What payments does the new financial aid package provide in connection with the coronavirus?
While details of a new coronavirus relief package are still being worked out, it looks like payments to American families will still be included in legislative proposals. CNBC.
On Monday, December 14, a bipartisan group of senators released a $ 908 billion legislative proposal that split into two separate bills: a $ 738 billion funding plan that includes $ 300 a week extended unemployment benefits, small business loans, food aid and emergency assistance with rent. The second proposal, for $ 160 billion, provides funding to states and municipalities, as well as liability protections for businesses from COVID-19 lawsuits.
Negotiations between Democratic and Republican leaders continued for a week, and lawmakers were enthusiastic about funding another round of small payments to American families.
The latest proposed $ 900 billion aid package includes checks for up to $ 600-700 per person, including for dependents, Senator John Thune told reporters. That's roughly half the amount legislators approved in March under the Coronavirus Relief and Economic Security Act (CARES).
Legislators are now basing US residents' entitlement to benefits on the same income standards as set out in the CARES Act, according to the Washington Post. This law provided for one round of payments of $ 1200 for individuals receiving an adjusted gross income of up to $ 75 and $ 000 for couples with incomes up to $ 2400, and an additional $ 150 for each dependent.
Until 12:01 pm ET on Saturday, Dec 19, lawmakers will have time to pass a pandemic bailout package tied to a federal government funding bill to avoid a government shutdown. Leaders on both sides are optimistic and expect the deal to be struck.
"A bipartisan, bicameral agreement seems to be on the way," Senate Majority Leader Mitch McConnell said in a Senate meeting December 17, but added that it is highly likely that lawmakers will have to work over the weekend to complete the package.
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House Speaker Nancy Pelosi, Senate Minority Leader Chuck Schumer, and Treasury Chief Steven Mnuchin spoke on the evening of December 16 as part of talks on coronavirus relief. All three stressed the urgency of reaching an immediate agreement.
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