White House Says Covid Stimulus Talks Ongoing But Economy Strong
House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer display the “American Rescue Plan” during the enrolment ceremony following passage of U.S. President Joe Biden’s $1.9 trillion coronavirus disease relief bill on Capitol Hill in Washington, U.S., March 10, 2021. REUTERS/Erin Scott
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WASHINGTON, Jan 5 – The White House is in constant ongoing dialogue with U.S. lawmakers and others on COVID-19 stimulus funding but the current economy appears strong, the White House spokeswoman said on Wednesday.
“We are in a very different place than we were a year ago or six months ago,” Jen Psaki told reporters at the White House, citing job creation, economic growth, low unemployment levels and higher vaccination rates.
“We’re in constant conversations,” Psaki said, adding she had no specific comment on any potential new actions.
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Recent economic data has shown U.S. private payrolls that are increasing more than expected, strong holiday retail sales and easing supply chain woes. Still, the fast-spreading Omicron variant of COVID-19 has dented some sectors as some events are canceled or postponed, and staffing is disrupted by positive cases.
“Leadership is encouraging us,” Cardin said, according to a CNN reporter on Twitter.
The White House declined to comment to the Washington Post, as did two lawmakers cited as behind the talks.
What About Money For Coronavirus Vaccine Distribution
More than 161 million vaccine doses have so far been administered in the US — and over 207 million distributed. More than a month early, the country reached Biden’s goal of 100 million jabs during the first 100 days of his administration , with a new goal of 200 million shots in the first 100 days.
The president’s plans set aside $160 billion for a nationwide vaccine program that’s been helping state and local governments get the vaccine into people’s arms.
What You Need To Know About The Latest Stimulus Package
As the COVID-19 pandemic continues, Americans need additional assistance to weather this unending storm. The CARES Act passed in March 2020, but the financial relief didnt last long. In December, the Consolidated Appropriations Act became law to provide short-term assistance. This guide explains what you need to know about the latest stimulus package.
Rumors invade the internet after a new act becomes law, primarily when so many people will rely on it to get by. You may wonder whats happening with the stimulus package that just passed, but look no further for answers. These are the facts regarding the bill and what Americans can expect in the future.
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$600 Direct Individual Payments And $300/week Unemployment Benefits
On Dec. 21, 2020, Congress approved a 2,124-page, $2.3 trillion funding package consisting of a $900 billion end-of-the-year COVID-19 stimulus bill attached to a $1.4 trillion omnibus spending bill to fund the government through Sept. 30, 2021. After a delay, former President Donald Trump signed the bill six days later.
The CAA stimulus legislation included $300 per week in additional jobless benefits, direct payments of $600 to individuals, $325 billion in small business loans, more than $80 billion for schools, and $69 billion for vaccine development and deployment. Below are the details on what the CAA legislation included.
Check : $300 In Additional Weekly Unemployment Benefits Including A New Tax Break
Under the new legislation, federal unemployment checks have been extended to Sept. 6 at a $300 weekly rate. The package also reduces the tax burden on the unemployment money for households earning less than $150,000 a year. The new law renewed the weekly $300 federal unemployment checks, which would’ve expired March 14, without a gap in funding.
The plan also removes a provision that you have to make $2,500 a year to receive the credit and makes the credits fully refundable. In addition, it expands tax credits for one year to help cover the cost of child care. Families could get back as a tax credit as much as half their spending on child care for children under age 13, up to $4,000 for a single child and $8,000 for two or more children.
The new law provides financial assistance to families with children.
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Fourth Stimulus Check Possible Timeline
Right now, there is no fourth stimulus check timeline or fourth stimulus check release date. Until legislation is in motion, we can’t say how soon more relief money might arrive. We can’t say whether more relief money is coming, at all.
That said, the third stimulus check timeline happened rather quickly following Biden’s inauguration Jan. 20. It only took a few weeks for Congress to debate his American Rescue Plan. Once the president signed the bill on March 11, $1,400 checks were put in motion.
The IRS can begin sending out possible fourth stimulus checks in the same manner it sent the previous stimulus payments. Since the framework is already in place, Americans could begin receiving the fourth stimulus checks about two weeks after a relief bill allowing another round of direct payments is approved.
New Stimulus Package Will Provide Fiscal Aid To Usps
The November presidential elections will allow people to vote via mail. Keeping in mind the tough logistical issues, both the Republican Party and the Democratic Party have decided to introduce advanced programs to financially aid the US Postal Service. Previously, the House approved a bill regarding the same. However, it did not pass the Senate. Moreover, the skinny stimulus bill proposed by the Republicans also included this provision. However, this was struck down in the chamber floors.
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The Senate Has Approved The Covid
On Saturday, the United States Senate approved the third major coronavirus stimulus package after a long day of debate. Aimed at saving the countrys economy from the ravages of the pandemic, the Covid-19 relief bill is the first major legislative victory of President Joe Biden. The $1.9 trillion package was passed with 50 Democratic votes in favor, and 49 Republican votes against. It includes direct stimulus check payments to citizens and funds to speed up the Covid-19 vaccination program, among another long list of measures.
