On March 10th the House of Representatives is scheduled to take a final vote on Joe Biden’s enormous COVID relief plan. The bill, if passed, could benefit a lot of Americans, but also play as a significant achievement for the new administration. Passing such an ambitious bill only two months into his presidency and during a global pandemic would be a big deal for President Biden.
Here’s who can benefit from the bill:
Families making under $160,000 a year and individuals making under $80,000 a year are eligible for up to $1,400 checks per person. These will be added to the $600 checks sent out last December, totaling a possible $2000 in stimulus checks (although people who were eligible for the $600 checks may not be eligible for these newer ones as the income requirements were reduced).
Additionally, the current $2,000 child tax credit will be raised to $3,600 for children under six years old and $3,000 for those between 6 and 17. Starting this summer, a “child allowance” will pay this credit to families on a monthly basis. This means instead of having to wait for a tax refund, eligible families will be able to spend the money right away. Hopefully, this system will help raise families out of poverty.
Anyone without a job will get a $300 raise to their unemployment benefits all the way through September. The first $10,200 of payments will be untaxable.
Food stamp recipients will receive a 15% increase in benefits until September as well. Depending on your state, Pandemic-EBT benefits will be available to families throughout the summer. This program helps feed families that are dependent on free or reduced-price school meals.
Low-income households behind on rent or mortgage will receive some of the $20 billion dollars dedicated to covering utility bills and rent/mortgage payments.
Small business owners will be able to take advantage of long-term, low-interest loans from a $15 billion dollar budget. The smallest businesses (less than ten employees), will be given priority for this money.