Q: There was so much back and forth in the news around the holidays about the economic relief package that I’m confused about what finally passed and what it means for the average worker. What are the highlights?
A: To be honest, I sort of tuned out around the holidays as well, so I had to do some research at CNBC.com and nytimes.com. Here’s what I found:
Individual Checks – The economic relief package that passed will provide a onetime $600 stimulus check to most Americans (not just workers) who make less than $75k ($150k filing jointly) and their dependent children 17 and under. This is half the size of the $1,200 stimulus check Americans received in 2020 via the CARES act.
With Senate control switching to Democrats, my guess is there will be another stimulus check, this time closer to $2,000, but probably more targeted.
When will I get my stimulus?
You might already have it. If the IRS has your direct deposit info -for instance if they’ve sent you tax refunds through direct deposit in the past, check your account, as it might already be there. The Treasury Department planned to begin mailing checks by December 31 –but with our currently tattered US postal service it might be a while before everyone who is supposed to receive a check gets their money. For comparison, according to the nytimes.com “When stimulus checks were approved last year under the CARES Act, it took about two weeks for payments to begin landing via direct deposit. But people who received their payments by another method often had to wait much longer.”
The package also included other relief that will be helpful workers:
Unemployment Benefits – The bill extends the amount of time that people can collect unemployment benefits, and will restore half of the extra federal benefit on top of the usual state benefit, which had expired. They will now offer $300 (instead of $600 last year) for 11 weeks through March 14, 2021.
Small business loans – There will be another round of Paycheck Protection Program loans for small businesses, “$12 billion of which is earmarked for minority-owned businesses and $15 billion of which will go to live venues, independent movie theaters and cultural institutions.”
“It also expands PPP eligibility to include nonprofits and local newspapers, TV and radio broadcasters.”
Rental evictions
The agreement extends a moratorium on renter evictions through Jan. 31. The Centers for Disease Control and Prevention said the extension of the moratorium was needed “to prevent renters from ending up in shelters or other crowded living conditions, which would put them at higher risk of contracting the coronavirus.”
Hope this summary is helpful.
Source https://www.nytimes.com/article/stimulus-deal-update.html
©Copyright Eva Del Rio. Send questions to Eva@evadelrio.com
