Stimulus: Senate Approves New COVID-19 Relief Package After Months of Talks

On Monday evening, the House passed the $900 billion stimulus bill that Democrats and Republicans finally agreed to after months of stalled negotiations. After it passed in the house, the bill's next step was a vote in the Senate. Now, the Senate has officially approved the new COVID-19 relief package in a 91-7 majority vote, which will come as welcome news to Americans who have been clamoring for more assistance amidst the ongoing coronavirus crisis.

PASSED: the Covid bill passed Senate 91 to 7

— Erik Wasson (@elwasson) December 22, 2020

Now that the bill has passed in both the House and the Senate, the legislation will be sent to President Donald Trump to sign it into law. Once he does so, Americans will finally be able to receive another round of stimulus checks and other financial assistance to help them navigate through the ongoing COVID-19 crisis. Under this new plan, eligible Americans will receive a one-time check worth $600. Couples who file a joint tax return will receive $1,200. Additionally, individuals will receive $600 per child that they claim as a dependent.

In addition to stimulus checks, the new package provides for enhanced unemployment benefits. While those enhanced benefits from the CARES Act expired, they will be revived, albeit at a lower rate. Those who collect unemployment will receive an extra $300 per week compared to the extra $600 per week in the spring from the CARES Act. Of course, this new package also addresses various coronavirus-related measures. The bill allocates $22 million for the purchase of vaccines, $9 billion for vaccine distribution, and $22 billion to fund testing, tracing, and coronavirus mitigation programs. It should be noted that these funds will go directly to the states, as they will operate those programs individually.

A good portion of the funds will go to small businesses. The plan will see $325 billion going towards small businesses within the U.S. That total includes $285 billion in loans through the revived Paycheck Protection Program (PPP). Although, as of right now, it's unclear how that program, which was a controversial one, has been revised. Not only will small businesses receive that large sum of money, but the bill also allocates $20 billion for businesses in low-income communities and $15 billion for live entertainment venues, movie theaters, and museums.