The measure is the second-largest federal stimulus package after the $2 trillion approved by Congress in March.
Lawmakers passed the bill last Monday, just in time to do something before the end of December, when several CARES Act assistance programs expired, including key measures to help unemployed pandemic victims and eviction protections.
Here's what's inside:
The package sends $600 in direct incentives to individuals, half the amount of the first round of checks that went out in the spring.
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Eligible families will receive an extra $600 per child - that's $100 more than Congress gave families in the first round of aid last spring.
Payments begin to decrease for those with an adjusted gross income of more than $75,000, and those earning more than $99,000 will receive nothing. Income thresholds are doubling for couples.
The amounts will be based on 2019 income. Those who filed their tax returns for 2019 will receive their money automatically, as will Social Security recipients and those who have uploaded their bank account information through the IRS online portal to receive their first payments.
Undocumented immigrants without a Social Security number are still not eligible to receive payments. But unlike the first round, their spouses and children are now eligible to receive payments if they have Social Security numbers.
Until March 14, unemployed workers will receive a weekly federal benefit of $300. That amount is half of the previous federal increase, which ended in late July.
Because Trump waited until Sunday to sign the bill, many unemployed Americans can only get 10 weeks of extra payments instead of 11 weeks.
The package also extends for 11 weeks two other pandemic unemployment programs that were created by the CARES Act in March and expired at the end of the year.
The original pandemic unemployment relief program provided unemployment benefits to workers, the self-employed, independent contractors, the self-employed, and some people affected by the coronavirus for up to 39 weeks. The pandemic emergency unemployment compensation program provided an additional 13 weeks of payments to those who exhausted their regular government benefits.
Both programs will close to new claimants on March 14, but will continue until April 5 for existing claimants who have not yet reached the maximum number of weeks.
The measure also provides a federally funded supplemental benefit of $100 per week to those who have at least $5,000 in annual self-employment income but do not qualify for pandemic unemployment assistance, as they are entitled to receive regular state unemployment benefits.
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In addition, the package gives states the right to waive the overpayment if the claimant is not at fault.
The final settlement is less generous than the original bipartisan agreement reached earlier this month. It would have provided 16 weeks of increased payments and benefits for the pandemic.
The package also continues full federal funding for benefit enhancement through mid-March, providing up to 20 additional weeks of payments based on a state's unemployment rate. Generally, the States and the Federal government share the table. Currently, fewer than two dozen states offer extended benefits due to the improving economy.
Small business loans.
The Payment Protection Program is being reopened as part of the package, so that some of the most affected small businesses can apply for a second loan. The program stopped accepting applications for the first round of loans in August.
Second loans would be limited to those with fewer than 300 employees whose earnings decrease by at least 25% during the first, second, or third quarter of 2020. It also reduces the amount a borrower can receive from $10 million to $2 million, gives businesses more flexibility in how they spend the money, and makes it easier to forgive loans under $150,000.
It provides $12 billion for minority-owned businesses. It also allows $12 billion for minority-owned businesses. It also expands the ability to borrow for more nonprofits, as well as for local newspapers and television and radio stations.
Grants for theaters and other performance venues...
The package creates a $15 billion grant program for residences, theaters and museum operators that have lost at least 25 percent of their income.
The initial grant could be up to $10 million per company. There may also be a second grant, worth half of the first amount.
The money will be used to cover certain expenses such as salaries, rent, utilities and personal protective equipment.
During the first 14 days of the program, grants will be provided to those who face a 90 percent loss of income. Then, those who face a loss of income of at least 70 percent will be eligible to receive grants for the next two weeks. After the first month of the program, grants can be made to any other eligible business.
Funding for Schools and Childcare
It provides $82 billion in aid to K-12 schools and colleges. Previous proposals by Republicans and Democrats had provided at least $100 billion in aid to schools.
An additional $10 billion is being allocated to support nursing facilities. The $8 billion is to support childcare centers that have fought the pandemic.
It extends until January 31, when eviction protections expire at the end of the year. It also provides $25 billion in rental assistance. Provides $25 billion in rental assistance to people who lost their sources of income during the pandemic.
The package increases SNAP benefits by 15% in six months, but does not extend eligibility. That's more generous than the original bipartisan agreement in early December, which called for a four-month increase.
Democrats favored expanding the Supplemental Nutrition Assistance Program, or SNAP, because food stamps have been officially known since the beginning of the pandemic, but the provision was never included in previous aid packages.
It also expanded the pandemic EBT program to include families with children under age 6 who receive food stamps, considering them "enrolled" in child care and eligible for benefits. The program provides cash to low-income families with school-aged children in lieu of the free and reduced-price meals they would receive at school.
It channels $400 million to food banks and pantries through the Emergency Food Assistance Program.
It also provides $175 million for food services for seniors, such as Meals on Wheels, and $13 million for the Supplemental Commodity Feeding Program, which serves more than 700,000 older Americans each month.
Funding for vaccines and hospitals
It provides $20 billion for the purchase of vaccines, so that they are available at no cost to those who need them, and another $8 billion for vaccine distribution.
It is allocating $1 billion to help with testing.
And he's adding $3 billion. That adds $3 billion to the $175 billion available to hospitals and clinics in the United States. The original agreement would have provided hospitals and health care facilities with $135 billion in reimbursement for health care expenses or lost revenue due to the pandemic. The original agreement would have given them an additional $35 billion.
payroll tax refunds
Employers who have been deferring their employees' payroll taxes since August under Trump's executive action now have until the end of 2021 to increase their employees' withholdings to refund the taxes owed to them. The original deferred amount was due by April 30.
Many federal employees had to participate in the program, although their unions protested.
What is not included is funding from state and local governments.
The package does not contain any direct aid to states and local governments, which is a rejection of the original request for $160 billion as a basis for good faith negotiations.
The package also includes $160 billion as a basis for good faith negotiations. This provision was one of the most controversial in the negotiations. House Democrats appropriated $875 billion for an aid bill that was passed by the House in May to help states and local governments struggling with declining tax revenues from the pandemic.
But Republicans were reluctant to allocate additional aid beyond the $150 billion of the $2 trillion in the March congressional aid bill, which could only be used for costs related to the coronavirus. Republican lawmakers said they do not want to bail out states that have mismanaged their finances.
In a joint statement last week, House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer said the final agreement included emergency resources for schools, $27 billion for state roads, distressed transit agencies, Amtrak and airports, and $22 billion for health care costs for state, local, tribal and territorial governments.
In addition, the legislation provides $2 billion to support intercity buses.
The bill also extends the one-year deadline for the $150 billion in coronavirus relief funds. State and local governments are rushing to use all of that money by the current December 30 deadline, and many are helping residents.
State and local officials have also asked for the opportunity to use some of these funds to make up for budget shortfalls.