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15 Things You Need to Know About the New Stimulus Package

Author: Maurie Backman | March 03, 2021

Hundred dollar bill with image of Ben Franklin wearing mask

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More aid is on the way

Many Americans continue to struggle in the wake of the coronavirus pandemic. The good news, however, is that relief may soon be on the way. Here's what you need to know about the new $1.9 trillion stimulus bill in the works.

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Man smiling while holding cash and a piggy bank

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1. It features $1,400 stimulus checks

The last two stimulus rounds equaled $1,200 and $600, respectively. This next round, however, should be more generous, as eligible Americans will be in line for $1,400 apiece.

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Man in suit sitting in bathtub throwing piles of cash into the air

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2. But higher earners won't be eligible for stimulus cash this time around

Stimulus payments are set to phase out more quickly in this upcoming round than they did in previous rounds. Thus, not everyone was who eligible for a previous stimulus payment will get a new one. Specifically, stimulus cash will be cut off for individuals earning $100,000 (or more) and married couples earning $200,000 (or more).

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Blank unemployment claim form

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3. Unemployment benefits will get another boost

Jobless workers will be entitled to a federal boost of $400 a week through Aug. 29. The last stimulus bill allowed for a $300 weekly boost.

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Woman wearing mask, scarf, and plaid shirt shopping in grocery store

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4. Food stamp benefits are increasing

Those who are eligible for food stamps will see a 15% increase in their benefits continue through September. Originally, that increase was set to expire at the end of June.

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Group of children standing shoulder to shoulder and smiling

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5. P-EBT benefits are extended

Many families rely on free or reduced school meals, and that's been a challenge in districts closed for in-person learning. The stimulus bill will extend Pandemic EBT (P-EBT) benefits through the summer for states that opt to continue the program. P-EBT benefits replace the meals children would normally be eligible for through school.

Our credit card expert uses this card, and it could earn you $1,148 (seriously)
As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. They protect against fraud far better than debit cards, help raise your credit score, and can put hundreds (or thousands!) of dollars in rewards back in your pocket each year.

But with so many cards out there, you need to choose wisely. This top-rated card offers the ability to pay 0% interest on purchases until late 2021, has some of the most generous cash back rewards we’ve ever seen (up to 5%!), and somehow still sports a $0 annual fee.

That’s why our expert – who has reviewed hundreds of cards – signed up for this one personally. Click here to get free access to our expert’s top pick.

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For Rent sign in a hedge outside a home

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6. There's $19.1 billion in rental assistance

Many people are struggling to pay rent. The new bill includes money to cover back rent, upcoming rent, and utility bills. Those in need can apply through their states of residence.

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Older man sitting on the couch with his head in his hand

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7. There's relief for mortgage borrowers, too

The relief bill includes $10 billion to help struggling homeowners cover their mortgages, utilities, and property taxes. Currently, mortgage borrowers also have the option to put their home loans into forbearance.

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Mother and children happily looking at laptop

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8. The Child Tax Credit is expanded

Right now, the Child Tax Credit is worth up to $2,000 per child under the age of 17. The expanded version will give families a credit of $3,600 for each child under the age of 6 and $3,000 per child under age 18. The credit will be fully refundable and available in monthly installments.

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Health insurance document, stethoscope and bills

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9. Health insurance subsidies will be more widely available

Right now, some people who buy their own health insurance qualify for subsidies to help cover the cost of their premiums. The new bill expands eligibility so more people can access affordable healthcare.

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Small business owner packing boxes and looking at laptop

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10. Small businesses will get more aid

Small businesses have taken a beating over the past year. The new stimulus package includes $15 billion in Economic Injury Disaster Loans, as well as more money for the Paycheck Protection Program, which allows small businesses to apply for forgivable loans.

Our credit card expert uses this card, and it could earn you $1,148 (seriously)
As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. They protect against fraud far better than debit cards, help raise your credit score, and can put hundreds (or thousands!) of dollars in rewards back in your pocket each year.

But with so many cards out there, you need to choose wisely. This top-rated card offers the ability to pay 0% interest on purchases until late 2021, has some of the most generous cash back rewards we’ve ever seen (up to 5%!), and somehow still sports a $0 annual fee.

That’s why our expert – who has reviewed hundreds of cards – signed up for this one personally. Click here to get free access to our expert’s top pick.

Previous

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A group of people eating dinner at a casual-dining restaurant

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11. Restaurants will get a lifeline

Restaurants have been notably hard-hit during the pandemic. The new bill includes $25 billion for restaurants, which can apply for individual grants of up to $10 million each.

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A man hands over a paycheck.

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12. There won't be a minimum wage hike

Originally, the new stimulus bill was set to include a provision that would raise the current $7.25 hourly minimum wage to $15 an hour by 2025. But a Senate parliamentarian ruled last week that a minimum wage hike can't be included in the bill due to the process by which it's being moved forward.

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U.S. Supreme Court building

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13. The bill should be voted on soon

Lawmakers are eager to have the new relief bill signed into law before March 14. That's the date when enhanced unemployment benefits are set to expire under the last relief bill.

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Coronavirus stimulus checks with hundred dollar bills and U.S. flag background

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14. Stimulus payments should go out quickly once the bill is signed into law

Since the IRS already has a system in place for sending out stimulus cash, once the relief bill is signed into law, stimulus funds should hit recipients' bank accounts pretty quickly. The IRS has previously said it can handle the distribution of those stimulus payments in conjunction with sending out tax refunds.

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Man signing electronic document

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15. Things could still change

Technically, some of the aforementioned aspects of the relief bill could still change between now and when it's signed into law. Since some lawmakers are pushing for more targeted aid, there's a chance the thresholds for stimulus eligibility could still shift.

Our credit card expert uses this card, and it could earn you $1,148 (seriously)
As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. They protect against fraud far better than debit cards, help raise your credit score, and can put hundreds (or thousands!) of dollars in rewards back in your pocket each year.

But with so many cards out there, you need to choose wisely. This top-rated card offers the ability to pay 0% interest on purchases until late 2021, has some of the most generous cash back rewards we’ve ever seen (up to 5%!), and somehow still sports a $0 annual fee.

That’s why our expert – who has reviewed hundreds of cards – signed up for this one personally. Click here to get free access to our expert’s top pick.

Previous

Next

Serious man at computer.

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What will the new relief bill do for you?

Whether you're unemployed, grappling with income loss, or struggling to keep up with your housing expenses, you may be eligible for aid once the new stimulus bill is signed into law. And with any luck, that will happen in fairly soon.

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