15 Things to Know About the Next Stimulus Package

More than six months have passed since Congress provided meaningful coronavirus relief for Americans coping with the financial impact of the pandemic. As COVID-19 cases surpass their March peak and more states begin imposing new restrictions, calls for additional aid are growing louder.

But will there be another coronavirus stimulus bill, and what could be in it if it passes? Here's what you need to know.

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Although there is bipartisan agreement that some type of financial relief is necessary for the American public, there's real conflict over what that should look like.

Lawmakers have been struggling for months to resolve their differences, but each time it appears progress is being made, something thwarts efforts to pass relief. All of this means that the chances of another coronavirus stimulus bill passing are far from certain.

While it's helpful to consider what lawmakers have proposed in the past, and what they are currently proposing, to get an idea of what a compromise bill might look like, it's also important to explore other sources of relief in case no help from D.C. ever arrives.

Although there's a chance there will be no further coronavirus relief, there's also a possibility that multiple pieces of legislation could end up passing.

In fact, a bipartisan group of lawmakers who recently introduced a $908 billion compromise plan have now decided to break that plan up into two parts. The goal of this is to produce a small-scale bill that can get broad support while separating out controversial provisions that could hold up its passage.

Unfortunately, small-scale relief bills that provide only limited help to Americans have been rejected in the past, with key Democratic leaders indicating they don't want to pass legislation that doesn't address all of their priorities.

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The recent bipartisan stimulus proposal mentioned before left out a key source of aid: stimulus checks for American families.

This was a strange omission, as direct payments to the public have long had support from both sides of the aisle. In fact, the HEROES Act, passed by the Democrat-controlled House of Representatives, included payments for adults and dependents, and most Republican proposals have also provided similar funding. The latest offer from the White House, which has the support of Senate Majority Leader Mitch McConnell, also included stimulus checks in the amount of $600.

With widespread support for a second direct payment for individuals, it seems likely that any compromise bill that earns majority support would almost assuredly include some type of stimulus check.

Millions of Americans are still without jobs, and many are set to lose their unemployment benefits the day after Christmas. With so many states imposing new restrictions on business, those without work will struggle to find it.

That's why it would be surprising if any subsequent coronavirus stimulus bill didn't include expanded unemployment benefits.

The recent $908 billion bipartisan proposal would provide $300 per week in enhanced unemployment benefits for an additional four months. And the unemployed have been included in past relief proposals from both Republicans and Democrats -- although the specific amount of additional aid on offer has varied, so it's not yet a certainty how much the unemployed are likely to get if legislation passes.

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Many businesses have struggled as new requirements and restrictions have been proposed. Recognizing the challenges of running a company during the time of COVID-19, lawmakers on the right and left have included aid for businesses in their coronavirus relief proposals.

The most recent $908 billion compromise plan would provide $288 billion in financial assistance to companies. This money would provide renewed funding for the Paycheck Protection Program, which authorized forgivable loans to businesses that met certain requirements such as keeping employees on the payroll.

ALSO READ: Data Shows the Paycheck Protection Program Did What It Was Supposed To -- but What Happens Once Its Funding Runs Out?

Eviction is a looming threat for far too many Americans. While the federal government provided temporary protection by suspending evictions temporarily, past coronavirus relief bills did not waive rent for those who owe it.

Unfortunately, anyone behind on bills could face immediate legal action and be forced to leave their homes when moratoriums end. To help those who are struggling, the $908 billion bipartisan relief bill provided for $25 billion in funds for rental assistance. It would also extend the ban on evictions until the end of January 2021.

Traditionally, freelancers and gig workers aren't eligible for traditional unemployment benefits. The CARES Act temporarily changed that through the Pandemic Unemployment Assistance Program.

This group likely will find more relief in a subsequent coronavirus stimulus bill, as the $908 billion proposal currently on the table would extend their eligibility for emergency unemployment benefits.

ALSO READ: Self-Employed? You May Now Be Entitled to Unemployment Benefits

With the first coronavirus vaccine now approved by the U.S. Food and Drug Administration and shipments being distributed to states, it's almost a given that any subsequent coronavirus relief bill will include funding to help with immunizing the public.

The latest relief proposal included $3.4 billion to help state and local governments facilitate the timely and efficient distribution of the vaccine once it becomes widely available.

Testing and contact tracing will remain an important part of controlling the pandemic, at least until enough of the public is vaccinated. The latest coronavirus relief proposal would provide $7 billion in funding for this important priority.

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With elderly Americans hit hardest by COVID-19, the pandemic has been especially devastating to retirees in nursing homes. Facilities that care for the elderly have faced a huge wave of new costs as they struggle to keep the virus at bay, so it's not a surprise that lawmakers in D.C. want to support them.

In fact, the $908 billion coronavirus relief proposal included $2 billion in aid for nursing homes and assisted living facilities to help defray some of the new financial burdens they have faced.

Getting children back into classrooms has been a bipartisan priority, especially as the downsides of remote learning have become apparent. Having children in school is also important for a fully functioning economy, as parents are often forced to stay home and help with their children's education when schools are closed.

That's why any coronavirus relief bill will almost certainly include money to help schools safely provide an in-person educational experience for children across the country. The most recent $908 billion plan would provide $82 billion to educational institutions including elementary schools, secondary schools, and colleges and universities.

ALSO READ: 5 Financial Lessons From a Year of Remote Working

A lack of personal protective equipment (PPE) has been a hallmark of the COVID-19 pandemic and has almost assuredly made things worse. Most coronavirus relief proposals aim to tackle that issue by providing more funding for PPE. The recent bipartisan proposal, for example, would provide $700 million for the purchase of lifesaving protective equipment.

Some businesses have fared far worse than others in the pandemic. Airlines, transportation companies, and live entertainment venues were singled out as needing extra aid in the latest relief proposal, and there's a good chance any final COVID-19 bill will offer extra assistance to help these at-risk industries.

Relief for state and local governments has been one of the major sticking points preventing the passage of more COVID-19 aid. Democrats have insisted that states need extra help to cope with the costs of the pandemic at a time when revenues have fallen. Republicans, however, are opposed to what they've referred to as blue state bailouts.

While the $908 billion relief proposal includes $160 billion in help for state and local governments, the lawmakers presenting this plan have decided to split their proposal into two and separate out this controversial provision in its own bill. That means there's a good chance this will be left out of a compromise relief package.

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Sen. McConnell and others on the right have insisted businesses need protection against frivolous lawsuits related to potential COVID-19 exposure. However, this has also proved to be a major sticking point preventing the passage of any relief.

This will also be separated out from the broader relief package. In fact, it will be grouped in a separate bill with relief for state and local aid.

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For struggling Americans, it's frustrating that the same conflicts continue to prevent more COVID-19 relief from passing. Unfortunately, there's no guarantee lawmakers will act even after a new president takes office.

Since you can't count on more stimulus money hitting your bank account or helping you survive the rest of the pandemic, it's best to shore up your finances as best as you can by bulking up your emergency fund and making sure you've invested your money wisely.

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