Trump signs stimulus package: here’s what it means for you

This story is developing.

President Donald Trump has signed the stimulus package—with $ 600 stimulus checks.

Here’s what you need to know.

Stimulus

Trump has sign the new $ 900 billion stimulus package and avoided a federal government shutdown on Tuesday. Before Christmas, Trump indicated that he might not sign the new stimulus plan that Congress passed earlier this month in response to the Covid-19 pandemic because, among other reasons, the planned $ 600 stimulus checks were “ridiculously low.” This sparked concern among millions of Americans and members of Congress who were hoping for relief from the stimulus, including second dunning check, unemployment insurance and small business loans, among other financial aids. Asset tweeted earlier today that there was positive news ahead on the Covid relief bill. “Good news on the Covid relief bill. Information to follow!

Councilor ForbesSecond stimulus control calculator: how much and when will you receive?

“I will sign the Omnibus and Covid package with a strong message that makes it clear to Congress that unnecessary items must be removed,” Trump said in a statement. “I will return to Congress an underlined version, clause by clause, along with the formal request to cancel to Congress insisting that these funds be removed from the bill.” I am signing this bill to restore unemployment benefits, stop evictions, provide rental assistance, add money for PPP, get our airline workers back to work, add a lot more money for vaccine distribution, and much more.

What it means for you

By signing this stimulus package by Trump, it can impact your portfolio in a number of ways, including:

• Stimulation controls: The new stimulus package will provide a one-time stimulus check of $ 600 for each eligible person based on the same income limits for the first stimulus check, which is 2019 income less than $ 75,000 for each individual and 150,000 $ for each married or spouse filer. Eligible dependents 16 and under can get $ 600 stimulus checks, while married and spousal filers can get $ 1,200. Trump pleaded for $ 2,000 stimulus checks, and has previously said he wants big stimulus checks for the American people. Previously, Treasury Secretary Steven Mnuchin had said stimulus checks could be sent out within days, although it is not clear if that timeline still holds and whether payments would be delayed until early next year. .
• Unemployment insurance: The new stimulus package includes $ 300 per week for improved unemployment insurance.
• Rental assistance: The stimulus package includes $ 25 billion in rent assistance to protect vulnerable Americans at risk of losing their homes. There is also a one month extension of the federal moratorium on evictions. (This is different from a Congress proposal to cancel rent and mortgages).
• Additional benefits: The stimulus package also includes funding for the Paycheck Protection Program ($ 284 billion), education ($ 82 billion), child care ($ 10 billion), clean energy and fossil fuels and vaccine distribution, among other benefits.
• What is missing : Student loan relief removed from the stimulus package. This includes any proposal for cancel student loans. Trump has postponed federal student loan payments until Jan.31, 2021, but that student loan relief will then expire unless Congress is extended by law or the President extends by executive action. There is also no Covid-19 liability protection for businesses or any state or local aid, which was preferred by Republicans and Democrats respectively.

Unemployment insurance: impact

Through signature stimulus bill today rather than yesterday, millions of Americans will have $ 300 less in unemployment benefits. Why? The stimulus bill provides for 11 weeks of enhanced federal unemployment benefits through March 14, 2021. The benefit weeks begin on a Sunday, so since Trump signed the stimulus bill today, states cannot not start unemployment benefits before next Sunday January 3, 2021. This means that unemployment insurance will be laps for a week, leaving millions of unemployed Americans without essential financial support. However, despite the delay, unemployment benefits would still end on March 14, 2021, meaning beneficiaries would lose $ 300 in benefits and only receive 10 weeks of unemployment benefits. This would limit the total amount of unemployment insurance to $ 3,000, rather than the $ 3,300 provided for each beneficiary.

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