There was a bit of a lapse, but President Donald Trump finally signed the $2.3 trillion Bipartisan Coronavirus relief bill and Omnibus funding bill. $900 billion will go towards providing relief for unemployed Americans, small businesses, stimulus checks, vaccine distribution and more.
For the last several days, the opening message on the websites of several banking institutions indicates the surge of calls regarding stimulus checks. The gesture shows the economic desperation of many Americans who waited five months for relief since the enhanced unemployment benefits from the CARES Act expired in July 2020. While some feel that something is better than nothing, others feel that the latest stimulus package is too little too late.
Takenia Johns, Customer Service Representative from the Bronx, New York told Ark Republic, “The package is okay, but it could be better because they made us wait,”
The Hill reports that the new stimulus package has an enhanced $300 per week benefit for the unemployed, as well as an unemployment extension for 11 weeks. However, that has now turned into 10 weeks due to President Trump waiting a week to sign the bill.
The new stimulus package also consists of money for Covid-19 vaccine distribution, money for schools, mortgage and rent relief, food assistance, money for transportation and Paycheck Protection Program grants.
Finally, the legislation includes $600 stimulus checks per person. A family of four could receive up to $2,400 in stimulus payments. People who earned more than $75,000 in 2019 will receive a smaller stimulus payment and people who earned more than $99,000 in 2019, will not receive a stimulus payment.
Stock Representative and resident of Queens, New York, Charles Nelson New York recounts the benefits that were disbursed in the CARES Act. As per Nelson there is some accountability to be had on the part of Americans as the CARES Act had an expiration date.
“People weren’t making that money before. A lot of people were making minimum wage…So that was a sign to start saving your money. This money we have right now is a second chance…Use it,” says Nelson.
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Looking ahead, more financial relief seems to be coming down the pike. “This relief legislation is a down payment on what is needed to crush the virus,” says Speaker of the House of Nancy Pelosi (D-CA) in a press release concerning President Trump signing the relief bill and government funding bill into law.
President – elect Joe Biden (D-DE) tweeted, “I applaud this relief package, but our work is far from over. Starting in the new year, Congress will need to immediately get to work on support for our COVID-19 plan.”
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