Covid-19 Stimulus Bill Breakdown

Stimulus Bill Breakdown

After months of seemingly endless negotiations, the Senate announced late Sunday afternoon that they had reached an agreement on a $900 billion fiscal Covid-19 stimulus package and $1.4 trillion government funding deal. This second stimulus package is destined to provide emergency aid to a faltering US economy amidst the coronavirus pandemic. The deal is expected to pass through both chambers today. So where is this new money slated to go?

• $166 billion in direct checks
  • Individuals making less than $75,000 will receive $600
  • Additional $600 per child
  • Couples making less than $150,000 will receive $1,200
    
    
• Unemployment
  • Extra $300 per week through March 14
  • Extended unemployment for self-employed
    
    
• $325 billion for small businesses
  • $284 billion available in loans
  • $20 billion available for low-income communities
  • $15 million for live venues, movie theaters, museums
    
    
• Tax Breaks
  • Allows businesses to deduct expenses associated with PPP loans
  • 2-year tax break for business meals
  • Payroll tax subsidy for employers offering paid sick leave
  • Earned Income Tax Credit boost
    
    
• Border Wall
  • $1.4 billion
  • Additional $20 million for new border processing coordinators
    
    
• $45 billion Transportation Aid
  • $15 billion for airline payroll
  • $14 billion for mass transit
  • $10 billion for state highways
  • $2 billion for airports
  • $1 billion for Amtrak
    
    
• Food & Farming
  • $13 billion for food stamps
  • $13 billion for farmers and ranchers to cover losses
    
    
• Surprise Billing
  • Protects patients from receiving surprise medical bills for out-of-network and emergency care
    
    
• $69 billion for vaccines
  • $20 billion to purchase vaccines
  • $9 billion to distribute vaccines
  • $22 billion to help states test and trace Covid-19 mitigation programs
    
    
• Medicaid for Marshallese
  • Fixes a mistake in the 1996 welfare reform bill that barred islanders from Medicaid program
    
    
• Rental aid and eviction plan
  • $800 million for Native American housing
  • $25 billion total in federal rental assistance
  • Eviction ban extended through end of January
    
    
• Schools and Child Care
  • $82 billion total for colleges and universities
  • $4 billion for governor’s relief fund
  • $54 billion for public K-12 schools
  • $23 billion for higher education
  • $10 billion for childcare emergency cash
    
    
• Higher education compromise
  • $1.3 billion forgiven in student loans to Black colleges and universities
  • Give Pell grants to incarcerated students
  • Simplify financial aid forms
  • Repeal 1998 law prohibiting students convicted of drug offenses from receiving federal financial aid
    
    
• Military
  • 3% pay raise
    
    
• Contractor Relief
  • Allows contractors to keep employees on payroll even if federal facilities close
    
    
• Reauthorizations
  • Annual intelligence authorization bill
  • Major water infrastructure package destined to pass
  • Technical corrections to US-Canada-Mexico agreement
    
    
• Broadband
  • $7 billion to expand access for students, families, and unemployed
  • Includes $300 million for rural broadband
    Includes $250 million for telehealth

Written by: Kelly Stewart