A guide to what you can expect from the $ 1.9 trillion stimulus package

0
By Tami Luhby and Katie Lobosco, CNN

(CNN) – The $ 1.9 trillion coronavirus package contains a wide range of benefits to help Americans still battling the economic fallout from the pandemic.

The House of Representatives passed the bill on Wednesday, clearing the way for President Joe Biden to enact it later this week.

Here’s how Americans could benefit from the legislation:

If your family earns less than $ 160,000 per year

The bill provides for direct payments of up to $ 1,400 per person to married couples earning less than $ 160,000, heads of households earning less than $ 120,000 per year, and people earning less than $ 80,000 per year .

Stimulus payments will be phased out faster this time around than in the past – but for those who qualify, the new payments will complement the $ 600 checks approved in December, bringing beneficiaries to a total of $ 2,000 each. .

Related: How much will your stimulus check be? Use this calculator

Those earning less than $ 75,000 will receive the full $ 1,400. Married couples earning less than $ 150,000 per year will receive $ 2,800 – and families with children are entitled to an additional $ 1,400 per dependent. Heads of households earning less than $ 112,500 per year will also receive the full $ 1,400 plus $ 1,400 per dependent.

Income thresholds will be based on the most recent taxpayer return. If they have already filed a 2020 return at the time the payment is sent, the IRS will base the eligibility on their adjusted gross income for 2020. Otherwise, it will be based on the 2019 return or information submitted through a portal in line set up last year for people who typically don’t file tax returns.

If you are unemployed

The unemployed will receive a weekly federal boost of $ 300 in unemployment benefits and will receive those payments until September 6. In addition, two key pandemic unemployment benefit programs will be extended for the same period.

The bill also calls for making the first $ 10,200 in unemployment benefits tax-exempt for households with annual incomes below $ 150,000.

Freelancers, concert workers, independent contractors and some people affected by the pandemic may receive benefits through the Unemployment Pandemic Assistance Program, while the Pandemic Emergency Compensation Program of unemployment increases the duration of payments for people under the state’s traditional unemployment system.

Unemployed Americans will begin to run out of benefits from both programs this weekend, when December’s $ 900 billion relief program provisions begin to disappear.

The $ 300 improvement that was part of the December deal also ends this weekend.

If you are hungry

Food stamp recipients will see a 15% increase in benefits continue through September, instead of expiring at the end of June.

And families whose children’s schools are closed may be able to receive Pandemic-EBT benefits throughout the summer if their state chooses to continue. The program provides funds to replace free and discounted meals the children would have received in school.

If you’re behind on your rent or mortgage

The bill will send about $ 20 billion to state and local governments to help low-income households cover rent, rent assistance, and utility bills.

It authorizes about $ 10 billion to help struggling homeowners pay off their mortgages, utilities and property taxes.

The bill also provides $ 5 billion to help states and communities help people at risk of becoming homeless by providing them with safe and socially remote housing, for example. Another $ 5 billion goes to emergency housing vouchers for the homeless.

If you have children

Many families with minor children will be able to claim a larger child tax credit for 2021. Low-income parents, in particular, would benefit.

Qualifying families can receive a child tax credit of $ 3,600 for each child under age 6 and $ 3,000 for each under age 18, up from the current credit of up to $ 2,000 per child. child under 17 years old.

The enhanced portion of the credit will be available to single parents with an annual income of up to $ 75,000 and joint tax filers earning up to $ 150,000 per year.

The tax credit will also become fully refundable so that more low-income parents can take advantage of it. In addition, households can receive monthly payments, rather than a lump sum once a year, which is intended to make it easier for them to cover their expenses.

Families who pay for child care may receive additional help. The bill will provide $ 39 billion to child care providers, some of which will have to be used to help families struggling to pay the cost.

If you are sick

If you’re sick, quarantined, or caring for a loved one or child whose school is closed, bills may prompt your employer to offer sick leave and paid family leave.

Unlike Biden’s original proposal, the bill does not reinstate the mandatory paid family and sick leave approved in a previous Covid relief program. But it will continue to give tax credits to employers who voluntarily choose to offer the benefit until October 1.

Last year, Congress guaranteed many workers two weeks’ pay if they contracted Covid or were in quarantine. It also provided an additional 10 weeks of paid family leave for those staying at home with children whose schools were closed. These benefits expired in December.

If you need health insurance

More Americans can benefit from higher federal grants for Affordable Care Act policies for two years.

Registrants will pay no more than 8.5% of their income for coverage, compared to almost 10% currently. Additionally, those earning more than the current ceiling of 400% of the federal poverty level – about $ 51,000 for an individual and $ 104,800 for a family of four in 2021 – will become eligible for assistance.

Low-income members can have their premiums removed completely for two years, and those receiving unemployment benefits can purchase coverage without premiums in 2021.

In addition, laid-off workers who wish to remain affiliated with their employer’s health insurance plan through COBRA will not pay any premium from April to the end of September.

If you own a small business

The bill provides $ 15 billion for the Disaster Emergency Loan Program, which provides long-term, low-interest loans to the Small Business Administration. Severely affected small businesses with fewer than 10 workers will be given priority for some of the money.

It also provides $ 25 billion for a new subsidy program specifically for bars and restaurants. Qualifying businesses can receive up to $ 10 million and can use the money for a variety of expenses, including payroll, mortgage and rent, utilities, and food and drink.

The paycheck protection program, which is currently accepting second-round loan applications, would get an additional $ 7 billion and the bills would make more nonprofits eligible.

Another $ 175 million would be used for awareness and promotion, creating a community browser program to help target eligible businesses.

Who is unlucky?

Workers paid at or just above the federal minimum wage of $ 7.25 an hour will not see a wage increase.

The Senate parliamentarian ruled in late February that raising the hourly threshold to $ 15 did not meet a strict set of guidelines needed to move forward with the reconciliation process, which would allow Senate Democrats to pass the bill. relief with a simple majority and no Republican vote.

The-CNN-Wire ™ & © 2018 Cable News Network, Inc., a Time Warner Company. All rights reserved.

Leave A Reply

Your email address will not be published.