Trump Expected to Sign New COVID Relief Bill
Congress finally agreed on a second COVID stimulus package late on Sunday, December 20, 2020, and leaders expect President Trump to sign it when it reaches his desk. Treasury Secretary Steven Mnuchin said that stimulus checks for $600 per individual and $600 per dependent individual up to two in a family could start reaching direct deposit bank accounts as early as December 28, 2020.
Smaller Checks This Round
Individuals who received the first stimulus check should get the smaller one this time. The amount will get smaller for people earning between $75,000 and $87,000 while those making more than $87,000 will not get one.
Mnuchin says that payments directly to families will ripple quickly across the economy, especially to small businesses that need help fast.
He says that the current stimulus package is smaller than the first because the unemployment rate has rebounded, which President Trump said it would do from the beginning. In April 2020, the unemployment rate was 14.7%, but it has now dropped to 6.7%.
Extends Federal Unemployment
The package also gives additional federal unemployment insurance to those laid off when the first wave hit and who have not been able to find another job. They will be eligible for 10 weeks of federal unemployment payments of $300 per week.
The measure also includes $25 billion to help families who have fallen behind on rent payments. It also makes it so that landlords cannot evict someone for late payments through January 31, 2021.
SNAP Benefits Raised
The COVID stimulus package also includes an additional $13 billion in funding to the Supplemental Nutrition Assistance Program.
Businesses to Receive Aid
Help for many types of businesses, including schools and nonprofits, is also included in the new bill. The new bill provides $15 billion for live event venues and $20 billion for small business grants.