It literally came down to the wire, but Congress late on Monday signed off on a $900 billion coronavirus relief plan that includes more small business aid, another round of direct payments to Americans and additional unemployment support.
The House and Senate voted late Monday evening to approve the massive tax and spending bill, that also includes government funding and tax cuts in addition to Covid-19 related emergency economic relief.
The aid came on top of a $1.4 trillion government funding proposal in one colossal bill. The hefty legislation, reportedly topping out at well over 5,000 pages, also extends the operating budget for federal agencies through September 2021 and extends important tax breaks for businesses.
Under the terms of the economic relief plan in the bill, Americans who earn less than $75,000 could receive a direct payment of $600. It also provides an extra $300 a week in unemployment benefits for 11 weeks, funding for vaccine distribution and other support. The legislation includes about $325 billion in relief for businesses, including $275 billion for the Paycheck Protection Program.
Specifically on the vaccine front, the bill provides $8 billion for distribution of the two FDA-approved Covid vaccines, from Pfizer PFE and partner BioNTech BNTX, and from Moderna MRNA. It also includes $20 billion so the shots are free, and another $20 billion for states to do contact tracing and testing.
The White House has said President Donald Trump will sign the pandemic relief legislation on Tuesday.
2020’s Most Popular Videos From TheStreet and Jim Cramer:
- Coronavirus: The Latest Numbers on the COVID-19 Pandemic
- Tesla Stock: Jim Cramer Explains What Wall Street Still Can't Understand
- Jim Cramer Talks Stimulus Checks, Markets, and His Top Stock Picks
- How Markets Navigated 2020 'Storm:' Winners and Losers
- 5 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