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Home / Tips and Tricks / The $ 908 billion stimulus plan may not have a second check, but you can take advantage of it anyway

The $ 908 billion stimulus plan may not have a second check, but you can take advantage of it anyway



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Here’s what we know about the front runner accounts.

Sarah Tew / CNET

With less than a month to go in 2020, dual support for this a new $ 908 billion economic aid proposal continues to grow, with President-elect Joe Biden backing the bill and urging Congress to negotiate a compromise deal that will bring in more financial aid before the end of the year.

The bipartisan effort seeks a middle ground between a $ 500 million Republican Senate proposal and the US $ 2.2 Trillion Heroes Act that House Democrats have been pushing since the summer. The new proposal would renew a handful of federal programs expire by the end of the year, but keep sending Americans a second stimulus check.

But by the weekend, a rowdy group of Democrats and at least one Republican have said they will not back the bill without a direct payment to individuals and families. Details of the package are expected on Monday.

On Thursday, Democratic leader and house speaker Nancy Pelosi said the compromise rescue plan should be collapsed into a budget agreement for 2021. The current budget expires on Dec. 11 and Congress is working to prevent a government shutdown and by that date. approve a new budget.

While neither Republicans nor Democrats think the $ 908 billion plan is flawless, it may be the last chance Congress will have to pass a bill in 2020 before it can consider a larger package in 2021 – possibly one that will does include a $ 1,200 stimulus check.

“I would support the Heroes Act passed by the House,” Biden said at a news conference Friday. “But this is a democracy, and you have to find the right place where enough people are willing to go in a direction that will get us going, but is not the whole answer.”

Let’s take a look at the main funding categories covered by the new compromise proposal. We update this story with new details.


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More federal unemployment benefits

The CARES Act passed in March gave $ 600 a week to unemployed workers, in addition to their usual unemployment check. When this funding expired in late July, President Donald Trump has signed an executive action to pay a bonus of $ 300 per week. Which the money will run out by December 31.

The bipartisan proposal – drafted by more than a dozen members of the House and Senate – would bring in $ 300 a week in additional federal unemployment benefits for four months. White House economic reporter Jeff Stein of the Washington Post reported that the bipartisan group could make payments retroactively for missed months.

Comprehensive Payroll Protection Program to help pay employees

The Payroll Protection Program initially made loans to small businesses that could be forgiven to cover employees’ wages and keep employees on the books instead of firing them.

The new bipartisan proposal would add approximately $ 300 billion to the small business Paycheck Protection Program. According to the Washington Post, the bill would aim to support businesses particularly hard hit by closings, including restaurants.

Renewal of tenant protection against evictions

The CARES Act has one national ban on deportations for 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.

According to the Washington Post, the new bipartisan proposal would guard against eviction through “rental financing.” In a press conference following the announcement, senators offered little more than calling the protection “housing and rental assistance.”

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Both parties are weighing up the options for a possible stimulus package.

Sarah Tew / CNET

Funding for health care and coronavirus vaccinations

With the US ready to release the first wave of vaccines against the coronavirus already this month, the proposals focus on financing the distribution of the vaccine.

“Regarding COVID emergency response, we recognized the recent positive developments vaccine development and the belief that it is essential to significantly fund distribution efforts to get us from vaccine to vaccination, ”Pelosi said in a statement Tuesday.

The bipartisan proposal would raise $ 16 billion for vaccine distribution, along with funding coronavirus testing and track down contact efforts.

read more: What you need to know about the Timeline of the COVID-19 Vaccine, Hidden Costs, and More

Liability protection against COVID-19 lawsuits

A major sticking point is that Republican lawmakers have backed the COVID-19 liability limitation, which aims to curtail lawsuits against businesses, schools, hospitals and other organizations from people who said these institutions were causing them the coronavirus incurred except in cases of gross negligence. Democrats have opposed the plan.

The two-pronged plan sets a six-month moratorium on some coronavirus-related lawsuits against organizations, giving states plenty of time to create their own liability protections, the senators said.

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

The proposal includes $ 160 billion in state and local aid, which Democrats have been supporting since this summer. Republicans have resisted.

No extra stimulus check until 2021?

The bipartisan bill would be one second economic stimulus check to keep the total cost of the account low. The IRS said the cost of the first round of payments as of this summer is $ 270 billion.

Biden said Friday, “It would be better if they have the $ 1,200.” After being sworn in as president on January 20, a Biden government could file for a follow-up bill with a higher price tag than may contain a second payment from up to $ 1,200.

While we wait to see how and when negotiations shake up on current proposals, here’s what you need to know loans against coronavirus, unemployment insurance and what to do if you have lost your job.




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