The House of Representatives and the Senate on Monday passed a $900 billion COVID-19 relief bill following months of negotiations.
Congress also passed a $1.4 trillion annual federal spending package to keep the federal government funded for another year. Totaling $2.3 trillion, the year-end government funding package that includes the COVID-19 relief comes to 5,593 pages (pdf), by far the longest bill ever.
The measure passed the House along a 359-53 vote, and passed the Senate along a 91-7 vote. It now moves to President Donald Trump’s desk to be signed. If the bill is signed, a government shutdown would be averted, because federal funding will expire at midnight.
The COVID-19 relief package includes a $600 direct stimulus payment to most Americans making up to $75,000 per year, and $1,200 to couples making up to $150,000, with payments phased out for higher incomes. An additional $600 payment is allotted per dependent child, similar to the last round of relief payments in the spring.
Treasury Secretary Steven Mnuchin, a key White House negotiator, said on CNBC Monday morning that the direct payments would begin arriving in bank accounts next week if the bill is passed.
The legislation would also provide enhanced unemployment insurance benefits of $300 per week. This is about half the supplemental federal unemployment benefit provided under the $1.8 billion CARES Act in March. The direct $600 stimulus payment is also half the March payment.
The sweeping bill includes $284 billion in the Paycheck Protection Program, to cover a second round of small-business loans and grants to especially hard-hit businesses. It would exclude publicly-traded companies from eligibility.
The bill also carves out $25 billion for rental assistance, and extends a ban on evictions that was due to expire by the end of January 2021.
The House of Representatives and the Senate on Monday passed a $900 billion COVID-19 relief bill following months of negotiations.
Congress also passed a $1.4 trillion annual federal spending package to keep the federal government funded for another year. Totaling $2.3 trillion, the year-end government funding package that includes the COVID-19 relief comes to 5,593 pages (pdf), by far the longest bill ever.
The measure passed the House along a 359-53 vote, and passed the Senate along a 91-7 vote. It now moves to President Donald Trump’s desk to be signed. If the bill is signed, a government shutdown would be averted, because federal funding will expire at midnight.
The COVID-19 relief package includes a $600 direct stimulus payment to most Americans making up to $75,000 per year, and $1,200 to couples making up to $150,000, with payments phased out for higher incomes. An additional $600 payment is allotted per dependent child, similar to the last round of relief payments in the spring.
Treasury Secretary Steven Mnuchin, a key White House negotiator, said on CNBC Monday morning that the direct payments would begin arriving in bank accounts next week if the bill is passed.
The legislation would also provide enhanced unemployment insurance benefits of $300 per week. This is about half the supplemental federal unemployment benefit provided under the $1.8 billion CARES Act in March. The direct $600 stimulus payment is also half the March payment.
The sweeping bill includes $284 billion in the Paycheck Protection Program, to cover a second round of small-business loans and grants to especially hard-hit businesses. It would exclude publicly-traded companies from eligibility.
The bill also carves out $25 billion for rental assistance, and extends a ban on evictions that was due to expire by the end of January 2021.
The Associated Press and Reuters contributed to this report.
From The Epoch Times
