Senate Passes $1.9 Trillion Stimulus Bill

Saturday, the Senate approved a bill that would spend $1.9 Trillion on direct payments, jobless benefits, and state and local aid.

Included in this bill are:

  • $1,400 Direct payments for each individual making less than $75,000/year and couples making less than $150,000/year and $1,400 for each dependent
  • Continuation of the $300 additional Unemployment Benefit
  • Expand the 2021 Child tax credit; the tax credit would be as much as $3,600 for children up to age 5 and as much as $3,000 for children 6 to 17.
  • Funding for Vaccine distribution and coronavirus testing
    • $350 billion for states, local governments, territories and tribal governments
    • $130 billion for schools
  • Temporary increase in subsidies for those who purchase Health Insurance through the Affordable Care Act’s Marketplace.
  • Excludes Student Loan discharge amounts from income until Jan 1, 2026