This will be the new economic stimulus: $ 600 checks, additional unemployment benefits, and more than $ 500 million in food aid

by

Washington DC– Along with $ 600 checks for the vast majority of citizens and 10 weeks with another $ 300 for unemployment, the economic stimulus bill that Congress will pass today will help fund the distribution of the coronavirus vaccine and set a new lifeline for the launch little ones. company.

The legislation awards nearly $ 900 billion and gets the green light from the leadership of Congress and the White House. It is scheduled to be approved this afternoon or evening, along with a $ 1.4 billion ‘bus’ (trillions in English) to complete the budget for the federal fiscal year 2021.

While the overall and specific impact for Puerto Rico has not yet been detailed, the Puerto Rican government must receive more than $ 500 million in food aid as $ 614 million in nutritional funds will be allocated to the areas distributed on a population basis.

The legislation ruled out Democrats’ original proposals that proposed billions of dollars to assist the Puerto Rico government for tax purposes, but residents of the island will have full access to the new rounds of checks, unemployment and small business assistance, among other things.

One of the initiatives will allow governments – such as that of Puerto Rico – to extend until the end of 2021 the use of the funds allocated in March in the previous economic stimulus law, the Cares Act. Until last week, the Puerto Rico government had not disbursed or allocated 32% of the $ 2.24 billion allocated to the island to stabilize its finances during the emergency.

Checks for citizens

  • The measure allows citizens with incomes up to $ 75,000 to receive a check for $ 600. The amount of the check is gradually reduced until it disappears if the person had an income of $ 87,000 or more in 2019.
  • In the case of couples, the check is $ 1,200 for those with an income up to $ 150,000, and it is zero when they reach an income of $ 174,000.
  • An additional $ 600 can be received for each dependent child.

Unemployment assistance

  • Starting next week through March 14, the federal government will add $ 300 to the state’s unemployment benefits.
  • The measure also extends the Unemployment Assistance Program (PUA), which benefits the self-employed, part-time workers and other types of self-employed.
  • It extends to 50 weeks of citizens’ access to unemployment insurance due to the emergency of the pandemic (PEUC).
  • The measure provides $ 100 additional benefits to certain workers for whom unemployment insurance does not include their self-employed income.

Help for small businesses

  • $ 325 billion is allocated to help small businesses.
  • The bulk, $ 284 billion, will go to a second round of the Small Business Payroll Protection Loan (PPP) program.
  • Companies with 300 or fewer employees will have access to the new round of PPP loans.
  • Up to $ 150,000 in PPP loans can be forgiven.
  • Contrary to what the Treasury had requested, the measure makes it possible to deduct from the following tax returns the operating costs of the business included in the loan to be forgiven.
  • Non-profit institutions, organizations created to promote tourism, and local media (newspapers, television channels and radio stations) can apply for PPP loans.
  • $ 20 billion is set aside for loans in low-income communities and $ 15 billion for attending live events, independent movie theaters, museums and cultural institutions.

residence

  • The legislation will allocate $ 25 billion in housing assistance assistance. To be eligible for the aid, family income must be less than 80% of the median for the area of ​​residence, and a member of the family group must be unemployed or experiencing economic difficulties due to the coronavirus pandemic, Puerto Rican Democratic Congressman Alexandria Ocasio Cortez said .
  • Puerto Rico will receive more than $ 300 million in help renting a home.
  • The federal moratorium on evictions is extended to January 31. President-elect Joe Biden – who was sworn in on January 20 – is expected to renew it later by executive order.

Articles for health

  • The measure will allocate $ 20 billion to the Advanced Biomedical Research and Development Authority (BARDA) for the purchase of COVID-19 vaccines and drugs.
  • Another $ 9 billion will be allocated to states and the Centers for Disease Control and Prevention (CDC) to aid in the distribution of vaccines, and $ 3 billion to supplement the federal government’s strategic health reserve.
  • $ 22 billion is also being allocated to help state governments fund diagnostic tests, contact tracking, and mitigation programs against COVID-19.

Impact on schools

  • In total, the project will allocate $ 82,000 million for education systems, of which $ 22,700 for higher education institutions.
  • The governors’ offices will distribute $ 4.05 billion, including specific funds for schools.

Food aid

  • $ 614 million in food resources is allocated to Puerto Rico and the other areas.
  • In total, nutritional aid funds in the United States are $ 13 billion.
  • Another $ 13 billion will go to direct payments, purchase and loan programs for farmers.

Transport

  • In total, $ 45 billion has been reserved for allocations to agencies that coordinate mass transportation, airlines, airports, bus systems and the Amtrak train system.

I take care of children

  • The measure will raise $ 10 billion for the care of children in the United States and its territories.
  • $ 250 million is included for the Head Start program.

Internet

  • The legislation allows the allocation of $ 3.2 billion in emergency funds to provide broadband access to low-income communities in the United States and its territories.
  • Another $ 250 million will be allocated to fund telemedicine programs.

postal service

  • About $ 10 billion allocated by the Cares Act is now going towards direct funding for the postal service.

.Source