Washington (AP) – The Senate on Saturday approved a nationwide aid package against the Republican opposition, bringing President Biden closer to a political victory event that would provide $ 1,400 in coupons for most Americans, directing billions of dollars to schools, states, local governments and businesses.
The bill, which was passed by a 50-49 vote after the marathon session, was approved by 50-49 votes and is now back in the House for final approval, which may come early next week.
Democrats say their “American rescue plan” will help the country overcome the virus and improve its economy. Republicans have criticized the $ 1.9 trillion package, which is too expensive. The move builds on five previous virus bills totaling about $ 4 trillion, which went into effect in Congress last spring.
A look at some important points of the legislation.
Assistance to the unemployed
Extended unemployment benefits from the federal government will be extended until September 6 to $ 300 a week. It’s all about what beneficiaries get through their state unemployment insurance program. The first $ 10,200 in unemployment benefits is not taxable for households earning less than $ 150,000.
In addition, the measures provide for a 100% subsidy on COBRA health insurance premiums to ensure that laid-off workers can stay free of charge in their employer’s health plans until the end of September.
The law provides for a direct payment of $ 1,400 for a single taxpayer, or $ 2,800 for a couple divorcing, plus $ 1,400 per dependency. Individuals earning up to $ 75,000 will receive the full amount, as will married couples earning up to $ 150,000.
The check will be reduced for those earning a little more, a sharp cut of $ 80,000 for individuals and $ 160,000 for married couples.
Most Americans will receive the full amount. The average household income in 2019 was $ 68,703, according to the US Census Bureau.
CHANGE FOR STATE AND LOCAL GOVERNMENTS
The legislation will send $ 350 billion to state և local governments և tribal governments by the end of 2024. The bill also requires small states to receive at least the amount they received under viral legislation passed by Congress last March.
Many communities have hit their tax base during the epidemic, but the impact varies from state to state. Critics say the funding is not targeted, it is much higher than the billions of dollars allocated to states and communities in the spring of last year.
Help for schools
The bill provides an additional $ 130 billion in additional assistance to schools for kindergarten to 12th grade students. The money will be used to reduce the size of the classrooms, to change classrooms, to improve social distance, to install ventilation systems, to purchase personal protective equipment. The money could also be used to increase the rent for nurses, consultants and provide a summer school.
Expenditures for colleges and universities will be increased by about $ 40 billion, which will be used to cover the institution’s epidemic costs, provide emergency care for students, and cover food, housing, and computer equipment.
HELP FOR USERS
The new program of restaurants and bars affected by the epidemic will receive $ 25 billion. Grants provide up to $ 10 million per company, with a limit of $ 5 million per physical location. Grants can be used to cover salaries, rent, utilities, and other operating expenses.
The bill also provides $ 7.25 billion for the Paycheck Protection Program, which was a small part of the previous legislation. The bill also allows nonprofits to apply for loans designed to help borrowers meet their salaries, operating expenses, and possibly forgiveness.
Testing և vaccines
The bill provides $ 46 billion to expand COVID-19 federal, state-to-local testing, expand contract search capabilities with new investments, expand laboratory capacity, and deploy mobile testing units. It also contains about $ 14 billion to accelerate the distribution and administration of COVID-19 vaccines across the country.
Some pieces of legislation push for long-term democratic priorities, such as increasing coverage under the Obama-era Affordable Care Act. Financial assistance would be significantly more generous to ACA premiums, and a larger number of strong middle-class households would be satisfied. Although sweetened subsidies are only available until the end of 2022, they will reduce the cost of coverage and are expected to boost the number of people involved.
The measure also costs more money in front of dozens of states, mostly in the south, that have not yet undertaken the expansion of Medicaid, which is available under ACA to cover lower-income adults. It is unclear whether such a sweetener will be enough to start the Republicans’ long-standing opposition to Medicaid expansion.
MORE IG TAX VIOLATIONS FOR ECONOMIC TOURS AND WITHOUT: FOR CHILDREN
Under current law, most taxpayers can reduce the federal income tax bill by up to $ 2,000 per child. In the event of a significant change, the bill would increase tax benefits to $ 3,000 for each child between the ages of 6 and 17 and $ 3,600 for each child under the age of six.
The law also requires that payments be made on a monthly basis, instead of a lump sum. If the Treasury Secretary decides that this is not feasible, payments should be made as often as possible.
Households will receive full credit, no matter how little they produce in a year, leading to criticism that the changes will serve as a stimulus. According to Columbia University’s Center for Poverty and Social Policy, add $ 1,400 checks, other items, and legislation to reduce the number of children in poverty by more than half.
The bill also significantly expands the Earned Income Tax Credit for 2021, making it accessible to people without children. Low-income middle-income loans will be $ 543-1502, depending on income և submission status.
RENTAL AND ECONOMIC ASSISTANCE
The bill provides for about $ 30 billion to help low-income households, the unemployed, pay utilities, provide assistance, referrals, and other assistance. States և tribes would receive an additional $ 10 billion for homeowners struggling to repay their mortgages because of the epidemic.