$1.9 Trillion US COVID Relief Approved By Congress
From Time & Associated Press - The House of Representatives has approved of the $1.9 trillion COVID-19 relief bill that was recently passed by the Senate. The bill passed in a 50-49 vote along party lines in the Senate on Saturday and a 220-211 vote in the House of Representatives today.
Included in the bill:
$1,400 checks per person making under $75,000 annually.
Individuals making $75,000 or more per year but less than $80,000 per year will qualify, but not for the full $1,400.
$1,400 checks per married person if the married couple's combined income is less than $150,000.
Couples who make a combined total between $150,000 per year and $160,000 per year may qualify, but not for the full $1,400.
$300 weekly jobless benefit through September 6. For households earning less than $150,000, the first $10,200 of the unemployment benefits are nontaxable.
$3,000 child tax credit per household. Many households may receive a $3,600 child tax credit if they have one or more children under the age of six.
$350 billion in aid to state and local governments
$130 billion for elementary, middle, and high schools
$50 billion in assistance for small businesses, including more than $7 billion for the Payment Protections Program (PPP) and 28.6 billion in grant relief specifically for restaurants.
$11.5 billion for COVID-19 vaccine distribution.
$1 billion for the Centers for Disease Control and Prevention (CDC) to launch a vaccine campaign.
$7.5 billion for the CDC to set up vaccination sites and monitor distribution.
$50 billion to increase COVID-19 testing.
$510 million for the Federal Emergency Management Agency (FEMA)
The bill does not affect the federal minimum wage, which is currently $7.25 per hour, and is believed to account for approximately 9% of the country's gross domestic product (GDP). The bill will now proceed to President Biden's desk, where it is expected to be approved.
Image from Associated Press