Bottom Line: Congress passes $1.9 trillion stimulus package with direct payment to individuals, money for states, and more

By Jacqueline Pitts
Kentucky Chamber of Commerce

WASHINGTON, D.C. — The U.S. House of Representatives voted to give final approval to a $1.9 trillion coronavirus relief bill on Wednesday, sending the massive stimulus plan to President Joe Biden, who plans to sign the bill on Friday.

Included in the bill is long-awaited, targeted aid dedicated specifically to the restaurant industry, new provisions for small businesses across other industries, and more money for the Paycheck Protection Program.

Major provisions of the bill include:

• Sends $1,400 direct payments to most Americans and their dependents. The checks start to phase out at $75,000 in income for individuals and are capped at people who make $80,000. The thresholds for joint filers are double those limits.
• $7.25 billion in additional funding for the Paycheck Protection Program (PPP), to continue providing forgivable loans to struggling small businesses.
• Nearly $30 billion in aid to restaurants.
• Expansion of an employee retention tax credit designed to allow companies to keep workers on payroll.
• Extension of a $300/week jobless aid supplement and programs, making millions more people eligible for unemployment insurance until Sept. 6.
• Expansion of the child tax credit for one year, which will increase to $3,600 for children under 6 and to $3,000 for kids between 6 and 17.
• $20 billion for COVID-19 vaccine manufacturing and distribution, along with roughly $50 billion into testing and contact tracing.
• $25 billion in rental and utility assistance and about $10 billion for mortgage aid.
• $350 billion in relief to state, local and tribal governments.
• $120 billion to K-12 schools.
• Increases the Supplemental Nutrition Assistance Program (SNAP) benefit by 15% through September.
• Expands subsidies and other provisions to help Americans afford health insurance.

The bill passed the House by a 220-211 vote, with all Republicans voting against it, as many GOP lawmakers argued that the job market has rebounded enough to warrant little-to-no new stimulus spending.

The Bottom Line is the official news site of the Kentucky Chamber of Commerce