After months of back-and-forth discussions, Congress has finally passed a second stimulus package.
Officials voted Monday night to approve the $900 billion pandemic relief bill, which was then forwarded to President Donald Trump for his signature.
“We put our heads down and worked around the clock for nearly a month to produce a bipartisan, bicameral bill to address the emergency needs of our country,” the lawmakers involved in the mattered said in an official statement. “Our consensus was the foundation of this final package.”
This consensus is the resulting bill which includes $25 billion in rental assistance; $15 billion for theaters and other live venues; $82 billion for local schools, colleges and universities; and $10 billion in childcare.
Additionally, money from the bill will be put towards several clean energy initiatives. Another $7 billion will be used to increase access to broadband; $4 billion will be put towards other nations to assist in vaccinating their people; and $14 billion will be allotted to transit systems, Amtrak and airports.
Lawmakers attached a $1.4 trillion catchall pending bill to the overall stimulus package.
As far as the American people are concerned, individuals will receive $300 in weekly unemployment benefits as well as one-time $600 stimulus checks that will be directly deposited into their accounts or sent via mail. Families with children may receive $600 per child who is 16 years old or younger. There is no limit on the number of children each family can claim.
Grow CNBC reports that payments will be based upon individual’s adjusted gross incomes. Although no set date has been given, checks are expected to arrive in 2021 although CNBC additionally reports that the first batch could be sent out as early as next week.
You can estimate how much you may receive from the second stimulus relief packaged based on the Omni Calculator embedded below:
The Associated Press contributed to this report.