Finally, Congress was able to pass the much-awaited second coronavirus relief plan on Monday.
Once, President Donald Trump signs it, the $900 billion coronavirus relief plan will help millions of Americans who have been affected by the ongoing coronavirus pandemic.
If you are one of those who might be wondering what's in this relief package? Then here's some information that might be useful for you.
Like the first coronavirus relief package in March 2020, many Americans are eligible for a one-time stimulus check. But there's a catch.
They won't be getting a $1200 stimulus check this time. It's $600 if their annual individual income or family income is up to $75,000 or $150,000 respectively. However, an extra $600 payment will be given per child, which is $100 more than before.
So, when can you expect the money to show up in your bank account?
Treasury Secretary Steven Mnuchin told CNBC that the first round of payments will be made before the end of the year.
One of the most debated benefits, the $600 weekly federal unemployment benefit, was reduced to $300.
Republicans including President Donald Trump were not in its favor when it was revealed that two-thirds of laid-off workers were eligible for benefits in excess of their usual paychecks.
The $300 per week in federal unemployment insurance benefits will start on Dec. 26 until March 14, 2021.
The relief package also includes the Paycheck Protection Program for small business owners. However, those businesses should have fewer than 300 employees and should show their revenue dropped by 25 percent or more, in at least one quarter of this year.
The bill also includes a $25 billion emergency rental assistance program, which will help families pay their rent, utility bills, and others.
In addition to this, the national eviction ban is extended through January 2021, which means your landlord cannot evict you for the non-payment of rent till then.
Watch the video above to know more.
Latest Videos From TheStreet and Jim Cramer:
- 7 Coolest Auto Reveals of 2020
- How to Know When a Stock Bottoms Out on Bad News
- Airbnb Lifts IPO Pricing to $60, Looking to Raise $3 Billion
- Jim Cramer Eyeing Similarities to Dot-Com Bubble but Still Buying Opportunities
- Look Out for These Changes to Social Security and Medicare in 2020
- Jim Cramer on Stock Valuations, Danger of Market Orders on IPOs