House Passes $1.9 Trillion COVID Stimulus Package

stimulus package

House Democrats passed a $1.9 trillion coronavirus relief package on Wednesday. Now the bill just needs to be signed by President Joe Biden. According to reports, the President should sign on Friday.

What's in the bill? 

The plan includes unemployment aid, direct payments, tax credit expansions, vaccine distribution funds and state and local government relief, among a range of other provisions.

Here are the proposal’s major pieces:

  • It extends a $300 per week jobless aid supplement and programs making millions more people eligible for unemployment insurance until Sept. 6. The plan also makes an individual’s first $10,200 in jobless benefits tax-free.
  • The bill sends $1,400 direct payments to most Americans and their dependents. The checks start to phase out at $75,000 in income for individuals and are capped at people who make $80,000. The thresholds for joint filers are double those limits. The government will base eligibility on Americans’ most recent filed tax return.
  • It expands the child tax credit for one year. It will increase to $3,600 for children under 6 and to $3,000 for kids between 6 and 17.
  • The plan puts about $20 billion into Covid-19 vaccine manufacturing and distribution, along with roughly $50 billion into testing and contact tracing.
  • It adds $25 billion in rental and utility assistance and about $10 billion for mortgage aid.
  • The plan offers $350 billion in relief to state, local and tribal governments.
  • The proposal directs more than $120 billion to K-12 schools.
  • It increases the Supplemental Nutrition Assistance Program benefit by 15% through September.
  • The bill includes an expansion of subsidies and other provisions to help Americans afford health insurance.
  • It offers nearly $30 billion in aid to restaurants.
  • The legislation expands an employee retention tax credit designed to allow companies to keep workers on payroll.

The bill passed the House by a 220-211 margin without a Republican vote.

 

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