- Dems are trying to break the $ 1.9 trillion
stimulusInvoice before certain services expire this month.
- The current package includes $ 1,400 relief checks and $ 400 per week federal unemployment benefits.
- Programs at stake include unemployment benefits and food stamps.
The House of Representatives passed its $ 1.9 trillion stimulus package over the weekend. The proposal now goes to the Senate to approve the massive coronavirus
The package includes $ 1,400 of stimulus checks, $ 400 per week of federal unemployment benefits, and funding for
The proposal only requires a simple Senate majority to land on President Joe Biden’s desk, but lawmakers can propose changes to the bill and will likely come up with a different version of the proposal. This would send him back to the House of Representatives for approval, or both houses would have to negotiate individual items in a joint conference committee.
“Now the bill is going to the United States Senate, where I hope it will be acted upon quickly,” Biden said during a press conference over the weekend. “We have no time to lose.”
“If we act now – decisively, quickly and bravely – we can finally be one step ahead of this virus,” added the president. “We can finally get our economy going again.”
The following is at stake if the law is not passed before the end of March:
Unemployment benefits expire on March 14th
Federal temporary unemployment programs are due to expire this month, leaving more than 11 million unemployed Americans with no federal funding. Weekly unemployment benefits were included in the first coronavirus bailout package passed by Congress last March, and payments were extended for an additional 11 weeks in the package passed in December.
According to data from The Century Foundation, a left-wing think tank, about 4 million workers would face a “hard cliff” and their unemployment benefit on the 14th. 7 million unemployed Americans would face a “soft cliff” where their benefits would be sometime between mid-March and would end in mid-April.
Even if Biden signs the new package by mid-March, some unemployed Americans will experience default just a month after the suspension of payments caused by the delay in completing the December Aid Act. Funds were eventually paid out retrospectively to those who qualified for the program.
The paycheck protection program and state eviction moratorium are not included in the current bill
PPP loans, a major federal grant program designed to help small businesses, expire this month. The current bill does not extend the program beyond March 31.
However, if the proposal is before the 31st loans from the Small Business Administration, “reported CNN.
The proposal also provides for $ 25 billion for “a new grant program specifically for bars and restaurants,” according to the CNN report.
Like the small business loan program, the federal eviction moratorium is set to end by the end of the month. To extend the program beyond March, it would have to be issued by executive order.
The proposal currently provides $ 19.1 billion to state and local governments in rental and utility grants for low-income households, and $ 5 billion to states and cities in support of communities and places at risk of homelessness. Another $ 10 billion would go to homeowners struggling to pay mortgages, utilities, and property taxes.
A tax incentive for employers that offers extended paid sick and family vacation ends on March 31
A state tax incentive program for employers that offers extended paid sick and family leave ends March 31, if the bill is still under negotiation at the end of the month. In the CARES Act passed in March last year, the federal government guaranteed families with children who were at home with the school closed an additional 10 weeks of paid family leave.
The benefit expired in December, but “employers can still get a tax credit if they volunteered the extended paid vacation through March,” CNN reported.
Food stamp benefits could be expanded under the aid package
Americans who receive food stamps received an additional 15% under the aid package passed last December. The benefits are said to last through June, but the massive proposal currently in the Senate could extend the benefits through September.