5 Things to know about the New Stimulus Package

The Senate just passed a $1.9 Trillion package on March 6th 2021. Here are 5 things you need to know about it to make sure you can get the most from it.

  1. Stimulus Checks- Individuals earning less than $75,000 a year and married couples earning less than $150,000 will receive $1,400 per person, including children. This will phase out if you earn more than $80,000 a year and $160,000 per married couple.

  2. Unemployment assistance- There will be a $300 weekly jobless payment for unemployment through September 6th 2021. The first $10,200 worth of these benefits will be tax-free for household with annual income less than $150,000.

  3. Tax Credits for Families- They have increase the child tax credit from $2,000 to $3,600 for child under 6 and $3,000 for each child under age 18. This credit is also refundable so more low income parents can take advantage.

  4. Education and Child Care- The bill proves $130 billion to K-12 schools to help students return to the classroom. School would be allowed to use the money to update their ventilation systems, reduce class sizes, buy PPE and hire more support staff.

  5. More money for small business- The bill set aside $15 billion to the EIDLP program which provides low interest loans from the SBA. Business with 10 or fewer employees will be given first priority for the money. Also the PPP loan program would get additional $7 billion for the second round.

3 views0 comments