(CBS Detroit) — Congress finally reached a deal on a second stimulus package Sunday worth approximately $900 billion. The House and Senate will vote on the package Monday, which must be signed by President Trump. The economic relief for individuals and businesses will be part of a larger spending bill to keep the federal government open through next September.
The long-awaited stimulus package includes some similar measures to those passed with the CARES Act back in March, albeit in different amounts. Among them are stimulus checks. A second round of direct payments — this time for $600 instead of $1,200 — will go out to every adult with an annual salary up to $75,000. Adults earning between $75,000 and $100,000 per year could receive a reduced payment. Parents will also be paid $600 for each dependent child, rather than the $500 issued under the CARES Act.
Treasury Secretary Steven Mnuchin told CNBC Monday that the money could start reaching bank accounts by next week.
The second stimulus package also includes additional unemployment benefits. Those currently receiving state unemployment will receive an additional $300 per week from the federal government. That weekly bonus will last through the middle of March, 2021. The Pandemic Unemployment Assistance (PUA) program, for freelance workers who don’t qualify for traditional unemployment insurance, will also continue. The Pandemic Emergency Unemployment Compensation (PEUC) program, for those who have exhausted their state benefits, looks to be extended as well.
Those whose unemployment benefits have expired will probably have to wait a few weeks for them to resume.
Businesses will receive another $325 billion in relief. About $284 billion of that will be doled out through the Paycheck Protection Program (PPP), which issues forgivable loans for small businesses to keep employees on staff. TV and radio broadcasters, as well as local newspapers and nonprofits, reportedly including churches and faith-based organizations, will be eligible for the program.
Another $15 billion will be set aside for theaters and other types of live venues, along with $30 billion for vaccine distribution. An additional $82 billion is earmarked for schools and universities to service or replace ventilation systems.
The stimulus package will extend the eviction moratorium through the end of January. Eviction protections put in place by the U.S. Centers for Disease Control and Prevention and various states are set to expire at the end of the year. Also included will be $25 billion of assistance to renters.
Aid for state and local governments and business liability protections, the two initiatives which held up relief efforts for months, are not part of the deal. However, the deadline for cities and states to use money supplied under the CARES Act will be pushed back until the end of 2021. Aid for states and localities is supported by Democrats and opposed by Republicans. The coronavirus liability shield is supported by Republicans and opposed by Democrats.
This second round of stimulus is coupled with an omnibus spending bill worth $1.4 trillion. The legislative text stretches to 5,593 pages, among the longest bills Congress has ever considered. The package includes many other provisions unrelated to COVID relief. There is wording that would end surprise medical bills, which arise when patients receive care from (and then are billed by) out-of-network doctors without prior knowledge. The spending bill also calls for a women’s history museum and the National Museum of the American Latino. Also included is money for infrastructure, along with another $1.4 billion for the U.S.-Mexico border wall.
Last updated 4:30 p.m. ET.