On its passage through Congress, it has been subject to a series of changes, with some amendments demanded by the Republicans being rejected by the Democrats, and others accepted. Here is a summary of whats been included and what fell by the wayside.
The 2008 Financial Crisis
The global recession of 2008 to 2009 led to unprecedented stimulus packages instituted by governments worldwide. In the United States, a stimulus package known as the American Recovery and Reinvestment Act of 2009 contained a huge array of tax breaks and spending projects aimed at vigorous job creation and a swift revival of the U.S. economy. The initial cost projection of $787 billion included $212 billion in tax cuts $296 billion for Medicaid, unemployment benefits, and other programs and an additional $279 billion in discretionary spending to keep the economy afloat. As of 2014, the original cost estimate was revised to $832 billion.
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The American Rescue Plan Act
Following the inauguration of Joseph R. Biden as president, the new Democratic majority began taking steps to pass a new $1.9 trillion coronavirus relief package to deliver further help, called the American Rescue Plan Act.
The plan, which was passed by both houses of Congress and signed into law by President Biden on March 11, 2021, calls for a nationwide COVID-19 vaccination program, $1,400-per-person relief checks, financial support for small businesses, funding to helps schools reopen, expanded and extended unemployment insurance payments, rent subsidies, and more. The American Rescue Plan also includes a provision that student loan forgiveness issued between Jan. 1, 2021, and Dec. 31, 2025, will not be taxable to the recipient.
Biden To Appoint Someone To Lead Implementation Of American Rescue Plan
From CNN’s Maegan Vazquez
White House press secretary Jen Psaki said President Biden plans to appoint someone to lead the implementation of his coronavirus relief legislation, similar to the role he played in 2009.
We are also looking ahead to implementation, Psaki said during Wednesdays news briefing, telling reporters about Treasury Secretary Janet Yellens recent speech on aid to state and local governments. They are looking for ways to maximize, of course, the impact of every dollar.
As the House takes a final vote on the package right now, Psaki said the President knows that the passage and signing of the bill is just the beginning.
Thats exactly what the President did when he served as the point person on the implementation of the Recovery Act in 2009, partnering with mayors, governors and other officials to get help to them quickly and a way to get waste, fraud and abuse to two tenths of 1%, she said.
I dont have any personnel announcements today but that will certainly be part of our path moving forward, Psaki added.
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Fourth Stimulus Check Update
Biden’s American Rescue Plan Act, which created the third stimulus checks, did boost tax credits for most parents with children under 18, but only for the year 2021. Most parents and legal guardians will receive a tax credit of $3,600 for children under six, and $3,000 per child aged six through 17.
Half of that credit is coming in the form of monthly advance payments to parents beginning July 15 $300 per month for younger kids, and $250 for older ones. That’s similar to the monthly recurring checks that some legislators have called for.
The same law also retroactively exempted a large chunk of unemployment benefits paid out in 2020 from federal income tax. People who collected unemployment in 2020 and paid tax on it are getting thousands of dollars in tax-refund checks.
The American Rescue Plan Act also offers tax credits that cover all or most of the cost of a “Silver” health-insurance plan for six months under the Affordable Care Act, aka Obamacare. You’re eligible for this if you filed for unemployment benefits at any time in 2021, and if you don’t currently get health insurance through Medicare, Medicaid or someone else’s health plan.
Biden’s American Families Plan, which is separate from the American Jobs Plan, will seek to extend those tax credits, including the advance payments, through the end of 2025.
The American Families Plan would also mandate up to 12 weeks of paid parental leave and subsidies for childcare.
Check : The $1400 Third Stimulus Payment
The $1,400 stimulus check has already gone out to tens of millions of Americans, with more batches of payments going out over the coming weeks — you can track the status of your payment. Under new eligibility rules, some folks who qualified for the first two payments may not make the cut for the third. A hard ceiling on income, designed to exclude higher earners from getting a check, comes with a rule change regarding the use of dependents in the stimulus check formula. Check out our stimulus payment calculator to see how the income cap affects you.
The new legislation gives the IRS a deadline of Dec. 31 to finish sending the stimulus checks.
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Main Street Lending Program
On March 23, 2020, the Fed announced the Main Street Lending Program, which set up an SPV to purchase up to $600 billion in small- and medium-sized business loans. Under the plan, the Fed purchased a 95% stake of each loan, with the bank keeping 5%. To qualify, businesses needed to have either 10,000 or fewer employees or up to $2.5 billion in 2019 revenue.
On July 17, 2020, the Fed extended the program to nonprofit organizations that didnt have endowments larger than $3 billion, had either fewer than 15,000 employees or less than $5 billion in 2019 revenue, and met a number of other additional requirements. The program purchased stakes in both new loans and loan extensions.
Under the CARES Act, the Treasury Department planned to make a $75 billion equity investment in the SPV. The terms of the loans were five years, with interest deferred for one year and principal payments deferred for two years.
