All we need is a signature, Mr. President. Once President Biden signs the pandemic relief package that has now been passed by both the Senate and the House, Americans can expect a third round of stimulus checks to arrive in their bank accounts. But that's not all this new bill has in store.

But lets start with the checks. The AP reports that single taxpayers will get $1400 checks and married couples, $2800, plus $1400 per dependent child. Individuals earning up to $75,000 will get the full amount, couples earning up to $150,000. The checks would shrink slightly for people earning more. Most Americans will get the full amount. The President has said that once signed, the payments will begin going out this month.

More good news for parents. The AP says that the child tax credit will be going up. For kids age 6 to 17, it would rise to $3000, and for children under the age of 6, it would go up to $3600. The new bill also calls for these payments to be made to parents monthly instead of in a one lump sum. So parents could get a stimulus check up front, and then payments every month for each child they have.

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The federal unemployment benefits will also be extended under the current bill. The extra $300 a week payments would be extended to September 6th, according to the AP. The measure also provides a 100% subsidy of COBRA health insurance premiums so that laid off workers can remain on their employer health plan through September as well.

The new bill also includes billions of dollars in aid to help re-open schools around the country, help in the vaccine rollouts, and provide more financial assistance to stores and businesses hit hard by the pandemic.

Yes, help is on the way. Let's hope $1.9 trillion is enough.

 

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