Stimulus Deal Has Passed, How Will it Impact You?

Stimulus Deal Has Passed, How Will it Impact You?.

Congress passed the roughly $900 billion relief package late Monday night.

It allows for a second round of direct stimulus payments for Americans, this time in the amount of $600.

Single individuals who filed their 2019 tax returns electronically and who make less than $75,000 a year could receive a direct deposit as early as next week.

Families making less than $150,000 would receive $600 payments for both spouses and each dependent child under the age of 16.

.

Partial payments will be doled out to those who make more than the cut-off, with payments subtracted by $5 for every $100 made beyond the limit.

Those who received paper checks will receive their second round payments in the coming weeks.

Unemployment payments will also get a weekly $300 boost that will last through March 14.

These payments apply to both state benefits and federal pandemic unemployment assistance.

$25 billion has also been allotted to assist renters in danger of being evicted, or who have simply fallen behind in rent due to the pandemic.

For those who meet certain conditions, assistance will be prioritized for lower income families who have been unemployed for three months or more.

The moratorium on rental evictions has also been extended through January.

In order to qualify, renters can fill out the form on the Centers for Disease Control website in order to determine eligibility.

Foreclosure protection has also been extended through the end of Jan.

For single-family homeowners whose home loans are backed by Freddie Mac or Freddie Mae.

The bill also reinstates pell grants for prisoners, and removes the cutoff for government paid interest payments for enrolled college students with subsidized loans