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The bill includes $350bn for fiscal aid to states and cities and tribal governments to cover extra costs and revenue shortfalls incurred during the pandemic. Biden’s initial proposal had been to increase federal unemployment aid to $400 a week from the present $300 a week, but that was cut back on concern it would make it harder for businesses to hire back laid-off workers.
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It avoids the expiration of those benefits on March 14 and extends them through September 6. The bill continues federal pandemic unemployment aid of $300 a week paid on top of state jobless benefits. Payments would start to be distributed by the US Treasury to an estimated 160 million US citizens within a matter of days after the bill becomes law. Eligibility was narrowed for the cheques to limit them for individual taxpayers making $80,000 a year or less. The bill provides for an estimated $225bn in one-time, direct payments of up to $1,400 for middle and lower-income Americans. Here are highlights of what is in the COVID-19 relief bill passed by the Senate on March 6 and now awaiting final passage by the US House of Representatives. House of Representatives Speaker Nancy Pelosi told reporters at the Capitol on Monday the House would likely vote on the bill on Wednesday. “We have a K-shaped recovery going on, in which high-income people are doing much better than those at the bottom of the economic ladder – low-wage workers and minorities,” Yellen said in an interview on the MSNBC news outlet. US Treasury Secretary Janet Yellen said on Monday the bill should help the US return to “full employment” next year.
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The bill provides direct payments to individual US citizens, tax credits for families with children, and hundreds of billions in bailouts for state and local governments, pension funds, small businesses, public schools, and healthcare providers. The US Congress is preparing to send President Joe Biden an enormous $1.9 trillion economic stimulus and COVID-19 relief package that policymakers hope will set the stage for a recovery from the devastating coronavirus pandemic in the United States.