can claim as much as $3,600 per year for a child under 6 and up to $3,000 per year for those between 6 and 17. Here’s how often you can expect to get the payments and how to find out if you qualify for the larger payments.

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What About Money For Coronavirus Vaccine Distribution

More than 161 million vaccine doses have so far been administered in the US — and over 207 million distributed. More than a month early, the country reached Biden’s goal of 100 million jabs during the first 100 days of his administration , with a new goal of 200 million shots in the first 100 days.

The president’s plans set aside $160 billion for a nationwide vaccine program that’s been helping state and local governments get the vaccine into people’s arms.

Is There Wasteful Spending In The New $19 Trillion Coronavirus Stimulus Bill

WASHINGTON, DC – FEBRUARY 11: Speaker of the House Nancy Pelosi heads back to her office … following her weekly press conference at the US Capitol on February 11, 2021 in Washington, DC.

Over the weekend, the U.S. House posted a first draft version of the American Rescue Plan Act of 2021 a $1.9 trillion emergency aid package to help America recover from the coronavirus pandemic.

Previous legislation has already provided at least $4 trillion in funds for testing, paid family leave, small business relief, direct payments to individuals and families, the Kennedy Center, and a plethora of non-related Covid-19 relief.

Since House Speaker Nancy Pelosis leadership team essentially wrote the bill, our auditors at found what House Democrats consider coronavirus-recovery essential spending:

  • $1.5 million earmarked for the Seaway International Bridge, which connects New York to Canada. Senate Leader Chuck Schumer hails from New York.
  • $50 million for family planning going to non-profits, i.e. Planned Parenthood, or public entities, including for services for adolescents
  • $852 million for AmeriCorps, AmeriCorps Vista, and the National Senior Service Corps the Corporation for National and Community Service civic volunteer agencies. This includes $9 million for the AmeriCorp inspector general to conduct oversight and audits of the largess. AmeriCorps received a $1.1 billion FY2020 appropriation.

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Student Grants Student Loans And Work

  • Creates a 14-billion-dollar higher education emergency relief fund to provide cash grants to college students for costs such as course materials, technology, food, housing, and child care. Each college will determine which of its students receive cash grants. This was divided into three pieces: $12.5 billion in formula funds, at least half of which must be given directly to students, $1 billion for institutions serving minorities, and $350 million in supplemental funds for small institutions with unmet needs. Though the Department of Education issued guidance that international and undocumented students are ineligible for these funds, this was challenged in a lawsuit.
  • Payments of student loan principal and interest of by an employer to either an employee or a lender is not taxable to the employee if paid between March 27, 2020, and December 31, 2020. The maximum amount that is tax-free is $5,250 per employee.
  • For college students in a federal work-study program, allows a school to continue to pay a student if the student is unable to fulfill their work-study obligation due to the COVID-19 public health emergency.
  • Gives students and colleges flexibility regarding the requirements for federal student financial aid during the COVID-19 pandemic.
  • Suspends payments and accrual of interest on federal student loans through September 30, 2020. Suspends garnishments and tax refund interception related to federal student loans through September 30, 2020.

Main Street Lending Program

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

On March 23, 2020, the Fed announced the Main Street Lending Program, which set up an SPV to purchase up to $600 billion in small- and medium-sized business loans. Under the plan, the Fed purchased a 95% stake of each loan, with the bank keeping 5%. To qualify, businesses needed to have either 10,000 or fewer employees or up to $2.5 billion in 2019 revenue.

On July 17, 2020, the Fed extended the program to nonprofit organizations that didnt have endowments larger than $3 billion, had either fewer than 15,000 employees or less than $5 billion in 2019 revenue, and met a number of other additional requirements. The program purchased stakes in both new loans and loan extensions.

Under the CARES Act, the Treasury Department planned to make a $75 billion equity investment in the SPV. The terms of the loans were five years, with interest deferred for one year and principal payments deferred for two years.

On Oct. 30, 2020, the Fed reduced the minimum size of the loans that the program would purchase. It continued to purchase stakes in loans until Jan. 8, 2021, and it will continue to be funded until its assets mature or are sold.

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Retirement Plans And Retirement Accounts

  • Waives the 10% tax penalty for early distributions from IRAs, 401 plans, 403 plans, and 457 plans if:
  • The individual, their spouse, or their dependent has been diagnosed with COVID-19
  • The individual experienced adverse financial consequences because they were quarantined, furloughed, or laid off, or because their employer reduced their working hours or
  • The individual experienced adverse financial consequences because the individual is unable to work due to lack of child care.
  • A plan administrator is allowed to rely on the participant’s assertion that one of these events occurred.
  • Distributions are still subject to income taxes, although the individual may choose to spread the payment of the income taxes over three years, rather than paying them all in one year. Alternatively, if the distributed amount is repaid into any , see ) IRA or employer-sponsored retirement plan within three years of receiving the early distribution, no income taxes will be due.
  • Increases the maximum amount of a 401 loan from an employer-sponsored 401 retirement plan. The limit used to be the lesser of $50,000 or 50% of the participant’s vested assets. It has been changed to the lesser of $100,000 or 100% of the participant’s vested assets.
  • All changes to the rules regarding loans and early distributions are at the option of the plan administrator and are not required to be adopted.
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