What Does The Newest Covid Relief Bill Entail?

 As of March 8, 2021, the 1.9 trillion dollar relief package is expected to be in place shortly.

Stimulus Checks

The top item on most Americans list is the next round of stimulus checks, which will include: 

  • $1,400 per person for people earning up to $75,000 / couples earning up to $150,000
  • The payment will phase out entirely at $80,000 per year for individuals / $160,000 for joint filers
  • Plus an additional $1,400 per dependent, regardless of age

Child Tax Credit

The bill includes a major temporary overhaul to the child tax credit that could mean most families with children would receive monthly payments if the bill becomes law. The legislation increases the existing child tax credit to $3,000 for children 6 to 17 and $3,600 for children under 6. The amount is gradually reduced for couples earning over $150,000 and individuals earning over $75,000 per year. Families eligible for the full credit would get payments of $300 per child, per month, from July 2021 through the end of the year.

 Federal Unemployment Benefits

The additional federal unemployment benefits that most people are currently receiving would increase from $300 per week to $400 per week through the end of August.

Paycheck Protection Program 

The bill includes $7.25 billion in new money for the Paycheck Protection Program and would allow more nonprofits to apply, including those that engage in advocacy and limited lobbying. It also allows larger nonprofits to be eligible.

New Grant Program For Food & Beverage Industry

The Small Business Administration would get $25 billion for a new grant program for “restaurants and other food and drinking establishments.” Grants would be available up to $10 million per entity and $5 million per physical location with a maximum of 20 locations. The legislation will set aside $5 billion to target businesses with less than $500,000 in revenue in 2019.

Additional funds would be made available for:

  • Rental assistance
  • Pandemic supplies 
  • Expanded tax credits for low-income workers without children
  • Grants for venues
  • Public health vaccines and Covid diagnosing and tracing
  • Elementary and secondary schools; Higher education 
  • Child care and early childhood education funding
  • Support for low-income families and older Americans