Congress passed a $900 billion COVID Relief Bill Monday night and sent it to President Donald Trump for his approval. With passage of this 5,593 page bill, the government will have injected $3.3 trillion into the economy this year in an effort to counteract the effects of the COVID-19 pandemic.
If approved by the president, the bill would provide, in part:
• direct payment of $600 for individuals making up to $75,000 per year and $1,200 for couples making up to $150,000 per year, plus an additional $600 per child
• an increase of $300 in weekly unemployment benefits for 11 weeks
• for an expansion of the Food Stamp program
• $319 billion for small businesses, including $284 billion through the Paycheck Protection Program, $20 billion for EIDL loans, and $15 billion for live venues
• $25 billion in rental assistance with an extension of the eviction moratorium
• $82 billion for schools and universities, with $10 billion dedicated to childcare
• $7 billion for increased access to broadband
• funding for coronavirus vaccine distribution
• an extension of the CARES Act spending for state and local governments
In addition, the bill provides funding for federal agencies through September 2021 and extends tax breaks for some businesses for at least a year.