UPDATE: Congress Passes $1.9 Trillion Stimulus Bill

This afternoon, The House of Representatives passed the $1.9 Trillion Relief Bill.

The Bill is expected to be signed into law by Friday.

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