Senate Approves Covid-19 Relief Package

Before even being sworn in as President, Joe Biden made the passage of a robust Covid-19 relief package a top priority. After lengthy debate and the removal of the proposed $15 per hour minimum wage hike, the Senate agreed on a stimulus bill that will hopefully be the last one needed as the world comes out the other side of the pandemic. The legislation will send a third round of stimulus checks, this time at $1,400 per eligible individual. Singles earning up to $75,000 will get the full amount, with the payments phasing out completely by $80,000 in income. Couples making up to $150,000 will get $1,400 per person. Payments will be declining at higher incomes and zeroing out altogether at $160,000. Children and adult dependents in those households may also receive $1,400 payments. Other highlights of the bill include:

Small Business:

• $25 billion for restaurants
• $1.25 billion for venue operators
• $15 billion Economic Injury Disaster Loans (EIDL)
• Additional $7.25 billion forgivable loans in the Paycheck Protection Program

Covid-19:

• $160 billion for vaccine and testing programs

Municipal Aid:

• $360 billion in aid for state, local, and territorial governments
• $10 billion for critical infrastructure
• $8.5 billion for rural hospitals

Unemployment Insurance:

• $300/week extended to September 6^th
• Tax relief on the first $10,200 in unemployment payments for workers in households earning up to $150,000 a year
• 100% costs for health insurance through September for laid off workers
• $1,400 per week and tax credits for employers with fewer than 500 employees to reimburse them for the cost of the sick time. Offering paid leave is not mandated

Tax Credits/Childcare:

• Expanded to $3,000 for each child ages 6-17
• $3,600 for children ages 5 and under
• $25 billion to help open childcare centers
• $15 billion to help essential workers cover childcare costs

Schools:

• $170 billion to help schools reopen
  • $130 billion for K-12
  • $40 billion for colleges and universities
  • Make student loan forgiveness tax-free

Rental Assistance:

• $45 billion to lower income households who have lost jobs to help with
  • Rent
  • Mortgages
  • Utility
• $5 billion to localities for emergency homeless housing

Airports/Airlines:

• $14 billion for airlines
• $1 billion for contractors
• $8 billion for airports

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