How does the economic stimulus plan continue now?
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(CNN) ––
Millions of Americans will begin to run out of unemployment benefits from the pandemic in just two weeks, increasing pressure on the Senate to quickly pass its version of the $ 1.9 trillion coronavirus stimulus package, from President Joe Biden.
Unemployment assistance is among the first federal aid to expire under the $ 900 billion stimulus package, approved in December.
Additionally, additional provisions for paid sick and family leave will also expire in the coming weeks and months.
As well as small business assistance, food stamps, housing protections, and other aids.
These are the helps you can expect from the US $ 1.9 trillion stimulus package
The Senate is scheduled to begin considering the massive stimulus package this week.
This is the bill that the House passed on Saturday morning, largely on the party line.
However, it will take some time to pass, as senators are expected to make changes to the legislation.
The House of Representatives will then have to vote on the revised proposal before sending it to Biden for his signature.
Meanwhile, time is ticking.
Temporary unemployment benefits expire first
In just two weeks, Americans out of work will receive their last weekly federal subsidy of $ 300. And those who are in two key programs of unemployment assistance in the pandemic will begin to run out of benefits at that time.
For some 4 million people in the Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation programs, subsidies will expire in mid-March.
Meanwhile, the payments of another 7.3 million people will expire during the next four weeks.
This was established by a recent report by The Century Foundation.
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The two federal programs were created temporarily in the $ 2 trillion aid package that Congress approved in March 2020. They were subsequently extended for 11 weeks in the December $ 900 billion aid deal.
The first program provides subsidies to freelancers, freelancers, contractors and certain people affected by the pandemic.
Meanwhile, the second extends the duration of payments for those in the traditional state unemployment system.
The House of Representatives bill proposes to extend these unemployment programs.
In addition, provide a weekly federal upgrade of $ 400 to payments through August 29.
The stimulus package presented by the president included continuous subsidies until the end of September.
However, even if Biden signs the bill in mid-March, the unemployed may experience a temporary break in payments.
The US Department of Labor should issue guidance on the new law.
In addition to that, many states need some time to reprogram their aging systems with the new provisions.
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Delays in approving and signing the December stimulus package left the unemployed expecting $ 17.6 billion in subsidies in January.
This according to another analysis by The Century Foundation.
The payments were finally sent retroactively.
However, some of those who still qualify for the pandemic-created programs have not yet re-enrolled.
For example, in California, it could take until March 7 for everyone to certify their eligibility for federal grants.
What else will expire?
Unemployment benefits are not the only help that will expire in the coming weeks and months.
A tax incentive for employers offering paid sick and family leave will expire on March 31, if the stimulus package project is not approved by then.
Last year, Congress guaranteed many workers two weeks' pay if they caught COVID-19 or were in quarantine.
It also provided an additional 10 weeks of paid family leave to those staying home with children, whose schools closed.
Those benefits expired in December.
However, employers can still receive a tax credit if they voluntarily provided the extended paid leave through March.
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Food stamp recipients are receiving an additional 15% in aid through June, due to the bill that passed late last year.
The most recent stimulus package would extend it through September.
What will not be extended in the new stimulus package
Even if the stimulus package passes, it will not extend two more benefits that expire on March 31.
Among them, a key small business assistance program and the federal eviction moratorium.
The Check Payment Protection Program, which provides forgivable loans to struggling small businesses, ends March 31.
The bill will not extend the expiration date.
But it would add $ 7 billion to the program if approved before the end of the month.
It would also provide $ 15 billion to the Emergency Disaster Damage Loan program.
This initiative provides long-term, low-interest loans from the Small Business Administration.
In addition, US $ 25 billion will be earmarked for a new grant program specifically for bars and restaurants.
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The federal eviction moratorium that protects struggling tenants will expire March 31.
But its extension is not allowed in the reconciliation bill.
Instead, the extension must be done through executive action.
The Biden administration previously extended protection from January 31 to March 31.
Although, the constitutionality of the moratorium is being questioned in the courts.
Now, the bill would send roughly $ 19.1 billion to state and local governments to help low-income households cover back rent, rental assistance and utility bills.
Approximately $ 10 billion would be authorized to help struggling homeowners pay their mortgages, utilities and property taxes.
It would provide another $ 5 billion to assist states and localities in helping people at risk of homelessness.
CongressCovid-19UnemploymentEconomic stimulusJoe BidenBill Bill