How is this new bill different from the $ 908 billion package that started the week? Wasn’t there a $ 748 billion package too? Which funding priorities are covered and which will be deferred until 2021?
The situation is changing rapidly, but we will now share what we know. This story is updated with new information from Washington.
Wasn’t the stimulus bill $ 908 billion and then $ 748 billion? What changed?
This “new” proposal is the latest version of a $ 908 billion plan first unveiled on December 1. On Monday, the group of two-party senators split it into two separate bills totaling $ 908 billion. The largest is a $ 748 billion package to funding areas with the most widespread support. The other breaks down the two most tantalizing issues – state and local funding and liability protection – into a second $ 160 billion package.
Neither contained one at the time.
While the $ 748 billion bill was declared ready for vote by its authors, they also urged Congressional leaders to use it as a building block for yet another new package.
“We implore our leaders on both sides, take this work, build it into every package voted on this week,” Democratic Senator Mark Warner said at the press conference that revealed the legislation. “Let’s make sure we get him across the finish line.”
What’s the story with a second incentive payment?
It appears that the US top Democrats and Republicans have taken the $ 748 billion kernel as a base, possibly adding a smaller second stimulus check to a total of $ 900 billion.
Scrapping the controversial funding programs and saving for later – likely a more comprehensive package in 2021 – will leave $ 152 billion for stimulus controls if negotiators are to hit a $ 900 billion cap. Otherwise, a budget of $ 160 billion for stimulus controls could bring the total back to $ 908 billion.
Maximumand $ 500 each , the first 160 million stimulus checks cost the Treasury $ 270 billion, the IRS reported earlier this year. If the final number comes out in the neighborhood of $ 300 billion, then there might be enough money in an allotment of $ 152 to cover a check for $ 600 per person if the incentive payment qualifications remain roughly the same.
$ 300 a week in federal unemployment benefits
Theto people out of work, in addition to their usual unemployment check. When this funding expired in late July, to pay a bonus of $ 300 per week. Which .
The bipartisan proposal would bring in $ 300 a week in additional federal unemployment benefits for 16 weeks. It wouldn’t make retroactive payments. There are more details on this.
Liability protection against COVID-19 lawsuits
A major sticking point during the summer and fall, Republican lawmakers have backed limiting COVID-19 liability to guard against lawsuits against businesses, schools, hospitals and other organizations from people who said these institutions were causing them the coronavirus acquired, except in cases of gross negligence. Democrats have opposed the plan.
The coronavirus liability shield, along with money for state and local funding, is now broken down into a separate $ 160 billion piece of legislation. It now seems likely that a final stimulus bill in 2020 would not contain this, but that discussion could pick up again in 2021.
“We all know the new administration is going to call for a different package,” said Mitch McConnell, leader of the Senate majority. “We can live to fight one more day about what we disagree with, but we all agree to move on with what we do can agree about. That is the way forward. “
Expand the Payroll Protection Program to cover employee wages
The Payroll Protection Program initially made loans to small businesses that could be forgiven as a way to cover employees’ wages rather than lay them off.
The new two-pronged proposal would add $ 300 billion to the small business Paycheck Protection Program. The bill would aim to support businesses particularly hard hit by closures, including restaurants and live venues.
Renew an eviction ban for tenants
The CARES Act has onefor tenants who were late with the rent. When that was due to expire, Trump extended the ban – but that extension also expires at the end of the year.
The new bipartisan proposal would protect against evictions by making $ 25 billion available to state and local governments to pay rent and utilities. The bill would also extend an expulsion moratorium until January 31, 2021.
Funding for health care and coronavirus vaccinations
With the US being, the proposals turn to financing distribution of the .
The bipartisan proposal would raise $ 16 billion for vaccine development and distribution, along with fundingand efforts.
Money for schools and childcare
Funding for education was part of proposals for more economic aid dating back to May. The two-pronged plan would set aside $ 82 billion for education and $ 10 billion for childcare.
State and local aid funds
The bipartisan proposal would split $ 160 billion for state and local aid into the liability guard package, with the intention that Congress could consider the two conflict areas separate from the bill that focused solely on economic relief.
While we wait to see how and when, here’s what you need to know , and .