This is what the US $ 1.9 trillion bailout plan says

In an effort to provide financial assistance to struggling families and ramp up the spread of vaccinations across the country, House Democrats passed the US $ 1.9 trillion bailout early Saturday morning.

The bill, which largely follows the economic plan that President Joe Biden unveiled in January, includes funding for vaccine manufacturing and distribution, another round of stimulus payments for many households, an expansion of federal unemployment benefits, and more. House Speaker Nancy Pelosi (D-Calif.) Called it “transformative” during Friday night’s debate on the floor.

“The American people need to know that their government is there for them, and as President Biden has said, aid is on the way,” Pelosi said.

Not a single Republican voted for the bill. Conservatives largely object to the scope of the bill and the inclusion of provisions they believe are unrelated to the pandemic.

“Democrats are so ashamed of all the non-covid waste in this bill that they are blocking it in the middle of the night,” said House GOP director Kevin McCarthy during the debate.

The bill is now going to the Senate, where it is expected to be passed, albeit with some possible changes. Here’s the breakdown of some of the key provisions in the House release.

In one of the more ambitious provisions, the bill sets a fully refundable child discount for 2021, increasing the amount from $ 2,000 to $ 3,000 per child ages 6 to 17 and to $ 3,600 for children under the age of 6.

These payments are gradually beginning to disappear for individuals making more than $ 75,000 per year or married couples making more than $ 150,000.

Since they are fully repayable, eligible households would be eligible for the credit no matter how little income they earn each year. Those households would receive a check from the IRS.

The bill includes $ 30 billion in emergency aid and another $ 5 billion to prevent outbreaks of Covid-19 among homeless people. Another $ 10 billion is earmarked for mortgage assistance. The bill does not directly extend the nationwide deportation moratorium, which currently expires at the end of March.

The stimulus bill passed in late December also included $ 25 billion in emergency aid.

One of the most controversial provisions in drafting the bill, an increase in the minimum wage to $ 15 an hour by 2025, was included in the House bill, but it is unlikely to make it into final law.

The Senate MP, an impartial official who decides which bills are eligible to pass through the Senate through reconciliation, ruled on Thursday that the minimum wage increase did not meet the standards required by legislation, so that it could be passed by simple majority. Pelosi promised Congress would soon discuss minimum wage.

“The $ 7.25 minimum wage that now exists is, in many cases, an exploitation of the American worker,” Pelosi said. “And it is a cost to the taxpayer because workers on a minimum wage need food and housing assistance.”

The bill provides funding for a third payment for economic impact, worth up to $ 1,400 per person and dependent.

This time, individuals who earn adjusted gross income (AGI) of up to $ 75,000 (and married couples who earn up to $ 150,000) will receive $ 1,400 each, plus $ 1,400 for each dependent. Unlike previous incentive payments, adult dependents are eligible for this round. That means many college students, disabled adults, and older Americans will receive a check for the first time.

Payments are phased out gradually, reaching $ 0 for individuals who earn an AGI of more than $ 100,000 per year and couples who earn more than $ 200,000 per year. The benefits are based on 2019 or 2020 income, depending on when a taxpayer submits their 2020 tax return.

In conjunction with the $ 600 payments paid out in January, this is intended to deliver on Biden’s pledge of $ 2,000 in incentive payments. Some critics disagree that this lives up to its promise, arguing that the federal government should send $ 2,000 payments in addition to January’s $ 600 check.

The bill also extends major unemployment programs beyond their current expiration date from March 14 through August 29. That’s a month shorter than Biden suggested in his original plan.

In addition to expanding benefits for gig employees and others who were not eligible for pre-pandemic benefits, it also increases the enhanced federal payments from an additional $ 300 per week to $ 400.

The bill allocates $ 20 billion to set up a national Covid-19 vaccination program, and another $ 50 billion for virus testing. The program aims to help establish local vaccination sites across the country and eliminate vaccine shortages.

Finally, the US rescue plan also provides funding for schools, restaurants and bars, state and local aid, vaccine production and distribution, and paid time off, among other things.

Now the Senate will likely pass a different version of the bill. The House will then have to unsubscribe from the new version. Democrats hope Biden will sign the legislation by March 14, when many federal unemployment schemes expire.

Do not miss:

Checking out: The Best Credit Cards for Building Credit of 2021