Congress has released a $900 billion coronavirus relief bill that is expected to pass and be signed into law on Monday.
After months of negotiations between both parties, an agreement was reached on sweeping legislation that includes stimulus checks, aid to small businesses, and unemployed individuals as well as funding for vaccine distribution, broadband deployment, education, and more.
“We can finally report what our nation has needed to hear for a very long time,” said Senate Majority Leader Mitch McConnell after the agreement was reached. “More help is on the way.”
Key areas of the legislation:
• Provides stimulus checks of $600 per adult making less than $75,000 per year, and $600 for each dependent child
• Allocates around $325 billion in business relief, with $284 billion in funds going to Paycheck Protection Program loans for small businesses and some nonprofit organizations, including 501c6 nonprofits, such as local chambers of commerce
• Dedicates $20 billion for coronavirus vaccine distribution
• Extends federal unemployment benefits at $300 a week for 11 weeks, and expands benefits for gig workers and freelancers
• Provides $82 billion for schools and colleges, and $10 billion for childcare to help reopen and prevent spread of the coronavirus
• Allocates $7 billion to expand broadband access, and $45 billion for transportation needs such as state transportation departments
Stay tuned on The Bottom Line for more information as the coronavirus bill passes through Congress.