Senate Passes Biden's $1.9 Trillion Covid Relief Bill
On Saturday, the Senate passed President Biden's $1.9 Trillion Covid-19 Relief Bill. The final tally was 50-49. The Senate's modified version of the bill will now go back to the House so they can vote on it.
The legislation includes additional stimulus checks of $1,400 per person for many Americans. Individuals who earn less than $75,000 a year and couples that earn less than $150,000 are eligible for the full checks. Qualifying families with children will also receive an additional $1,400 per dependent. The payments will phase out for those who earn higher incomes with a qualifying income cap of $200,000 for couples and $100,000 for individuals.
The unemployed will also receive a $300 weekly federal boost to unemployment benefits through Sept. 6. The first $10,200 of unemployment payments will also be tax-free for households with annual incomes of $150,000 or less.
The bill will also send $20 Billion to state and local governments to help low-income households cover back rent, rent assistance and utility bills. Another roughly $10 billion will be allocated to help struggling homeowners with their mortgage and property taxes.
Most families with children will also qualify for a larger child tax credit in 2021, receiving up to $3,600 credit for each child under 6 and $3,000 for each child under 18.
Aid for small businesses, food stamps and federal subsidies for health insurance are also a part of the bill.
Photo Source: congress.gov