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Senate approved 'coronavirus' financial aid from Biden: who and how much will receive

The Senate passed a landmark $ 1,9 trillion stimulus package from President Joe Biden, an important step towards turning the bill into law, notes CNBC.

Photo: Shutterstock

On Saturday, March 6, the Senate, led by Majority Leader Chuck Schumer, voted in line with party principles to approve a massive Covid-19 relief plan that includes $ 1400 checks for Americans, $ 350 billion in aid to state governments. and local governments and the extension of federal unemployment benefits.

House Majority Leader Steny Hoyer said the House, led by Democrats, is scheduled to vote Tuesday March 9 on a Senate bill so that President Joe Biden can sign it early in the week. Democrats are rushing to adopt the package before extended unemployment assistance ends on Sunday, March 14.

What to expect from the new assistance package

Senators narrowed the eligibility for financial assistance, cut federal increases in unemployment benefits and removed the provision to raise the federal minimum wage to $ 15 per hour, writes CNN.

The Senate bill contains many of the same measures to help Americans in need that were in the House-approved bill and the package that Biden unveiled in January. In addition to another round of direct payments, it will provide additional assistance to unemployed, hungry or uninsured people, those at risk of losing their homes, as well as provide a large tax credit for parents. What do you need to know?

If your family earns less than $ 160 a year

The Senate bill provides for direct payments of up to $ 1400 per person to families earning less than $ 160 a year and individuals earning less than $ 000 a year.

Payments will be phased out - faster than they would be under a House version of the bill that sets an income cap of $ 200 for couples and $ 000 for individuals.

This means that not everyone who was previously eligible for a check will receive it now, but for those eligible, the new payments will complement the $ 600 check approved in December, bringing those individuals a total of $ 2000.

Individuals earning less than $ 75 will receive the full $ 000.

Married couples earning less than $ 150 will receive $ 000, and families with children will be eligible for an additional $ 2800 for each dependent.

Payouts will be calculated based on income for 2019 or 2020. Unlike the previous two rounds, adult dependents, including college students, will be eligible for benefits.

On the subject: How to claim quarantine financial aid when filing a tax return for 2020

If you are unemployed

The unemployed will receive a weekly federal benefit of $ 300 until September 6th. For the same period, two key unemployment benefits programs will be extended due to the pandemic. The deal also provides for tax exemptions on the first $ 10 in unemployment benefits for households with annual incomes of less than $ 200.

This is a significant departure from the House of Representatives bill, which calls for a $ 400 weekly increase through August 29 and the continuation of two pandemic programs during the same period. The House of Representatives bill does not contain tax provisions.

Freelancers, gig workers, independent contractors and certain people affected by the pandemic can receive benefits through the Pandemic Unemployment Assistance Program (Pandemic Unemployment Assistance program)while the pandemic emergency unemployment compensation program (Pandemic Emergency Unemployment Compensation program) increases the duration of payments for those in the traditional state unemployment system.

Unemployed Americans will begin depleting benefits under two programs in mid-March when the provisions of the $ 900 billion December aid package begin to decline. The $ 300 increase that was part of the December deal also ends in mid-March.

If you are in need of products

According to Senate and House bills, food stamp benefits will increase 15% through the end of September, instead of ending at the end of June. Families with children whose schools are closed will be able to receive Pandemic-EBT benefits during the summer if their state decides to continue. The program provides funds to replace free and discounted meals provided to children at school.

If you are past due rent or mortgage

Both bills will send approximately $ 20 billion to state and local governments to help low-income families pay back rent, help with rent, and pay utility bills.

About $ 10 billion will be allocated to help needy homeowners pay off mortgages, utilities and property taxes. $ 5 billion will be provided to help those at risk of becoming homeless, and an additional $ 5 billion in vouchers for temporary housing for the homeless.

If you have children

Most families with minor children can qualify for the larger 2021 child tax credit. In particular, low-income parents will benefit from this. Eligible families can receive a tax credit of $ 3600 for each child under 6 and $ 3000 for each child under 18, compared to a current loan of up to $ 2000 for a child under 17.

The increased loan will also be fully repayable so that more low-income parents can take advantage of it. In addition, households will be able to receive payments on a monthly basis rather than once a year. Families paying for child care can benefit from additional assistance with $ 39 billion for child care providers.

If you are sick or quarantined

If you are sick, in quarantine, or caring for a loved one or a child whose school is closed, the law may provide an incentive for your employer to offer you paid sick leave or family leave.

Unlike Biden's original proposal, the House and Senate bills do not require employers to provide benefits. But they continue to provide tax credits to employers who voluntarily choose to offer incentives before October 1.

Last year, Congress guaranteed many workers a two-week pay if they become infected with Covid or quarantined. He also granted an additional 10 weeks of paid family leave to those staying at home with children whose schools were closed. These benefits expired in December.

If you need medical insurance

Insurance applicants will pay no more than 8,5% of their income for insurance, up from nearly 10% now. Those who earn more than the current limit of 400% of the federal poverty level - about $ 51 per person and $ 000 for a family of four in 104 - will be eligible for assistance.

Low-income job seekers will be able to eliminate their premiums entirely, and those receiving unemployment benefits will be able to sign up for premium-free insurance coverage in 2021.

Senate legislation provides more generous assistance to those who have lost their jobs but want to stay on their employer's health insurance plans through COBRA. These people will not pay any insurance premiums until the end of September, according to the Senate. A House bill would require them to pay 15% of the bonus, although that could still be costly.

You may be interested in: top New York news, stories of our immigrants and helpful tips about life in the Big Apple - read it all on ForumDaily New York

If you have a small business

The new package will provide $ 15 billion for the Disaster and Disaster Loan Program, which provides long-term, low-interest loans from the Small Business Administration. Hard-hit small businesses with fewer than 10 employees will receive priority.

The package will also provide $ 25 billion for a new grant program specifically for bars and restaurants. Eligible businesses will be able to raise up to $ 10 million and use that money for a variety of expenses, including payroll, mortgages and rent, utilities, food and drinks.

The payroll protection program, which is now accepting applications for second round loans, will receive an additional $ 7 billion, and the law will make nonprofits more acceptable. An additional $ 175 million will be used for outreach and Community Navigator to help target the right companies.

Who's out of luck?

Workers who receive federal minimum wages of $ 7,25 an hour or slightly higher will not receive a wage increase. In late February, a Senate parliamentarian ruled that raising the hourly threshold to $ 15 was inconsistent with a set of guidelines for advancing a process that would allow Senate Democrats to pass a relief bill with a simple majority and no Republican votes.

Read also on ForumDaily:

Millions of Americans have yet to receive tax refunds for 2019: what is the reason

House of Representatives approves Biden's 'coronavirus' financial aid: what's next

Newsom approved financial assistance to Californians, including illegal immigrants: who, how much and when will receive

During a pandemic, your credit rating may have dropped: why it happened and how to fix it

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