Earlier today, the House of Representatives passed the $1.9 trillion stimulus package, clearing the way for it to go to President Biden for his signature by Friday. With Biden's signature, aid for millions of individuals, families, and businesses will be cleared for takeoff. Here's a recap of the relief package — one of the largest in US history since the Great Depression — and important information you should know about.
In addition, for small business owners, Targeted EIDL grants are starting to hit people's bank accounts as of today (screenshots below). We covered this news in today's daily video along with the stimulus package news.
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Direct Payments Will Be Shipped to Americans Quickly
This isn't the Treasury Department's first stimulus check rodeo. In fact, this is the third direct payment to Americans in the past year.
As soon as Biden signs this Bill into law, we expect the Treasury will start sending money electronically to millions of bank accounts within a matter of days.
In fact, after the $900 billion relief bill was passed in December, many of the $600 direct payments were sent out within the first week.
If you earned less than $75,000, according to your last tax return (or $150,000 if you filed jointly) — and phasing out at $80,000 and $160,000 respectively — you'll likely be getting a $1,400 direct payment per individual in your bank account.
Small Businesses Will See More EIDL & PPP Funding
Besides direct payments to individuals and tax credits for people with children, there is also additional funding for small businesses in this aid package.
This includes an additional $15 billion for more Targeted EIDL grant funding which would allow businesses in low-income areas to get another $5,000 — on top of the current $10,000 limit. We'll be covering this in more detail as soon as the Bill is signed into law.
The Targeted EIDL grants are starting to be sent out with reports that people are starting to see the grants from the SBA in their bank accounts.
The new bill also has another $7.25 billion for PPP funding. In this current PPP, there is still 40% of allocated funding still available.
Targeted EIDL Grants Are Seeing Progress
As reported above, the current funding for Targeted EIDL Grants are seeing progress. 5% of people have reported having been "Approved" according to their SBA portal and 1% of people have reported getting the funds in their bank account.
Based on our information, deposits started happening yesterday. Below is a screenshot from a deposit this morning. This user had previously received $1,000 last year, and received the balance of $9,000 in their bank account this morning.
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Schools, Governments, and Healthcare Providers Will Get Hundreds of Billions in Aid
Finally, there is hundreds of billions allocated to speed up vaccine distribution, help schools safely reopen, and help city, state, and tribal governments get through the pandemic as well. Here's a recap of those funding allocations:
$160 billion for vaccine distribution: The legislation includes $160 billion for vaccine and testing programs to help stop the virus’s spread and ultimately end the pandemic. If you want to track vaccine progress, you can check out our new social vaccine tracker.
$170 billion to help schools safely reopen: The plan also would provide for schools and universities to reopen. This includes $130 billion for K-12 schools to hire additional staff to reduce class size, modify spaces and purchase resources to help meet students' academic and mental health needs.
$350 billion for city, state, and tribal governments: There's $350 billion in aid for governments, which in particular may go to public health, safety, and education programs.
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