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Wednesday, December 2, 2020

What Does The New Stimulus Package Contain?

On Thursday, the House Democrats voted and approved a $2.2 trillion new stimulus package. It was approved majorly by the Democrats, many believe that it has the chances of getting past the Senate. However, the White House and House Democrats are now negotiating on what the final stimulus bill should look like. 

Many are calling this new stimulus package a trimmed down version of the previously proposed Heroes Act. 

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As per reports, Speaker Pelosi and Treasury Secretary Steve Mnuchin met thrice on Thursday to finalize a stimulus bill before the House goes into recess. They discussed a variety of issues. Some of them included extending unemployment benefits and the second round of stimulus checks. Later the same day, Speaker Pelosi informed reporters that they are in the final phase of approving a stimulus bill. 

What Is The Stimulus Check Amount For Each Individual Under The New Stimulus Package?

This is the one point that everyone, from House Republicans, the White House, to the House Democrats agree on. So, rest assured that all eligible Americans will receive their stimulus checks. 

As per reports, every eligible American is to receive a second stimulus check of $1,200. Additionally, people with household dependents will receive additional stimulus money. 

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While the amount of the second stimulus check largely resembles the first stimulus bill, the definition of dependents has been updated to include more people. Now, old people and college students will also be considered dependents. 

The new stimulus package will be a combination of the Heroes Act 2.0, proposed by the House Democrats, and the CARES Act, which is the first stimulus bill approved by the House Republicans. What’s most likely is that even though other demographics have been included under the dependents category, each dependent will be allotted a stimulus check of $500. 

Meanwhile, time is running out as the lawmakers will soon be leaving Washington to go for their November presidential elections campaign work. 

Will The Airline Industry Be Covered Under The New Stimulus Package?

The latest updates from the airline industry indicate that companies are planning on laying off thousands of employees after the first payroll protection expires. As per reports, the new stimulus package contains provisions to extend the current payroll protection program. 

On 1st October, United Airlines and American Airlines furloughed 32,000 staff members. 

Unemployment Pay To Be Enhanced

Millions of Americans have lost their jobs due to COVID-19 pandemic. The unemployment pay of $300  has expired in many states already. 

This is one of the main issues of contention. Democrats are pushing for $600 a week, in addition to the state’s benefits. However, the Republican Party seems to be determined to reduce the amount to $300. Meanwhile, the bipartisan caucus proposed $450 for the first 8 weeks, after which, the amount would increase. 

The new stimulus package proposes $600 till January next year. 

Independent Businesses To Receive Payroll Protection Under Stimulus Bill

As per the first stimulus bill, small business owners were receiving stimulus aid so that they could keep their workers. 

Under the new stimulus package, the payroll protection program will include independent Live venue agencies, airlines, and restaurants. 

Employee Tax Credit Under New Stimulus Package

This program is already in place. It gives employers some tax breaks if they keep their employees even during this pandemic. 

Additionally, the proposed stimulus bill plans in renewing the tax credits program. 

Rental Assistance And A Ban On Eviction

Initiated by the Centers for Disease Control And Prevention, the law prevents any landlord from eviction a tenant as long as the tenant completes all the paperwork necessary. 

As per reports, an estimation of around 40 million Americans will be evicted out of their rents if the federal government had not banned eviction during the pandemic. 

Along with stimulus checks, the new stimulus package contains eviction ban and stimulus checks to landlords to compensate for their losses. 

Businesses Will Be Protected From Coronavirus Related Lawsuits

This is one of the points that the House Republicans seem to be very passionate about. It was introduced under the proposed HEALS Act. The bill intends to limit coronavirus related lawsuits against schools, healthcare workers, and employers. Unless there’s a case of gross negligence, these agents will be protected from lawsuits. 

New Stimulus Package Will Provide Fiscal Aid To USPS

The November presidential elections will allow people to vote via mail. Keeping in mind the tough logistical issues, both the Republican Party and the Democratic Party have decided to introduce advanced programs to financially aid the US Postal Service. Previously, the House approved a bill regarding the same. However, it did not pass the Senate. Moreover, the skinny stimulus bill proposed by the Republicans also included this provision. However, this was struck down in the chamber floors. 

Security For The Mail-In Votes Likely To Be Introduced In The Second Stimulus Package

Due to the coronavirus, many people have expressed that they will opt for the mail-in voting during the upcoming presidential elections. Since there will be a surge in mails, many fear that the US Postal Service is not adequately equipped to provide security to the mail-in ballots. 

Under the new stimulus bill, there’s a provision to ensure that the November presidential elections do not witness any voting fraud. 

Schools Will Receive Coronavirus Stimulus Relief Aid To Prevent The Spread Of Coronavirus

Even as the pandemic continues, many schools are considering reopening. Under the new stimulus package, lawmakers have decided to provide funds to schools to buy hygiene products and make other safety accommodations.

Some schools opened up in August. Since then, the Pediatrics and the Children’s Hospital Association reported that there’s a 14 percent increase in COVID-19 positive cases among young children. 

With just a few days left before the House goes into recess, millions hope that the lawmakers finalize and pass the new stimulus package.

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