The new coronavirus relief package stimulus checks are being deposited in bank accounts all over the US, and people will also receive the checks sent through the post soon at their doorstep.
President Donald Trump signed the bill on Sunday, and it’s similar to the CARES Act released back in March which was worth $2.2 trillion. However, the stimulus checks are worth half the amount.
President Trump and the Democrats have been repeatedly insisting that the stimulus checks be increased to $2000, however, this seems unlikely since Senate Majority Leader Mitch McConnell blocked the proposal for this increase because he believes that Senate will not pass the bill.
As reported by the Committee for a Responsible Federal Budget, the stimulus is worth $920 billion. This third package was proposed by the Democrats.
There is one main difference between the stimulus packages from March and December. In March individuals received $1200 in stimulus checks whereas in December they received $600. For married couples, the amount has been reduced from $2400 to $1200. For children under the age of 17, the amount was increased from $500 to $600.
Two of the unemployment programs expired at the end of December. One of them was meant for self-employed workers and gig workers called the Pandemic Unemployment Assistance Program. The other one extends the 26 weeks of benefits for unemployed workers to add 13 more weeks of Pandemic Emergency
Unemployment Compensation Program
In March, the unemployed persons were given $600 for 17 weeks in addition to the state benefits whereas now, they will be given $300 per week for 11 weeks.
The $920 billion have been divided into different categories. With $166 billion going into stimulus checks, $120 billion will be used to fund unemployment benefits. For education, $82 billion have been allocated whereas for health care, the amount remains $56 billion. A major chunk of $325 billion is reserved for helping small businesses survive the pendamc.
The CARES Act amounted to $2.2 trillion. The unspent sum amounts to $500 billion and will most likely help in funding the new stimulus package.
