[ad_1]
Finally a new round of economic stimulus bills has arrived in the United States.
On December 20 local time, Senate Majority Leader Mitch McConnell officially announced that the leaders of the Republican and Democratic parties had reached an agreement on a $ 900 billion economic stimulus bill. The new plan stipulates that Americans can receive a check for $ 600 each, and the unemployed will also receive an “enhanced” unemployment benefit of $ 300 per week.
Although the $ 900 billion bill is less than the $ 2.2 trillion Coronavirus Aid, Relief and Economic Security Act (CARES Act) in early March, the US stimulus bill $ 787 billion signed by Barack Obama in 2009 pretty much.
The bill has yet to be approved by the US Senate and House of Representatives. In addition to the above, the bill will also allocate a portion of the funds for small business loans, vaccines and education. Leasing assistance from the United States government is expected to reach $ 25 billion and the tenant protection order will be further expanded. The bill will be voted on today in the House of Representatives and then sent to the Senate.
With the bill’s implementation step-by-step, the prolonged tug of war between the two parties in the United States Congress may finally come to an end. Democratic Senator Chuck Schumer said on December 20, “There is no question that this bill is far from perfect, but it may indeed provide some emergency assistance to the desperate United States.”
Who is eligible for 600 USD
It is worth noting that subsidies for high-income families will be gradually phased out. A spokesperson for Schumer noted that, as required by the Spring Act, the ransom claimant’s annual income must be less than $ 75,000. If you are a couple, the combined annual income of both parties must be less than $ 150,000. In contrast, individuals with annual incomes of more than US $ 99,000 or couples whose combined annual income exceeds US $ 198,000 and are infertile with children will not be included in the scope of assistance.
Seeing that previous bailout policies are about to expire at the end of this month, the two parties in Congress are obviously increasingly eager to reach a quick agreement on unemployment assistance and tenant protection.
However, the new bill will not yet provide financial assistance to various US and local governments, nor will it provide protection to various types of businesses for epidemic-related litigation. The first is the key aspiration of the Democratic Party, while the second is the main aspiration of the Republican Party. The previous two points also did not appear in the version of the other two parts of the bill of 748,000 million dollars. On this issue, McConnell proposed that both parties abandon these two great demands to reach an agreement as soon as possible.
Improvement of unemployment assistance
For the 19 million Americans who live on unemployment benefits, the new bill is certainly good news. It is expected that on December 26, due to the expiration of the two major unemployment assistance policies, PUA and PEUC, about 13 million people will lose their economic resources. Fortunately, these two policies will continue in the new bill. Unemployed people can also receive an additional subsidy of $ 300 per week and can apply for up to 11 consecutive weeks.
Additionally, the enhanced PUA policy will extend unemployment assistance to casual and self-employed workers, while the PEUC policy will provide eligible individuals with an additional 13 weeks of unemployment assistance. Taking into account the timing of the introduction of the bill, if the unemployed really want to benefit, they still have to wait a while, because state aid systems also have to be reprogrammed according to the new bill.
Recently, more and more economists have expressed concern about economic risks in the United States. In a single June of this year, the United States added 4.8 million jobs and posted a strong rebound, but the good times weren’t long. This growth rate has slowed significantly in recent months, with only 245,000 jobs added in a single month of November. Send. At this rate, the employment situation in the United States will not fully return to normal levels until the end of 2023. (Chinese Fortune Network)
Compiler: Chen Yixuan
We finally have a deal.
In a whirlwind on December 20, Senate Majority Leader Mitch McConnell announced that major Republicans and Democrats have agreed on a $ 900 billion stimulus package. The aid package will send most Americans a $ 600 stimulus check. And the bill provides improved weekly unemployment payments of $ 300 to most unemployed Americans.
The $ 900 billion stimulus package is reduced from the $ 2.2 trillion CARES Act passed in March, but is on par with the $ 787 billion stimulus package signed in 2009 by President Barack Obama.
The deal, which closed Sunday and has yet to be approved by the Senate and House, would also include funds for small business loans, vaccines, schools and $ 25 billion in rental assistance (as well as an extension of the moratorium eviction). .
The agreement marks the resolution of a protracted, months-long debate in Congress on new relief amid the pandemic. “Make no mistake: this agreement is far from perfect, but it will provide emergency aid to a nation in the midst of a genuine emergency,” Democratic Sen. Chuck Schumer said Dec. 20.
How much will the stimulus checks be worth?
Direct payments would be worth up to $ 600 for individuals and each dependent child, and will be phased out for higher income. A spokesperson for Senator Schumer confirmed that the removal would be similar to the spring stimulus package: the CARES Act stimulus controls decreased for 2019 adjusted gross income (income subject to federal taxes) above $ 75,000 per individual or $ 150,000 per qualified couple. And checks were eliminated entirely for individuals earning more than $ 99,000 and joint taxpayers without children at $ 198,000.
The news capped a hectic week in which both parties rushed to reach an agreement before a number of pandemic benefits expired this month, including some unemployment benefits and eviction moratoriums.
What is notably not included in the deal is new funding for state and local aid, a key Democratic wish, and COVID-19 demand protection for businesses – a big Republican question. Both provisions were also not in the most recent iteration of a bipartisan $ 748 billion bill, and leaders like McConnell recently proposed removing the two sticking points from a deal to get it done quickly.
Extended unemployment assistance
The extension of the pandemic unemployment provisions is good news for the more than 19 million Americans currently receiving unemployment benefits. About 13 million current beneficiaries would lose their benefits the week of December 26, when Pandemic Unemployment Assistance (PUA) and Pandemic Emergency Unemployment Compensation (PEUC) expire. The package would extend both PUA and PEUC, providing enhanced weekly benefits of $ 300 for up to 11 weeks.
PUA extends unemployment benefits to self-employed and self-employed Americans, and PEUC provides 13 weeks of additional unemployment benefits to qualified individuals. However, given the lateness of the agreement, there are likely to be delays in obtaining benefits for recipients due to the need to reprogram state systems.
The deal comes as economists fear the country’s economic recovery may be at risk. The rally that started strongly in the summer, with 4.8 million jobs added in June alone, has slowed. Only 245,000 jobs were added in November. At that rate, it would take until the end of 2023 for employment to fully recover to pre-pandemic levels.
