• Details of what’s in the $900 billion stimulus package.
Congressional leaders brokered a deal on a roughly $900 billion relief bill Sunday night, with promises to pass the legislation as soon as today.
Bill language was released late Sunday, and The Washington Post confirmed some details of what’s in the bill.
Stimulus checks
Individual adults who earned up to $75,000 in the 2019 tax year would receive a $600 payment. The size of the payment decreases for people who earned more than $75,000. The check disappears altogether for those who earned more than $99,000.
A couple earning up to $150,000 a year would get twice that amount. If they have dependent children, they would also get $600 for each child.
That means a family of four would receive $2,400, up to a certain income threshold.
Jobless benefits
Congressional leaders agreed to extend the amount of time that people can collect unemployment benefits.
It will restart an extra federal benefit that is provided on top of the usual state benefit. But instead of $600 a week, it would be $300. That would run at least through March 14.
Everyone eligible for unemployment benefits would receive an extra 11 weeks.
That includes people receiving state-level benefits as well as individuals receiving checks through the Pandemic Unemployment Assistance program for contract and gig workers.
Relief for businesses
The bill includes more than $284 billion for first and second forgivable Paycheck Protection Program (PPP) loans, expanded PPP eligibility for nonprofits and news outlets and modifications to the program to serve small businesses, nonprofits and independent restaurants.
Businesses that received PPP loans and had them forgiven will also be allowed to deduct the costs covered by those loans on their federal tax returns. While the issue had been a point of contention, John Thune, R-S.D., the No. 2 ranking Republican senator said the costs would be deductible under the final agreement.
The package also provides $15 billion in funds for live venues, independent movie theaters and cultural institutions.
The deal includes $20 billion for targeted grants through the Economic Injury Disaster Loan program.
The package also includes a tax break for corporate meal expenses urged by the White House and denounced by Democrats. Dubbed the “three martini lunch” tax deduction by opponents, the tax break was promoted by Trump as a way to revive the restaurant industry.
Emergency rental assistance and eviction moratoriums
It would extend by one month a moratorium on evictions that was slated to expire at year’s end. The incoming Biden administration can extend the deadline further.
The bill also includes $25 billion in emergency assistance to renters, though it remains unclear how the money will be distributed.
Money for coronavirus vaccine distribution
In a Sunday night statement, House Speaker Nancy Pelosi, D-Calif., and Senate Minority Leader Chuck Schumer, D-N.Y., said the package includes billions of dollars to accelerate vaccine distribution and carry out a national testing and tracing strategy.
School funding
Colleges and schools will have $82 billion to cover HVAC repair and replacement and to reduce the risk of coronavirus infections and reopen classrooms.
Lawmakers also struck a deal on $10 billion for childcare assistance.
Other categories
Schumer and Pelosi said the package includes legislation to end surprise billing for emergency and scheduled care; provides a tax credit to support employers offering paid sick leave; $13 billion in increased food stamps and nutrition benefits; $7 billion to increase access to broadband.