In the midst of the ongoing COVID-19 pandemic, the United States economy has suffered a massive blow, with millions of Americans losing their jobs and businesses shutting down. To combat this dire situation, the US Congress has been debating a new stimulus package, but the million-dollar question on everyone`s mind is: “Did Congress reach an agreement on stimulus?”
Well, the answer is yes, Congress finally reached an agreement on a new stimulus package on December 21, 2020, after months of negotiations. This relief package is worth $2.3 trillion and includes funding for different sectors of the economy.
One of the most significant components of the package is a $600 direct payment to eligible individuals, which is half of the $1,200 provided in the first round of stimulus checks. Individuals earning up to $75,000 will receive the full amount, while those earning more will receive a reduced payment. Additionally, families will receive $600 for each eligible dependent, up to a maximum of three dependents.
The new relief package also includes an extension of unemployment benefits, with an additional $300 per week added to state unemployment benefits. The benefits will be extended for 11 weeks until March 14, 2021, and will cover independent contractors and gig workers who were not previously eligible for unemployment benefits.
Small businesses will also receive a boost from the relief package, with $284 billion set aside for the Paycheck Protection Program (PPP), which provides forgivable loans to eligible businesses to help them maintain payroll costs. The PPP has been expanded to include more types of expenses, such as PPE and business software, and businesses can apply for a second loan if they meet certain criteria.
Furthermore, the relief package includes funding for various sectors of the economy, such as education, healthcare, transportation, and housing. It also provides funding for vaccine distribution and COVID-19 testing, as well as aid to states and local governments.
As a professional, it is important to note that this is a developing story, and details surrounding the stimulus package are subject to change. However, one thing is certain – the relief package will provide much-needed assistance to individuals, families, businesses, and various sectors of the economy, which have been hit hard by the pandemic.
In conclusion, Congress has finally reached an agreement on a new stimulus package, providing some relief to millions of Americans who have been struggling during the COVID-19 pandemic. While the package is not perfect, it provides a much-needed lifeline to those in need and will hopefully help jumpstart the US economy in the coming months.
