Tax Relief for Families and Workers
- Under the plan, people making up to $75,000 a year are expected to receive checks for $1,200. Couples making up to $150,000 would receive $2,400, with an additional $500 per child. The new agreement removed the phased-in provision that would have excluded lower-income Americans from receiving the full benefit.
- Payments would decrease for those making more than $75,000, with an income cap of $99,000 per individual or $198,000 for couples.
Unemployment Relief for Workers, including Relief for Self-employed Workers & Independent Contractors
- Unemployment insurance would also be significantly bolstered to increase payments and extend the benefit to those who typically do not qualify, such as gig economy workers, furloughed employees and freelancers.
- Expansion of unemployment benefits that would extend unemployment insurance by 13 weeks and include a four-month enhancement of benefits that would allow workers to maintain their full salaries.
Emergency Relief for Distressed Businesses, State and Municipalities
- $500 billion in loans for distressed corporations - $425 billion for the Federal Reserve to leverage for loans in order to help broad groups of distressed companies and $75 billion for industry-specific loans with oversight.
- $150 billion for state and local stimulus funds.
Additional Investments for Health Care Providers & Expands Access to Care
- Invest $150 billion in the health care system to respond to the quickly expanding number of infections across the country.
When passed, this will be the third legislative package approved by Congress and the President to address the pandemic. The first bill provided $8.3 billion in emergency aid and the second package providing paid leave, free testing and some paid leave and unemployment benefits for workers.
