5 keys to the new economic aid package signed by Trump | The State

Funds for companies, direct aid to families, unemployment insurance bonus, financing for schools and children’s stays, aid for food programs, among other benefits, it includes the economic stimulus plan signed by the president Donald trump.

The president’s decision occurred a few hours after the end of aid programs for the coronavirus pandemic, such as the bonus for the unemployed, but he left on the table his demand on increase direct aid to Americans to $ 2,000, which will only be – for now – $ 600 per person, plus $ 600 per child.

The $ 900 billion plan fell short of the two $ 3.4 and $ 2.2 trillion bills passed by Democrats in the House of Representatives, but it is the most comprehensive package since the CARES Act, endorsed last March.

The negotiations took more than six months, stopped shortly before the November 3 elections and were resumed with the bipartisan project. The big losers are state and local governments, to which no resources will be sent.

The good news is that nearly two million Americans married to undocumented immigrants will be eligible, coupled with the fact that an amendment to the CARES Act will allow them to claim in 2021 the $ 1,200 dollars that were not awarded this year.

The law provides funds for several programs:

1. Resources against COVID-19

The law provides $ 20 billion for the purchase of vaccinations and $ 8,000 million for distribution.

Democrats pushed additional resources for more tests and tracking reports, as well as resources for hospitals and medical providers.

In this way, the states will have $ 20,000 million for tests, in addition to adding $ 3,000 million to an existing fund – estimated at $ 175,000 million dollars – for hospitals and medical service providers.

2. Help per person

The law will allow the sending by check or card or direct deposit of $ 600 dollars to each person. The amount is double for a couple who filed tax reports together.

Eligible families will receive an additional $ 600 per child, which is $ 100 more than the amount provided by the CARES Act.

People with incomes less than $ 75,000 per year will receive the full amount, but it will go down as income increases. Those who earn more than $ 99,000 a year will not receive funds.

Those who filed their 2019 tax returns or sent their updated bank account information to the Tax Collection Office (IRS) will receive the money automatically.

3. Unemployment bonus

Negotiations in Congress determined a $ 300 bonus to workers applying for unemployment insurance. It’s about $ 300 less than the CARES Act.

Recipients will be able to receive the aid weekly until March 14, 2021, but the bad news is that the unemployed will receive 10 weeks of aid, not 11, because President Trump was slow to sign the law.

Other unemployment benefits include those for the self-employed and independent contractors for up to 39 weeks, in addition to the Pandemic Emergency Unemployment Compensation program. The plan includes $ 100 per week funded by the federal government for those who do not qualify for unemployment assistance.

The United States adds more than 14 million people who have temporarily lost their jobs in the face of the COVID-19 pandemic.

4. Support for small businesses

The new law allows small businesses to reapply to the Paycheck Protection Program, that is, funds earmarked for payroll.

Second loans will be limited to companies with fewer than 300 employees facing revenue drops of at least 25% of their revenue during the first, second or third quarter of 2020.

The loan amount is lower, now at $ 2 million, but it will give companies more flexibility on how to use the funds.

Local newspapers and civic organizations will also be able to apply for a $ 12 billion fund.

5. Schools, rent and food

The plan contains $ 82 billion for schools and universities, plus $ 10 billion for child care providers.

The protection against eviction extends to January 31, along with a purse of up to $ 25,000 million for those who have lost their jobs and need to pay rent or housing. This program is in addition to the state ones.

People who apply for food stamps will receive an additional 15% percent of the resources, in addition to expanding the Pandemic-EBT program to families with children under 6 who receive food stamps.

The funds also provide $ 400 million to food banks through the Emergency Food Assistance Program.

Although President Trump signed this law, the House expected to approve this Monday the expansion of direct economic aid per person to $ 2,000 dollars, a proposal that must have consensus in the Senate.

.

Leave a Reply

Your email address will not be published. Required fields are marked *