Good morning,
Lawmakers on Wednesday approved a massive $1.9 trillion relief bill, offering to extend unemployment benefits through September 6, dispatch $1,400 checks for many Americans, and green light $50 billion in new small business aid.
The House passed the measure in a vote of 220 to 211, with no Republicans voting to approve. President Joe Biden is expected to sign the bill this Friday. The legislation was previously passed by the Senate, which over the weekend approved a more targeted version of a previously passed House measure. The bill approved today, removes a phased-in boost to the federal minimum wage to $15 by 2025. It also reduced the pool of Americans eligible for economic impact payments. The direct payments will drop to zero for individuals with incomes of $80,000 and married couples with incomes of $160,000.
This bill contains many provisions that may have down-stream benefits for small businesses. Those include: $48 billion for testing and contact-tracing; $7.5 billion for the distribution of vaccines; $350 billion for states and local governments and $160 billion for schools and universities. There's also a one-year expansion of the child tax credit--valued at $3,000 for children 6 to 17 years old and $3,600 for children under 6. The existing child tax credit is $2,000.
The stimulus includes plenty of direct small-business aid, too. Read our story to learn exactly what’s in it for you--including grants, tax credits, and more. |
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