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After months of stalled negotiations, lawmakers have finally agreed on the terms of a $900 billion coronavirus stimulus relief bill. It's expected to pass early on Monday and make its way to the president's desk shortly thereafter.
Congressional leaders overcame a key obstacle on Saturday as they successfully addressed the latest contentious issue -- a provision related to the Federal Reserve's emergency spending powers. With consensus on this point, lawmakers can finally provide the help Americans have been clamoring for.
Here's what the final plan looks like.
What's in the new $900 billion stimulus package?
The stimulus deal that lawmakers agreed is expected to cost $900 billion and will include:
- An extra $300 per week in unemployment benefits through March 14. The 11-week benefit boost will also apply to self-employed workers, those whose state eligibility has run out, and gig workers who wouldn't normally qualify. Total funding: $120 billion
- $600 stimulus checks for each adult and eligible dependent child. Stimulus checks will be available for individuals with incomes up to $75,000 or married joint filers with incomes up to $150,000, after which eligibility will begin phasing out. Single filers with incomes above $99,000 and married joint filers with incomes exceeding $198,000 will lose eligibility, just as they did under the CARES Act. Total funding: $166 billion
- Small business relief. This money will go toward another round of loans through the Paycheck Protection Program. Some is also earmarked for companies in low-income areas, as well as hard-hit industries such as museums, movie theatres, and live venues. Total funding: $325 billion
- COVID-19 measures. There's $20 billion in funds for the purchase and distribution of vaccines, as well as money to aid states in contact tracing and other programs to mitigate the effects of COVID-19. Total funding: $69 billion
- Rental assistance. The moratorium on evictions has been extended through the end of January and funds allocated for emergency rental assistance. Total funding: $25 billion
Other provisions expand tax deductions for businesses; provide aid to struggling airlines and transportation providers; bolster SNAP benefits; and give funding to schools and child care providers.
The compromise bill notably does not include aid to state and local governments or liability protections for businesses. Democrats had insisted on this money for states, while Republicans wanted to protect companies from frivolous lawsuits related to COVID-19. However, fierce opposition to each of these provisions was a major reason that no legislation passed for months.
Voting will take place on Monday morning
The vote on the $900 billion coronavirus relief package will take place on Monday, in addition to a broader $1.4 trillion spending bill that will allow the government to continue to operate. Lawmakers passed a one-day stopgap spending bill on Sunday to ensure the government did not run out of money before this broader bill could be brought to the floor.
With the passage of the deal all but certain, Americans can now count on getting more money in their bank accounts -- although it's not clear exactly when. The president still needs to sign the bill and the IRS needs to make a plan to distribute funding. Still, it's good news as Americans no longer have to wait and watch Washington, D.C. for signs of progress.
