COVID-19 Emergency Relief Package: Topline Summary of New Agreement
After months of negotiations, Congress has finally made a deal on a COVID-19 emergency relief package. The new agreement is expected to provide much-needed financial relief to individuals and businesses struggling due to the ongoing pandemic.
Here`s a breakdown of the key provisions in the package:
Direct Payments to Americans
The agreement will provide direct payments of $600 to most Americans, with an additional $600 per child. The payments will be based on 2019 income and will phase out for individuals making more than $75,000 and couples making more than $150,000.
The agreement extends unemployment benefits for an additional 11 weeks, providing an additional $300 per week in federal funding on top of state benefits.
Small Business Relief
The package includes $284 billion in funding for the Paycheck Protection Program (PPP), which offers forgivable loans to small businesses to help them retain employees and cover other expenses during the pandemic. The agreement also includes funding for other small business programs, such as Economic Injury Disaster Loans (EIDL) and grants.
Rental Assistance and Eviction Moratorium
The agreement provides $25 billion in rental assistance to tenants struggling to pay rent due to the pandemic. It also extends the eviction moratorium through the end of January 2021.
Funding for Healthcare
The package includes $69 billion in funding for COVID-19 vaccine distribution, testing, and tracing. It also provides funding for hospitals, healthcare providers, and mental health services.
The agreement includes a number of other provisions, such as funding for education, transportation, and agriculture. It also includes tax provisions and changes to the FAFSA (Free Application for Federal Student Aid).
Overall, the COVID-19 emergency relief package is a much-needed lifeline for millions of Americans and businesses struggling due to the pandemic. While the agreement is not perfect and does not provide as much relief as some had hoped, it is a step in the right direction towards recovery.