What's in the house bill
The House passed a $1.9 trillion pandemic relief package early Saturday, 219-212, that includes $1,400 checks for most Americans and billions of dollars for schools, state and local governments and businesses. A look at some highlights of the legislation:
The legislation provides a rebate that amounts to $1,400 for a single taxpayer, or $2,800 for a married couple that files jointly, plus $1,400 per dependent. Individuals earning up to $75,000 would get the full amount as would married couples with incomes up to $150,000.The size of the check would shrink for those making slightly more with a hard cut-off at $100,000 for individuals and $200,000 for married couples.
Under current law, most taxpayers can reduce their federal income tax bill by up to $2,000 per child. The package moving through the House would increase the tax break to $3,000 for every child age 6 to 17 and $3,600 for every child under the age of 6.The legislation also calls for the payments to be delivered monthly instead of in one lump sum. If the secretary of the Treasury determines that isn't feasible, then the payments are to be made as frequently as possible.
The legislation would send $350 billion to state and local governments and tribal governments. While Republicans in Congress have largely objected to this initiative, President Joe Biden's push has some GOP support among governors and mayors.
The bill calls for $130 billion in additional help to schools for students in kindergarten through 12th grade. The money would be used to reduce class sizes and modify classrooms to enhance social distancing, install ventilation systems and purchase personal protective equipment. The money could also be used to increase the hiring of nurses, counselors and to provide summer school.
The bill provides another round of relief for airlines and eligible contractors, $15 billion, so long as they refrain from furloughing workers or cutting pay through September. It's the third round of support for airlines.A new program for restaurants and bars hurt by the pandemic would receive $25 billion. The grants provide up to $10 million per entity with a limit of $5 million per physical location. The grants can be used to cover payroll, rent, utilities and other operational expenses.The bill also provides another $7.25 billion for the Paycheck Protection Program, a tiny fraction of what was allocated in previous legislation. The loans are designed to help borrowers meet their payroll and operating costs and can potentially be forgiven.
Expanded unemployment benefits from the federal government would be extended, with an increase from $300 a week to $400 a week. That's on top of what beneficiaries are getting through their state unemployment insurance program.
