The version of the bill (PDF) in the Senate contains a number of changes that affect theby for the The change means millions of people have also been rewritten from the original proposal, but expanded to families with a lower income and financing for stay in tact.
Thewas impeached to pass the bill through the senate, but proponents promise to reenter it at a later date. Here’s what you need to know about the stool bill, including This story is regularly updated with new information.
What will happen to the incentive account now?
Steny Hoyer, majority leader of the house, said the house will vote on the Senate’s version of the bill on Tuesday (pdf) after voting on Monday to move forward, Hoyer said in a statement.
What often happens in such a case is that the Senate and the House must link two different versions of the bill. They could potentially set up a conference committee to negotiate a common ground between the two proposals. When the versions are reconciled, the committee will prepare a report detailing the changes the two chambers can agree to before sending the plan to Biden to be signed into law.
It is not clear at this point whether the House will simply vote on the bill passed by the Senate as it is or whether there will be additional committee work behind the scenes.
$ 1,400 third stimulus check to have a strict income limit
Thewill and cut off those categorized as “higher earners.” Below the , some who were eligible for the first two payments for a third. A hard income, meant to exclude higher incomes from getting a check, would be accompanied by a rule change regarding the in the Check out our to see how the new Senate income ceiling will affect you.
The new proposal would give the IRS a December 31st deadline to complete sending the incentive checks.
For this, Congress Democrats intend to include and Be here or how you could Here’s what And here is approved in 2020.
$ 300 in weekly unemployment benefits, but with tax credit
Under the Senate Democrats’ plan, federal unemployment checks would extend to Sept. 6 to allow aThe House had initially proposed a weekly payment of $ 400 that expired in August. The Senate plan would do that too for households earning less than $ 150,000 per year. If the new bill is approved before March 14, the weekly will be extended Congress approved in December
Expansion of the child discount for 2021 that is worth more than incentive vouchers
The bill wouldwhich currently allows families to claim a $ 2,000 credit for children under 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 between the ages of 6 and 17.
The plan also removes a provision that you must earn $ 2,500 per year to receive the credit and makes the credits fully refundable. Plus, it would extend the tax credits for a year to help 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.
The senate is leaving the fight against the $ 15 minimum wage for now
Senate Democrats dropped a provision in the bill to increase the minimum wage after the Senate MP decides which items can and cannot be included in the bill under a, found that the provision was outside the guidelines. Proponents will try to include the $ 15 hourly rate in another bill.
“If a senator believes this is the last time he will vote on whether or not to give a raise to 32 million Americans, he is seriously mistaken,” Senator Bernie Sanders tweeted on March 5. it up, and we’ll get it done because it’s what the American people ask for and need. “
What Happens to Student Loan Forgiveness?
While canceling student loan debt is part of the discussion, Senate Democrats and Biden have different dollar figures in mind for how much to cancel. Biden said on Feb. 16 that he is in favor of canceling $ 10,000 in student debt per borrower and extending the pause on student loan repayment. Biden’s figure is at odds with a Senate Democrat proposal calling for $ 50,000 in student debt to be forgiven.
“I really think that at this point in time of economic pain and stress, we should eliminate interest on the debt that has accrued, # 1. And # 2, I am willing to write off the $ 10,000 debt, but not. $ 50,000, ”said Biden. The house and senate versions of the bill do not cover student loan debt.
Delivery money for the coronavirus vaccine
More than 96 million vaccine doses have been distributed in the US so far – and more than 75 million administered – and the country is on track to meet Biden’s goal of 100 million shots in the first 100 days of his administration (April 30 marks his 100th day). in the office.) In a town hall-like rally on CNN on Feb. 16, Biden said the country will have enough supplies by the end of July to vaccinate everyone in the US. The goal then becomes to have enough of the other supplies and people to administer the vaccine.
Biden’s plan would set aside $ 160 billion for onethat would help national and local governments get the vaccine into the arms of the people.
Funding to Help Schools Reopen During COVID-19
Getting students back into physical classrooms 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 state and local government jobs. “There are strong arguments in favor of additional help, 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.
Deportation ban has already been 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 renters and small landlords, especially low- and middle-income households. On January 20, Biden signed an executive order extending the deportation ban until this month, meaning it may not be part of the latest new stimulus law at all.
For more information on incentive money, here are the, how and how you