New stimulus bill to pass the House within 48 hours? What we knowMarch 9, 2021
The nearly $2 trillion stimulus bill is heading back to the House for final approval. The COVID-19 relief package, which includesand , cleared a major hurdle on Saturday with . After the House receives and agrees to the bill, it will head to President Joe Biden to sign, hitting a March 14 deadline Democrats have aimed toward for months.
The Senate made a number of amendments to the bill that will affect by for the . The changes will exclude millions of people . Lawmakers also from the initial House version, but left alone expanded to lower-income families, and funding for .
The Senate dropped afrom the legislation, but proponents vow to reintroduce it at a later date. Here’s what you need to know about the relief bill that is back with the House, including . This story is frequently updated.
What happens next with the $1.9 trillion stimulus bill?
The Senate made changes to the House bill before its vote on Saturday, and it’s unclear whether the House will work with the Senate to resolve those differences or accept them all in its final vote.
When and if the bill passes the House, it will go to Biden to sign into law. Once that happens, various government agencies will begin to access that funding and ramp up their programs, including.
A strict income cutoff for the $1,400 stimulus payment
Thewill start going out to , and cutting off those categorized as “higher earners.” Under the , some who qualified for the first two payments for a third. A hard ceiling on income, designed to exclude higher earners from getting a check, would come with a rule change regarding the in the . Check out our to see how the new Senate income cap will affect you.
The new proposal would give the IRS a deadline of Dec. 31 to finish sending the stimulus checks.
For this, congressional Democrats intend to include and . Here are , or how you might . Here’s what . And here’s approved in 2020.
$300 in weekly unemployment benefits, but with tax break
Under the Senate Democrats’ plan, federal unemployment checks would extend to Sept. 6 at a. The House had initially proposed a $400 weekly payment ending in August. The Senate plan would also for households earning less than $150,000 a year. If the new bill is approved by March 14, it would renew the weekly Congress approved in December .
Expanded child tax credit for 2021 worth more than stimulus checks
The bill would wouldn’t receive the credit. Families could claim up to $3,600 per year for a child under 6 and up to $3,000 per year for those between the ages of 6 and 17.that currently allows families to claim up to a $2,000 credit for children under 17 years of age. If approved, the plan would extend the benefit to lower-income families who otherwise
The plan also removes a provision that you have to make $2,500 a year to receive the credit and makes the credits fully refundable. In addition, it would expand tax credits for one year to help cover the cost of childcare. Families could get back as a tax credit as much as half their spending on childcare for children under age 13, up to $4,000 for a single child and $8,000 for two or more children.
What’s happened to forgiving student loan debt?
Though forgiving student loan debt is part of the discussion, Senate Democrats and Biden have different dollar figures in mind for how much to cancel. Biden on Feb. 16 said he supports canceling $10,000 in student debt per borrower and extending the pause on student loan repayment. Biden’s figure is at odds with a Senate Democrat proposal, however, that calls for canceling up to $50,000 in student debt.
“I do think that, in this moment of economic pain and strain, that we should be eliminating interest on the debts that are accumulated, No. 1. And No. 2, I’m prepared to write off the $10,000 debt, but not $50,000,” Biden said. While the House and Senate versions of the bill don’t forgive student debt, the Senate added a provision that would make tax-free any forgiven student loan, according to the New York Times.
No $15 minimum wage increase yet
Senate Democrats jettisoned a provision in the relief bill to boost the minimum wage, after the Senate parliamentarian, who determines which items can and can’t be included in the bill under a , determined that the provision fell outside of guidelines. Proponents will look to include the $15 hourly rate in another bill.
“If any Senator believes this is the last time they will cast a vote on whether or not to give a raise to 32 million Americans, they are sorely mistaken,” Sen. Bernie Sanders tweeted March 5. “We’re going to keep bringing it up, and we’re going to get it done because it is what the American people demand and need.”
What about coronavirus vaccine delivery money?
More than 116 million vaccine doses have so far been distributed in the US — and more than 90 million administered — with the country on track to meet Biden’s goal of 100 million jabs during the first 100 days of his administration (April 30 marks his 100th day in office.) that by the end of May, the country will have enough supply to vaccinate every adult in the US. The goal then becomes having enough of the other supplies, as well as people, to administer the vaccine.
Biden’s plan would set aside $160 billion for a that would help state and local governments get the vaccine into people’s arms.
Funding to help reopen schools during COVID-19
Getting students back in physical classrooms is a critical piece of the economic recovery. The bill would work to return students to schools by having a majority of kindergarten to eighth-grade classrooms safely reopen in the first 100 days of the administration.
Extra money for state, local and tribal governments
Since the fall, economists have pushed for Congress to provide funding for state and local public jobs. “The case for additional aid is strong because the downside risk of doing nothing is quite real,” the American Enterprise Institute, a conservative think tank, said at the end of last year. “The fact that over 1 million state and local government workers have lost their jobs is a sign that fiscal distress has had real consequences.” In addition to state and local funding, the bill would provide funds for food and water assistance and food stamps.
Eviction ban already extended through September
The new proposal would extend the eviction and foreclosure moratoriums until Sept. 30. The plan would provide $30 billion in rental assistance for renters and small landlords, especially for low- and moderate-income households. On Jan. 20, Biden signed an executive order extending the eviction ban through this month, which means it may not be part of the final new stimulus bill at all.
For more information about stimulus money, here are the, how to and how your .
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