On Sunday night, congressional leaders revealed that they finally reached an agreement on another COVID-19 stimulus package—this one totaling $900 billion. The new stimulus package contains the first direct payments to Americans since the spring. However, those waiting for another stimulus check may be a bit disappointed.
While the new stimulus package agreed to by Congress does include a second round of stimulus checks, this time they will only be worth up to $600 per person instead of the $1,200 maximum value Americans received earlier in the year. Like with the CARES Act that was passed in March, the new stimulus package also includes supplemental weekly federal unemployment benefits, but this time those supplemental benefits are for $300 a week, instead of the previous $600 a week.
Here are the major provisions of the new $900 billion stimulus package (via CNN):
- Another stimulus check for up to $600 for every American adult earning up to $75,000 per year.
- An additional $600 stimulus check per child for eligible families.
- Supplemental federal unemployment benefits totaling $300 a week for 11 weeks.
- $284 billion for forgivable Paycheck Protection Program loans for struggling small businesses.
- $15 billion for independent movie theaters and other cultural businesses.
- $12 billion for minority-owned and very small businesses.
- $20 billion to provide vaccines for free to those who can’t pay.
- $82 billion for schools and colleges.
- $25 billion for rental assistance, including an eviction moratorium extension until January 31.
- $10 billion for childcare assistance.
- $7 billion for improved broadband access during the pandemic.
While Congress has finally agreed to the aid package, it still needs to be put to an official vote, which is expected to take place sometime today. If that vote passes, Americans could start to see aid from the package by the end of the year. This would likely first come in the form of the $300 supplemental weekly federal unemployment benefit, which would begin at the end of this month and run until mid-March.
At the time of this writing, it is unknown when the second round of stimulus checks worth $600 will begin being distributed to those who qualify. We’ll keep you posted with updates.