The Coronavirus Stimulus Package
By: Bobin Park
After suffering devastating losses over the virus, more than 400 thousand cases in the U.S. alone, lawmakers in Congress have finally approved the $900 billion Covid relief package. However, this Tuesday, Trump refused to sign the new relief package. According to the President’s video post on Twitter, he showed his support for bigger checks, instead of the $600 specified in the bill. He demanded for $2,000 per adult, raising much conflict in both parties.
Now, while the question of amending the bill still remains, let’s dig deeper into what the relief bill will actually do when passed. The bill passed by Congress certainly differs from the earlier proposal made from bipartisan lawmakers. Direct stimulus checks were brought in last minute and direct aid to states were left out. Prior to the bill, the CARES Act was initiated, and due to the fact that several aid programs are set to expire in December, the bill was hastened.
First, the bill would send direct stimulus payments of $600 per person, while those making above $99,000 would not be eligible. The amount is said to be based on last year’s incomes. Those who filed their 2019 tax returns, Social Security recipients, and those who utilized the IRS’s online portal will receive their money. As for immigrants, those without Social Security numbers remain ineligible but their spouses and children will be eligible if they have Social Security numbers.
Next, the unemployed would receive $300 weekly federal enhancement in benefits for 11 weeks. It would also extend two other pandemic unemployment programs under the CARES Act. One of them expands jobless benefits and the other provides additional payments to those whose state benefits have expired. The bill also provides funds for those ineligible from receiving Pandemic Unemployment Assistance, gives states the authority to waive overpayments, and continue full federal financing of extending benefits until mid-March.
Other than that, the bill encloses small business loans, grants for theaters and live venues, rental assistance, nutrition assistance, funds for schools and child care, vaccine and hospital funding, and payroll tax repayment. However, the final package has dropped previous proposals on direct state and local funding.
While there is no question the stimulus package will greatly help Americans amid crisis in the pandemic, if the bill was to pass, the question is, is it too late? Many worry over the delay of the passing, and even now, as President Trump resists and threatens to veto it, more and more Americans are in a financial state of crisis.
The House of Representatives is scheduled to vote on Monday on a bill for a second stimulus check up to $2,000, but the legislation isn’t expected to pass the Senate. However, many expect that the President will refuse to sign the bill, having already hinted that he will not sign if the bill is not amended to $2,000. This made politicians on both sides of the aisle worried that the process will be further delayed.
Sources: