This is a brief summary of the new and former relief bills.
The $900 billion stimulus bill is seen as a short-term relief package until early 2021, where President-elect Joe Biden and his administration are expected to introduce yet another stimulus package to address some of what the $900 billion bill leaves out.
|New stimulus bill (Dec. 2020)||CARES Act (March 2020)|
|Total cost of stimulus package||$900 billion||$2.2 trillion|
|Stimulus check maximum payment amount||$600 to single filers earning under $75k per year, $1,200 for joint filers under $150k. Reduced $5 per $100 of income above limits.||$1,200 to single filers earning under $75k per year, $2,400 for joint filers under $150k. Reduced $5 per $100 of income above limits.|
|Stimulus money allocation for child dependents||$600 for all dependents 16 and under. College students 24 and under are not eligible.||$500 for all dependents 16 and under. College students 24 and under are not eligible.|
|Weekly federal unemployment insurance||$300 per week in addition to state benefits.||$600 per week in addition to state benefits.|
|How long enhanced unemployment lasts||Expires March 14 (11 weeks).||Expired July 31 (16 weeks).|
|Paycheck Protection Program||$325 billion total, including $284 billion in PPP loans, $20 billion for businesses in low-income communities and $15 billion for struggling live venues, movie theaters and museums.||Allocated $659 billion total in forgivable loans for small businesses, who must use 75% on payroll to be eligible for forgiveness. $130 billion remains, but expires Aug. 8.|
|Employee tax credit||Renews tax credit from CARES.||Tax credit on 50% of up to $10,000 in wages.|
|Eviction ban||Extends CDC’s eviction moratorium until Jan. 31, 2021 and allocates $25 for rent relief.||Bans late fees until July 25 and evictions until Aug. 24 on properties backed by federal mortgage programs (Fannie Mae, etc.) or that receive federal funds (HUD, etc.)|
|School reopenings||$82 billion, including $4 billion for a governors’ relief fund, over $54 billion for public K-12 and nearly $23 billion for higher education. Plus, an additional $10 billion for non-school child care.||Does not address.|
|Coronavirus testing, tracing and treatment||$69 billion total: $20 billion to purchase vaccines, almost $9 billion to distribute vaccines and about $22 billion for testing, tracing and other COVID-19 programs.||Does not address.|