What $2 Trillion Coronavirus Bill Passed Means For Regular Americans
The U.S. House of Representatives passed by voice vote on Friday a historic $2 trillion coronavirus relief package. The largest stimulus bill in the country's history, which includes assistance for ordinary Americans, as well as businesses, will next be sent to President Trump's desk to be signed.
Here's what's included in the bailout bill:
Direct payments to individuals and families.
Under the plan's newest version, single people would receive a one-time infusion of $1,200. Married couples would get $2,4000, plus an additional $500 for each child under 17.
The amounts would gradually decrease for individuals with adjusted gross incomes of more than $75,000. Single people earning more $99,000 would receive nothing. The limits are doubled for couples. Income figures would come from 2018 tax return figures.
Payments on student loans halted.
The Department of Education would allow student loan borrowers to suspend payments without penalty through September. Interest would not accrue on those loans.
Unprecedented increase in unemployment benefits.
The federal government would pay workers who lost their jobs an extra $600, on top of state unemployment benefits, for four months.
And for the first time, independent contractors and freelancers would be eligible for unemployment benefits.
Extensions of 13 weeks would also be added, paid by the federal government. State unemployment checks are usually dispersed for 12 to 28 weeks, and then must be reviewed before extensions are granted.
Figures released Thursday by the U.S. Labor Department showed a record 3.3 million Americans applied for unemployment last week. Many of those who lost their jobs because of the coronavirus closures say they were unable to apply for benefits because online registration sites couldn't handle the high volume of people trying to sign up.
Deferral of REAL ID deadline.
The latest draft of the bill would suspend the October deadline for enhanced government identification to board airplanes until late 2021. REAL ID regulations had ordered states to issue new drivers licenses and identification cards that would be mandatory for air travel.
Protection from eviction and foreclosure.
The bill would exempt those facing financial hardship because of the coronavirus from payments on federally backed mortgage loans for up to 60 days. That forbearance could be extended for four periods of 30 days each. Foreclosure efforts on such mortgage loans would be suspended for 60 days.
Fees, penalties or additional interest would not be allowed on delayed payments.
Holders of federally backed mortgage loans who have tenants would be barred from evicting people solely for failing to pay rent for a period of 120 days. Those landlords would also be banned from charging fees or penalties for failing to pay rent.
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