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As Stimulus Talks Drag, Is A $600 Verify Sufficient?

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With the Friday deadline approaching, the latest stimulus package seems closer than ever. So far, however, nothing has been signed. The $ 900 billion stimulus proposal originally didn’t include direct payments to Americans, although recent word from Congress says checks will eventually be included – even if they’re only half the CARES counterpart.

Since stimulus checks were one of the greatest weaknesses for the legislature, the addition means that we could very well have something tangible by the weekend. This is just in time for the 10 million people whose unemployment benefits would end on December 26th and the millions who would be displaced without help.

Here’s what is expected to be included

Aid for schools and vaccine distribution is included, although the exact breakdown is not entirely clear. Here’s what we know so far.

  • Stimulus tests – While it was a late addition, one-time direct payments to Americans are included in the current plan. It’s just not at the level of the CARES law. Americans are expected to get $ 600, $ 700 if we’re lucky.
  • Unemployment benefit – $ 300 weekly unemployment benefit is included – a 50% decrease from the $ 600 weekly benefit provided by the CARES Act. Long-term unemployed also see some relief from the expansion of the additional state unemployment benefit.
  • Business help – More than $ 300 billion pledged to support businesses, including another round of paycheck protection for weak small businesses.
  • Tenants and food assistance – $ 25 billion will be allocated to help tenants say in their homes. Food aid is also included.
  • Postal service – US $ 10 billion has been allocated to rescue the US postal system.

[ Read: Latest PPP Data Raises Questions About the Distribution of Loans ]

Why the delay?

It’s the same old story, Democrats and Republicans can’t agree on what to include and prioritize in the package. We seem to have overcome the hurdle for stimulus testing, although it came at the expense of a larger test.

The original proposal for a $ 908 billion bipartisan stimulus package included $ 106 billion for state and local governments – a provision Republicans would not pass. So that slowed things down. Democrats were able to secure aid to cities through funding for transportation, schools, and vaccine distribution. it’s just not as much as they originally asked for. Democrats opposed liability protection for businesses and universities that may face coronavirus-related lawsuits, forcing both sides to compromise.

[ Read: 11 States Stepping up to Supplement Unemployment Benefits ]

The solution at hand was to split the original plan into two smaller bills so that they could delay the controversial issues without holding up the bulk of the package. The first bill totals $ 748 billion and includes measures such as the paycheck protection program and unemployment benefits.

Too long, not read?

The series of exchanged proposals seems to be coming to an end – and there is little time to avoid a government shutdown. But there are things that the legislature still cannot agree on. Despite everything, Biden remains helpful, saying this package is “an important down payment” for the additional help that will come in 2021.

We appreciate your feedback on this article. Contact us at enquiries@thesimpledollar.com with comments or questions.

Photo credit: Tasos Katopodis / Getty Images

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