“After eight months of back and forth, Democratic and Republican leaders announced on Sunday that they’ve arrived at an agreement on a roughly $900 billion plan. The House of Representatives will vote on the bill Monday, according to House Majority Leader Steny Hoyer.”
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“The legislation contains much-needed coronavirus relief including a weekly $300 enhancement in unemployment insurance, a new round of $600 stimulus checks, and renewed support for small businesses.
Lawmakers in both chambers will have a chance to review the bill — which is being attached to the annual government spending package — before they take a vote.”
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“The $900 billion legislation ultimately offers far less aid than a prior $2.2 trillion proposal House Democrats had put forth, and significantly more than the narrow $550 billion bill that Senate Republicans have favored. Democrats signaled Sunday that this wasn’t the last of the relief they planned to send out.”
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“$325 billion is dedicated to small-business aid including repurposed funding for the Paycheck Protection Program, a forgivable loan program that business owners can apply for to cover payroll and operational costs. These loans are aimed at businesses that have seen revenue declines this year. For many, however, this aid comes too late — according to a Fortune report, almost 100,000 small businesses have already closed permanently during the pandemic.”
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“$25 billion in rental assistance is included as well as the establishment of a federal eviction moratorium.”
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“$13 billion for food aid to help fund a monthly 15 percent increase in individual SNAP benefits, aid for children who received food support at school, and money for other programs including Meals on Wheels and WIC (the Special Supplemental Nutrition Program for Women, Infants, and Children). Demand for such aid has spiked dramatically during the pandemic” …
“There is an extension of paid leave tax credits for businesses, which continues a policy established in the Families First Coronavirus Response Act”
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“other provisions as well, including $82 billion to help schools reopen; $15 billion in aid for airlines — which would be required to bring furloughed employees back — according to Reuters; and language that bans surprise medical bills for emergency care.
It also has new guidelines for the Federal Reserve after Republicans — led by Sen. Pat Toomey (R-PA) — demanded emergency lending programs at the Fed be canceled in any final version of the bill.
As Vox’s Emily Stewart has explained, the Fed will be forced to eliminate several emergency lending programs created with CARES Act funding in the spring, and will be barred from restarting them without congressional approval. It will also return the unused portion of the $454 billion Congress allotted it under the CARES Act to the Treasury Department, something the Fed had agreed to do in November.”
https://www.vox.com/2020/12/20/22191834/congress-coronavirus-stimulus