Sunday, November 24

What's in the stimulus package presented by lower house Democrats

A key committee of the Lower House presented on Friday the massive economic aid package for the coronavirus, that joined the bailout proposal of $ 1.9 billion from President Biden, in a bill of 591 pages .

The House Budget Committee is expected to consider this financial aid bill, which is based on measures approved by at least nine committees, on Monday.

Most of these, but not all, strictly adhere to what Biden described in his $ 1.9 trillion coronavirus relief proposal last month, reported CNN.

The full House may pass the legislation next week, but it could face roadblocks in the Senate, where Democrats can’t afford lose a single member of their party, due to division 50-50 in the camera.

Two Democrats, Senators Kyrsten Sinema of Arizona and Joe Manchin of West Virginia, have already voiced their opposition to a plan element, the increase in the federal minimum wage to $ 15 dollars an hour.

Time is of the essence. It is estimated that 11. 4 million workers will lose their unemployment benefits between mid-March and mid-April unless Congress approves their next coronavirus aid package in the coming weeks, according to a recent study by The Century Foundation.

Here’s what’s in the financial aid bill:

Stimulus checks

The House bill would provide direct payments through Stimulus checks worth up to $ 1, 400 dollars per person . A family of four could receive up to $ 5, 600 dollars. To people earning less than $ 75, 000 per year and married couples earning less than $ 150, 000 the full amount will be sent to you.

Payments would gradually decrease faster and would completely eliminate for people earning more than $ 100, dollars and families earning more than $ 200, 000.

Payment will be calculated based on the income of 2019 or 2020. Unlike the previous two rounds, adult dependents would be eligible for payments.

Unemployment assistance

The House bill would extend two key unemployment programs through 29 of August. It would also increase the federal weekly subsidy to $ 400 dollars, starting at $ 300 current, and would continue for the same period of time.

It would extend the duration of the program Pandemic Unemployment Assistance up to 74 weeks, instead of 50 weeks, and the Pandemic Emergency Unemployment Compensation Program , to 48 weeks, instead of 24 weeks.

The first provides benefits to self-employed, gig workers, freelance contracts, and certain people affected by the pandemic, while the latter increases the duration of payments for those in the traditional state unemployment system.

The president’s plan had called for the continuation of benefits until the end of September.

Unemployed Americans will begin to run out of Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation benefits in mid-March, when the provisions of the $ 900 billion dollar aid package approved in December will begin to be phased out.

The improvement of $ 300 dollars in unemployment also ends in mid-March.

Nutritional assistance

The House plan would expand the increase in rate up to September, instead of expiring at the end of June. It also contains help for the Special Supplemental Nutrition Program for Women, Infants, and Children, known as WIC. Biden asked to invest $ 3 billion in the program.

And it would allow states to continue the Pandemic-EBT, which provides families whose children’s schools are closed, funds to replace free meals or reduced price that the children would have received during the summer.

Housing assistance

The legislation would send approximately $ 19. 1 thousand million dollars to state and local governments to help low-income households cover back rent , rental assistance and utility bills. Approximately $ 10 billion is would authorize to help homeowners struggling to pay their mortgages, utilities and property taxes.

Tax credits for families and workers

Legislation strengthens tax credits for families and certain low-income workers for 2021.

In an effort to combat poverty, I would expand the child tax credit to $ 3, 600 dollars for children under 6 and $ 3, 000 for children under 18 years. The credit would also become fully refundable, so more low-income parents could take advantage of it. In addition, families could receive monthly payments, instead of a lump sum once a year, making it easier for them to pay bills.

The bill also improves the tax credit by earned income for workers without children. by nearly tripling the maximum credit and extending eligibility to more people. The minimum age to claim the credit without children would be reduced to 19, of 25, and the upper age limit would be removed. This would be the largest expansion of the earned income tax credit since 2009.

Sick Leave and Optional Paid Family Leave

Unlike Biden’s proposal, the House bill would not reinstate mandatory paid family leave and sick leave approved in a previous Covid relief package . But it continues to provide tax credits to employers who voluntarily choose to offer the benefit through October 1.

Education and Child Care

The bill would provide nearly $ 130 billion dollars to K schools – 12 to help students to return to the classroom.

Minimum wage

Legislation would increase the federal minimum wage at $ 15 dollars per hour for 2025 in stages.

It would also ensure that tipped workers, young workers, and workers with disabilities receive the full federal minimum wage.

The plan would increase wages by 27 million workers, according to the Budget Committee.

Health insurance and Medicaid subsidies

The The bill would make federal premium subsidies for Affordable Care Act policies more generous and remove the maximum income limit for two years.

The bill The law also provides funding for small businesses, aid to states, funding for COVID testing and vaccination – 19.