Unemployment Assist Set to Lapse Saturday as Trump’s Plans for Reduction Invoice Stay Unclear
“Why shouldn’t politicians want to give people $ 2,000, just $ 600?” he said on Twitter, possibly referring to his own party’s move on Thursday to block a House Democratic bill that would have raised the level of direct payments to $ 2,000. “It wasn’t their fault, it was China. Give the money to our people! “
Dec. 26, 2020, 12:08 p.m. ET
Mr Trump was largely uninvolved in the legislative negotiations, but Treasury Secretary Steven Mnuchin is said to have negotiated on behalf of the President.
The bill also includes billions of dollars to help states distribute coronavirus vaccines, a replenished small business loan program, and airline aid. It was passed along with a spending measure to keep government funding going for the remainder of the fiscal year. The cost of the combined package is $ 2.3 trillion.
Treasury officials, who expected the president to sign the bill this week, had planned to work through the Christmas break to restart the small business paycheck protection program and push payments through direct deposit until early next week. However, all of this is now suspended.
The second stimulus
Answers to your questions about the stimulus calculation
Updated December 23, 2020
Legislators agreed to a plan to provide $ 600 stimulus payments and distribute $ 300 federal unemployment benefits for 11 weeks. Here you can find out more about the bill and what’s in it for you.
- Do I get another incentive payment? Individual adults with adjusted gross income on their 2019 tax returns of up to $ 75,000 per year would receive a payment of $ 600, and heads of household up to $ 112,500 and a couple (or someone whose spouse died in 2020) would receive up to to earn $ 150,000 per year Get double the amount. If they have dependent children, they will also receive $ 600 for each child. People with incomes just above this level would receive a partial payment that decreases by $ 5 for every $ 100 of income.
- When could my payment arrive? Treasury Secretary Steven Mnuchin told CNBC that he expected the first payments to be made before the end of the year. However, it will take a while for everyone to receive their money.
- Does the agreement concern unemployment insurance? Legislators agreed to extend the length of time people can receive unemployment benefits and restart an additional federal benefit that is on top of the usual state benefits. But instead of $ 600 a week it would be $ 300. That would take until March 14th.
- I am behind or expecting to be late on my rent. Do I get relief? The deal would provide $ 25 billion to be distributed through state and local governments to help backward tenants. In order to receive support, households would have to meet various conditions: the household income (for 2020) must not exceed 80 percent of the regional median income; At least one household member must be at risk of homelessness or residential instability. and individuals must be eligible for unemployment benefits or face direct or indirect financial difficulties due to the pandemic. The agreement states that priority will be given to support for lower-income families who have been unemployed for three months or more.
Lawmakers in Congress and White House officials have indicated they are unsure whether Mr Trump will give in and sign the legislation, formally veto it, or simply not sign it. While Congress could potentially override Mr Trump’s veto, the next Congress would have to reintroduce the legislation early next year and vote on it when it sits on the bill – a so-called pocket veto.
California Democrat spokeswoman Nancy Pelosi said she would hold a roll-call vote Monday on the direct payments bill, which would meet Mr. Trump’s $ 2,000 direct payments request and put pressure on Republicans who oppose such high payments. Congress could also be forced to pass another emergency measure to avoid a shutdown.
Official figures released this week showed continued stress on the economy as personal incomes fell and unemployment claims remained high. Another 398,000 people applied for Pandemic Unemployment Assistance, one of two federal programs to expand unemployment benefits that will be phased out.