Congress finally agreed on a 2nd stimulus bill following months of negotiations.
This agreement was just agreed to so we don’t have all the final details but here is what is reportedly included in this bill:
Agreement includes $600 per adult and $600 per child.
Qualifications for this stimulus will be the same as the first stimulus bill. If you’re single and made less than $75,000, you’ll qualify for the full $600 check. If you made between $75,000-$99,000, you’ll receive a reduced check. If you made over $99,000, you do not qualify.
If you’re married and made less than $150,000 combined, you qualify for $1200. If you made between $150,000-$198,000, you’ll receive a reduced check. If you made over $198,000 combined, you do not qualify.
So a couple earning $100k per year with 2 dependent children will receive $2,400 stimulus check.
The 1st stimulus bill had $1200/adult and $500/child. So that same family of 4 received $3,400 in the first stimulus package.
Your check is determined by your 2020 income but will be based on your 2019 income. If your 2019 income was over the income limit but your 2020 income was less, you’ll be able to receive a credit for the stimulus check on your 2020 tax return.
This bill will include $300 in federal weekly unemployment benefits for up to 11 weeks beginning as early as December 27th. However, there will be no backpay for unemployment.
The 1st stimulus package had $600 in weekly federal benefits and included backpay.
Paycheck Protection Program (PPP Loan):
There will be a 2nd round of PPP loans for some businesses. It appears this stimulus will target businesses with 300 or less employees and have seen at least a 25% decrease in revenue.
There are also rumors that those who received the 1st PPP loan will now be able to deduct the expenses they used the funds of the PPP loan on.
Corporate meal expenses:
This bill includes a tax break for corporate meal expenses.
Will extend and provide more funding the for EIDL loan [30-Year loan at 3.75%]
Rest of the bill:
The bill will also include rental assistance and eviction moratorium, food aid, student loan deferment and extension of paid sick leave but doesn’t include state/local aid.