HIGHLIGHTS OF THE $1.9T BILL NEARING FINAL PASSAGE

A look at some highlights of the legislation:

AID TO THE UNEMPLOYED

Expanded unemployment benefits from the federal government would be extended through Sept. 6 at $300 a week. That’s on top of what beneficiaries are getting through their state unemployment insurance program. The first $10,200 of jobless benefits would be non-taxable for households with incomes under $150,000.

Additionally, the measures provides a 100 percent subsidy of COBRA health insurance premiums to ensure that the laid-off workers can remain on their employer health plans at no cost through the end of September.

MORE CHECKS

The legislation provides a direct payment of $1,400 for a single taxpayer, or $2,800 for a married couple that files jointly, plus $1,400 per dependent. Individuals earning up to $75,000 would get the full amount, as would married couples with incomes up to $150,000. The size of the check would shrink for those making slightly more, with a hard cut-off at $80,000 for individuals and $160,000 for married couples.

Most Americans will be getting the full amount. The median household income was $68,703 in 2019, according to the U.S. Census Bureau.

MONEY FOR STATE, LOCAL GOVERNMENTS

The legislation would send $350 billion to state and local governments and tribal governments for costs incurred up until the end of 2024. The bill also requires that small states get at least the amount they received under virus legislation that Congress passed last March.

Many communities have taken hits to their tax base during the pandemic, but the impact varies from state to state and from town to town. Critics say the funding is not appropriately targeted and is far more than necessary with billions of dollars allocated last spring to states and communities still unspent.

AID TO SCHOOLS

The bill calls for about $130 billion in additional help to schools for students in kindergarten through 12th grade. The money would be used to reduce class sizes and modify classrooms to enhance social distancing, install ventilation systems and purchase personal protective equipment. The money could also be used to increase the hiring of nurses and counselors and to provide summer school.

Spending for colleges and universities would be boosted by about $40 billion, with the money used to defray an institution’s pandemic-related expenses and to provide emergency aid to students to cover expenses such as food and housing and computer equipment.

AID TO BUSINESSES

A new program for restaurants and bars hurt by the pandemic would receive $25 billion. The grants provide up to $10 million per company with a limit of $5 million per physical location. The grants can be used to cover payroll, rent, utilities and other operational expenses.

The bill also provides $7.25 billion for the Paycheck Protection Program, a tiny fraction of what was allocated in previous legislation. The bill also allows more non-profits to apply for loans that are designed to help borrowers meet their payroll and operating costs and can potentially be forgiven.