As you were sleeping, the Senate FINALLY came to a deal on a brand new stimulus package that will bring money to Americans, bring some unemployment protections, and help bring some optimism to the economy as we continue to adjust to quarantine life due to the COVID-19 outbreak in this country.
This is the third stimulus bill that has been signed so far. The other two were signed on March 6, and March 18 respectively.
The next step is for both the Senate & the House of Representatives to sign the agreed-upon bill to then send to the White House and become official as law.
- Americans will receive $1,200 per individual & $2,400 per couple. For those with children, they will receive $500 per child. For those making $75,000 or more or $150,000 joint, they will receive a portion of $1,200. Anyone who makes $99,000 or $198,000 would not receive anything.
- 4 months of unemployment insurance instead of 3 months
- Unemployment insurance gives people up to 100% of their lost salary for up to 4 months.
- Increases unemployment benefits by $600 per week.
- $367 billion for small businesses
- $100 billion for hospitals and health system
- $30 billion in emergency education funding and $25 billion in emergency transit funding.
There is MUCH more in this bill, as it is currently being constructed with the final language being drafted in the bill, and expected to be signed later today. We will share more detailed information as it becomes available.