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.
Sourced from Cnet.com 1 4 21