On Oct. 30, 2020, the Fed reduced the minimum size of the loans that the program would purchase. It continued to purchase stakes in loans until Jan. 8, 2021, and it will continue to be funded until its assets mature or are sold.
Here’s What Is In The ‘families First’ Coronavirus Aid Package Trump Approved
Food stamps: $15.5 billion is going to the Supplemental Nutrition Assistance Program, also known as SNAP. The money will help cover the expected cost of new applications to the program as a result of the coronavirus.
American Indian reservations, Puerto Rico, Northern Mariana Islands and American Samoa all get additional funds and access to federal nutrition programs.
Food banks: There is $450 million more for food banks and other community food distribution programs.
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The legislation designates $339.8 billion for programs that will go to state and local governments. It is divided up to put $274 billion toward specific COVID-19 response efforts, including $150 billion in direct aid for those state and local governments running out of cash because of a high number of cases.
It also includes $5 billion for Community Development Block Grants, $13 billion for K-12 schools, $14 billion for higher education and $5.3 billion for programs for children and families, including immediate assistance to child care centers.
The bill includes relief for college students and graduates with outstanding federal student debt.
Temporary student loan relief: All loan and interest payments would be deferred through Sept. 30 without penalty to the borrower for all federally owned student loans.
Work-study funds: It allows schools to turn unused work-study funds into supplemental grants and continue paying work-study wages while schools are suspended.
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Stimulus Package Arrival Dates
So this is a question that continues to come up every single day down in the comments section. And it’s usually worded in a variety of different ways, including when will it arrive? When will we get it?
Will we get it this year? Will we get it in December? Will we get it before Christmas and a variety of other ways? So I want to lay this out for you right here right now in regards to the stimulus package and a potential fourth stimulus check in the event, Congress actually adds one into this package that they’re currently working on. Now, here’s the thing.
Every single week that goes by that Congress does not pass the stimulus package. That just means it’s pushing out the timeline even more. So let’s go through all this information with whatever we have on hand right here right now in regards to the stimulus package. And let’s layout some potential timelines as far as when a stimulus check could actually arrive in the event, they actually do want to add one into the package. Now, here’s the thing.
Of course, I have to say this. I’ve already said it a few times, but when I say it once again so that there is no misunderstanding as of this time right here, right now, a fourth stimulus check has not been added into the package. However, Congress will be picking up this package. And between now and Christmas, they want to get this thing fully passed. That is what Chuck Schumer has said.
Delaware County Memorial Hospital Maternity Ward Shutting Downyour Browser Indicates If You’ve Visited This Link
Dozens of labor and delivery nurses are looking for new jobs. One of our region’s largest health care systems is closing a maternity unit and consolidating services. Effective Friday, Jan. 21, the maternity ward and the neonatal ICU at Delaware County Memorial Hospital in Drexel Hill will close its doors for good.
HealthLeaders Media
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Your Obamacare Policy Will Become More Affordable
The new law will lower health insurance costs for millions of Americans who buy individual or family policies through the Affordable Care Act, also known as Obamacare. It will temporarily cap premium costs at 8.5% of income for all consumers, including those whose incomes fall above the threshold for government premium subsidies.
This means that consumers making more than 400% of the federal poverty level or $51,520 for an individual in 2021 will see their premium costs contained for the first time since the laws inception. Having to pay the full cost of coverage often put health insurance out of reach, even for more affluent households. Those with lower incomes who currently qualify for subsidies will receive even more assistance under the American Rescue Plan, lowering their premium costs further.
Older Americans pay the highest premium costs, so they will see the biggest savings under the bill. A 64-year-old with an income of $58,00 would save nearly $8,000 annually on premium costs, according to a Health Affairs analysis of Congressional Budget Office projections.
Whats more, under the new law the government will subsidize the cost of COBRA coverage through the end of September, so those who leave their jobs or are laid off dont need to pay full price to continue their employer-sponsored coverage through that time.
Million File For Unemployment Claims Shattering Records
Gig workers and freelancers: Typically, self-employed people, freelancers and contractors can’t apply for unemployment. This bill creates a new, temporary Pandemic Unemployment Assistance program through the end of this year to help people who lose work as a direct result of the public health emergency.
Tax returns: Some people have not filed their 2019 tax returns, but that’s OK. The filing deadline has been extended to July 15. The IRS also says that people who have filed or plan to can still expect to receive a refund if they are owed one.
Student loans: Employers can provide up to $5,250 in tax-free student loan repayment benefits. That means an employer could contribute to loan payments and workers wouldn’t have to include that money as income.
Insurance coverage: The bill requires all private insurance plans to cover COVID-19 treatments and vaccine and makes all coronavirus tests free.
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The main features for small businesses are emergency grants and a forgivable loan program for companies with 500 or fewer employees. There are also changes to rules for expenses and deductions meant to make it easier for companies to keep employees on the payroll and stay open in the near-term.
Emergency grants: The bill provides $10 billion for grants of up to $10,000 to provide emergency funds for small businesses to cover immediate operating costs.
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