However, mid-March is only a few weeks away. At the time, the Senate and House must agree on outstanding issues in the bill, including whether they willand cancel student loan debt To bypass roadblocks to bill passage, Democrats support The procedure will allow them to skip the expected Republican opposition, but it comes with strict guidelines on what lawmakers can and cannot include in the bill. The Democrats’ plan to raise the minimum wage, for example, falls outside of those restrictions.
If it can stick to the aggressive timeline, Congress could, right in the Here’s everything important in the package. This story is regularly updated with new information.
What is the timeline for the incentive bill?
After the expected vote in the House of Representatives on Friday, the Senate will consider the bill. Although Senate Democrats have already passed much of the legislation, some pieces, such as the minimum wage, are still debated. After both the House and the Senate reach an agreement, the bill will go to the president to sign in mid-March. Below you will find more details about the invoice.
A third $ 1,400 stimulus check, with an upper limit on income
Aquantity looks. However, Congressional Democrats are considering new rules According to those proposed eligibility rules, some for the first two payments, the discount may not be achieved for a third. A hard income, meant to exclude higher incomes from getting a check, would be accompanied by a rule change for the in the Check out our to see how that could work for you.
The new proposal would give the IRS a deadline of Dec. 31 this year to send the incentive checks.
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Will Student Loan Forgiveness Be Part of the Bill?
Student loan debt forgiveness is on the table, but Democrats in the Senate and Biden have different dollar figures in mind for how much to cancel. Biden said this month that he supports the forgiveness of $ 10,000 in student debt and is extending the pause on student loan repayment. Biden’s figure is at odds with a Senate Democrat proposal calling for forgiveness of up to $ 50,000 in student debt.
“I really think at this point of economic pain and stress we should eliminate interest on the debt that has accrued, No. 1. And No. 2, I’m willing to write off the $ 10,000 debt, but not. $ 50,000, ”Biden said on February 16. The House incentive law does not cover student loan debt.
A minimum wage increase of $ 15? Or $ 11? Or 10?
Ais in the parliamentary version of the bill, but it may not pass the Senate. The proposed legislation would gradually increase the national minimum wage to $ 15 an hour over five years.
Some in the Senate are pushing for a different hourly rate. Democratic Senator Joe Manchin said the $ 15 an hour rate is too high and would support an increase to $ 11 an hour. Republican sens. Tom Cotton and Mitt Romney suggest going lower and setting the minimum wage at $ 10.
However, the Senate could scrap the minimum wage provision upon receipt of the bill as it may not meet the rules forHowever, Senator Bernie Sanders said a pay rise would be covered. “Please don’t tell me we can’t use the same rules to increase 32 million workers by raising the minimum wage to $ 15 an hour,” he tweeted on February 20.
If a minimum wage increase doesn’t make it to the final bill, Biden has said he’s committed to raising it from the current $ 7.25 an hour as part of a separate negotiation with Congress.
On January 24, Biden signed an executive order directing the Office of Personnel Management to make recommendations for a minimum wage increase to $ 15 an hour for federal jobs.
Additional $ 400 in Federal Unemployment Benefits
If passed on March 14, the new bill would extend federal unemployment assistance without a shortage of funding. The House version of the plan would send $ 400 federal unemployment benefits through August, with triggers that would extend benefits beyond September for those who remain unemployed and include automatic payment adjustments related to health and economic conditions.
The weeklyCongress approved it in December as part of the $ 900 billion COVID-19 emergency response bill
A larger child discount would make many families thousands of dollars more
The house bill wouldthat currently allows families to claim a $ 2,000 credit for children under the age of 17. If approved, the plan would extend the benefit to lower-income families who would otherwise not receive the credit. Families can claim up to $ 3,600 per year for a child under the age of 6 and up to $ 3,000 per year for children ages 6 to 17.
The expansion would target low- and middle-income households, according to Howard Gleckman, a senior fellow at the Tax Policy Center. “More than a third of the benefits would go to the lowest-income parents, who would receive an average tax cut of nearly $ 3,300,” Gleckman wrote on Feb. 10. “Low- and middle-income parents would get nearly 80% benefits.”
The plan would also extend the tax credits for a year to cover childcare costs. As a tax credit, families could get back as much as half of their childcare expenses for children under 13, up to $ 4,000 for a single child and $ 8,000 for two or more children.
Delivery of the coronavirus vaccine across the US.
More than 75 million vaccine doses have been distributed in the US so far – and nearly 65 million administered – as the country is on track to meet Biden’s goal of 100 million vaccine shots in the first 100 days of his administration (April 30 would be 100 days after the inauguration of Biden on January 20). Speaking at a town hall-style meeting on CNN on Feb. 16, Biden said the country will have enough supplies to vaccinate everyone in the US by the end of July. The goal then becomes to have enough other supplies and people to administer the vaccine.
Biden’s plan would be $ 160 billion for onethat would help state and local governments get the vaccine into people’s systems.
The deportation ban will be extended until September
The new proposal would extend the expulsion and exclusion moratoriums until September 30. The plan would provide $ 30 billion in rental assistance to tenants and small landlords, especially low- and middle-income households. On January 20, Biden signed an executive order extending the deportation ban to March, meaning it may not be part of the latest new stimulus law at all.
Funds to Help Schools Reopen During COVID-19
Bringing students back to campus is a critical part of the economic recovery. The bill would work to return students to schools by safely reopening a majority of classrooms from kindergarten through eighth grade in the first 100 days of administration.
Extra money for national, local and tribal governments
Since the fall, economists have urged Congress to provide funding for jobs in the state and local government. “There are strong arguments in favor of additional aid, because the downside risk of doing nothing is very real,” said the conservative think tank American Enterprise Institute late last year. “The fact that more than 1 million state and local government employees have lost their jobs is a sign that the tax problems have had real repercussions.” In addition to state and local funding, the bill would provide money for food and water aid and food stamps.
For more information on incentive money, here are the, how and how you