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Congress has passed a $1.9 trillion coronavirus relief bill this Wednesday. Joe Bidens is expected to sign one of the biggest stimulus packages in U.S. history. This sixth Covid-19 relief bill is considered a major political victory for the new president and passing the bill on a 220-to-211 vote.
The bill “is about giving the backbone of this nation – the essential workers, the working people who built this country, the people who keep this country going – a fighting chance” Mr. Biden said.
What’s in the bill?
The key features of the bill include one-off direct payments worth $1,400 to be sent off to most Americans.
It extends weekly jobless benefit payments of $300 until September.
An expansion of the child tax credit of up to $3,600 per child.
$350 billion is allocated to the state and local governments.
Billions of dollars also allocated to K-12 schools to help students return to the classroom.
$49billion for expanded Covid-19 testing and research, as well as $14 billion for vaccine distribution.
- The bill expands the child tax credit for one year. It will increase to $3,600 for children under 6 and to $3,000 for kids between 6 and 17.
- It adds $25 billion in rental and utility assistance and about $10 billion for mortgage aid.
- It increases the Supplemental Nutrition Assistance Program benefit by 15% through September.
- The bill includes an expansion of subsidies and other provisions to help Americans afford health insurance.
- It offers nearly $30 billion in aid to restaurants.
- The legislation expands an employee retention tax credit designed to allow companies to keep workers on the payroll.
Inject More Money into the Economy
Its been a year since people suffered from Covid-19 and this bill aims at injecting more money into the economy and bring back the nation to its glory. House Speaker Nancy Pelosi said as debate concluded, noting that the vote came on the eve of the one-year anniversary of the coronavirus being declared a pandemic and reciting the toll it’s wreaked on America. Finally, this bill puts nearly $1 trillion in the pockets of the American people.
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