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The new stimulus plan does not include a check for $ 1,200 but does include other aid that may benefit you

2020-12-05T02:00:26.475Z


Democrats and Republicans are optimistic about passing the new package before the end of the year. We explain your measures to combat the economic crisis of the coronavirus.


By Carmen Reinicke - CNBC

The Speaker of the House of Representatives, Democrat Nancy Pelosi, and the leader of the Republican majority in the Senate, Mitch McConnell, held a phone call on Thursday that raised optimism about the possible approval of a new economic relief package for the coronavirus before the year is out.

Negotiations for the new proposal were stalled for several months due to deep disagreements.

Now, under pressure from the start of a new Administration, the highest-ranking Democrats and Republicans in Washington are resuming the dialogue on the basis of a smaller bipartisan proposal of $ 908 billion and not contemplating the long-awaited $ 1,200 check for families.

A spokesperson for Pelosi, who supported the plan on Wednesday, said Thursday that the phone talk with McConnell was about "their mutual commitment to complete comprehensive relief for COVID as soon as possible."

Although the new package proposal does not include the expected direct payments, it does include some financial aid to the citizens most affected by the pandemic.

Because discussions between the two parties are still ongoing, the details of what new legislation would include and what its total amount would be could change before it is signed.

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McConnell has said that instead of $ 908 billion, he advocates a package of about $ 500 billion.

Pelosi, for her part, has urged that I take the higher figure as a starting point for negotiating.

On Thursday, the Republican said he had seen "hopeful signs" that an agreement can be reached before the end of the year.

“The commitment is within reach.

We know where we agree.

We can do this, ”he said.

This is how citizens would benefit from the new plan: 

✔️ 

Extended unemployment benefits

Both proposals, the bipartisan one supported by Pelosi and the one by McConnell, include extensions to unemployment insurance as millions of citizens are still out of work due to the pandemic.

Two main programs, Pandemic Unemployment Assistance (PUA) and Pandemic Emergency Unemployment Compensation (PEUC), will expire at the end of the year unless an agreement is reached.

"Twelve million people will lose the unemployment benefits that have kept them afloat the day after Christmas, unless Senate Republicans come to the table for the negotiation they have avoided since May," said Lily Roberts, mobility director. of the Center for American Progress, a left-wing think tank.

"Extensions of unemployment insurance and paid leave are the most important support that Congress can provide to families,

so they can survive the winter while we wait for a vaccine," he added.

The bipartisan proposal would extend unemployment insurance through next year, with additional payments of $ 300 a week through March, according to a preliminary framework.

That's half of the $ 600 a week unemployed Americans received under the CARES Act, until it expired in July.

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McConnell's proposal would also expand unemployment insurance, but for a shorter time.

Under his plan, the PUA, which provided benefits to independent contractors and workers, would be extended for a month until January 31 and then phased out over the next two months.

During the elimination, new applicants would not be allowed into the program.

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A similar extension and elimination would apply to the PEUC, which gives the unemployed an additional 13 weeks of assistance.

✔️ 

Another round of payments for the Salary Protection Program

For small business owners or those who work for one, the upcoming relief package will likely provide more relief through the Salary Protection Program (PPP).

The Program, initially established in the CARES Act, made loans to small businesses that were forgiven if they were used primarily to cover payroll costs.

The bipartisan plan would allocate another $ 288 billion for this purpose, would establish that those who borrowed in the first round would not pay taxes on forgivable loans, and would simplify the forgiveness process for loans of less than $ 150,000.

Meanwhile, McConnell's plan would allocate $ 333 billion, spread out differently.

This help would be helpful in reducing loss of income and assisting top-of-the-line businesses like restaurants and others.

In the first round,

the PPP approved more than 5 million loans, which amounted to more than 525,000 million in financing.

Even so, the program had its shortcomings, and uncertainty remains about some important details, such as the ability of companies to deduct expenses covered by the loan.

✔️ 

Help for rent and food

The CARES Act also established housing and food assistance programs that have helped Americans affected by the pandemic.

The mortgage and eviction moratoriums will expire at the end of the year if an extension is not approved, which could lead to millions being left homeless.

Fortunately, emergency assistance through the Supplemental Nutrition Assistance Program (SNAP), which increased payments for many, will continue through the end of the year.

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Even so, if funds are not reactivated to SNAP, the money will eventually run out, said Elaine Waxman, senior researcher at the Urban Institute's center for income and benefits policy.

In September, almost 1 in 5 adults and their households experienced food insecurity, according to research by this agency.

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The bipartisan plan would allocate $ 25 billion for rent assistance and $ 26 billion for nutrition and agriculture.

McConnell's plan does not mention any additional assistance for housing or food, although it allocates $ 20 billion for agricultural assistance and $ 500 million for fishermen.

✔️ 

Child care, education and more

Both plans also include more support for child care and education.

The bipartisan plan would allocate $ 82 billion to education, $ 4 billion to student loans, and $ 10 billion to child care.

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McConnell's plan also includes some support for child care and education: it would give emergency funds to some organizations that grant scholarships, it would expand the tax credits for those organizations, it would expand the rules for spending money in 529 accounts (student savings accounts). and would provide short-term assistance to keep child care providers open.

McConnell's plan would also give some taxpayers greater relief, allowing them to make higher deductions when filing taxes.

Source: telemundo

All news articles on 2020-12-05

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