What will the new stimulus deal mean for you? It’s more than $600 checks

President Donald Trump on Sunday evening signed the long-awaited second coronavirus relief package that offers assistance to those hit hardest by the economic crisis caused by the ongoing coronavirus pandemic — including families, businesses and the unemployed.

The $900 billion package passed by Congress last week comes nine months after the first stimulus deal was reached — and after numerous delays and debates among congressional leaders about what it would contain.

The package was included with the government spending bill and by signing it, Trump averted a government shutdown set to begin Tuesday.

Lawmakers first announced the agreement last week, with Senate Majority Leader Mitch McConnell and Minority Leader Chuck Schumer later speaking from the Senate floor. The aid package includes direct payments for millions of Americans but is less generous than the $2 trillion CARES Act, which provided $1,200 payments for individuals who made up to $75,000.

The deal includes $600 stimulus checks based on income, according to the Democratic overview of the plan obtained by McClatchy News. It also provides extended unemployment benefits, an eviction moratorium, and money for small businesses, schools, vaccines and transportation aid, but no local and state assistance.

In a video posted to Twitter on Dec. 22, Trump demanded Congress increase the “ridiculously low” $600 direct payments included in the most recent bill to $2,000 per person or $4,000 per couple and called other provisions in the legislation “wasteful spending and much more.”

Trump reiterated his criticism on Saturday, tweeting: “I simply want to get our great people $2000, rather than the measly $600 that is now in the bill.”

Treasury Secretary Steven Mnuchin told CNBC that the stimulus checks could start hitting bank accounts the week of Dec. 28.

Here’s a breakdown of what’s inside the compromise.

Stimulus checks

The deal includes $166 billion for direct payments. Individuals making up to $75,000 a year will receive $600, married couples making up to $150,000 will get $1,200, plus $600 per child dependent. The package also expands stimulus checks to include households with mixed immigration status, meaning some immigrant families will be able to receive payments.

Unemployment aid

Unemployed workers will get $300 per week in extended unemployment benefits until March 14, 2021. The deal also extends the Pandemic Unemployment Assistance program, which expands coverage to gig workers and self-employed workers. There is a benefit of $100 per week for workers who have both self-employment and wage income but whose benefits don’t take self-employment into account.

There were 10.7 million unemployed Americans as of Dec. 3, according to the U.S. Department of Labor.

Rental assistance

The package affords $25 billion in rental assistance, including $800 million for Native American housing entities, and creates a federal program for families struggling to make rent who have been impacted by COVID-19. The program distributes funds that can be used for past due rent, future payments and utility bills. The deal also establishes a temporary moratorium on evictions through January 31, 2021.

Aid for small businesses

Small businesses impacted during the pandemic will get $325 billion, including $284 billion in loans through the Paycheck Protection Program. The deal also includes $15 billion for live venues, movie theaters and museums and $20 billion for businesses in low-income communities.

Schools and child care

The package includes $82 billion for schools, including more than $54 billion for public K-12 schools, $22.7 billion for higher education relief and more than $4 billion for a governors’ relief fund. The child care sector will get $10 billion in emergency funding.

Vaccines, testing, and contact tracing

The deal includes $20 billion for buying vaccines, nearly $9 billion for distribution and more than $22 billion for testing and contact tracing. It also includes $300 million for communities of color and “high-risk and under-served areas” to distribute vaccines.

Transportation relief

There is $45 billion for transportation aid, including $15 billion for airlines to maintain their payrolls and $2 billion for airports, $10 billion for state highways, $14 billion for transit and $1 billion for Amtrak.

Food benefits

The package includes $13 billion to increase food stamp benefits by 15%, $13 billion in direct payments for farmers and ranchers to cover losses and $614 million for food assistance in Puerto Rico and other territories.

Broadband

The compromise allots $7 billion for increasing broadband access for families, students and unemployed workers, including $250 million for telehealth and $300 million for broadband in rural areas.

This story was originally published December 22, 2020 at 12:00 AM with the headline "What will the new stimulus deal mean for you? It’s more than $600 checks."