The democrats of the House finally approved the Biden COVID relief bill, and now it awaits the President’s signature only. This bill is supposedly one of the most massive US stimulus plans of the history of the country. It is a moment of pride, too, for the new President Joe Biden.
President Biden is most likely to sign the bill on Friday, March 19, 2021. It will be after Congress finally sends the bill officially to the White House. The slight delay is because much time is required for the various formalities associated with large accounts.
With the Biden COVID relief bill worth $1.9 trillion, the President will finish ticking off the first significant legislative activity. It is only a tiny part of the entire Covid-19 vaccination process that will also pep up the economy soon.
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What are the essential sections of the Biden COVID relief bill?
There are a few significant sections of the proposal in concern. Here is the list:
- The bill offers a per-week jobless aid worth $300. Apart from this supplement, over a few million more people will come under the eligibility criteria of receiving unemployment insurance till September 6, 2021. Besides, this bill will call for a tax-free amount of $10,200 under the jobless benefits category.
- The majority of the Americans and their dependents will directly receive a $1400 payment as per this bill. The checks will go to everyone who falls under the income category of $75000 to $80000. If a threshold is under the joint filter category, the limit will be double. The government will determine the eligibility of people based on the latest IT filing records.
- The bill declares expansion of the children’s tax credit for a year. The same will go up to $3600 for kids below the age of six and $3000 for the ones above 17.
- $20 billion will go towards the vaccine manufacturing and distribution program. Another $50 billion is meant for the contact tracing and vaccine testing work.
- $25 billion is allocated towards utility and rental assistance and $10 billion as mortgage support.
- The bill mentions that the $350 billion relief amount will reach the state, tribal, and local governments.
- According to the proposal, over $120 billion will reach K-12 educational institutions.
- The bill suggests a rise in the Supplemental Nutritional Program’s benefit by 15% by September 2021.
- There will be an expansion of provisions, including subsidies so that Americans can afford insurance.
- $30 billion worth of aid will reach restaurants
- The bill suggests that there must be a special employee retention tax credit planning so that organizations won’t have to lay off employees.
What does the President have to say after the much-awaited approval?
The Biden COVID relief bill fetches a majority approval by 220-211 ratio minus one Republican vote. The GOP believes there is no requirement of any new stimulus, considering the revival of the economy has started already.
Maine’s Democrat representative Jared Golden also opposes the proposal. On the other hand, the remaining Democrats send approval for the proposal independently in the Senate. It was during the special budget reconciliation program.
According to President Joe Biden, the relief bill will provide the backbone of the country with more strength. By spine, he refers to the essential workers and the people who build this country every day. They are also the ones who keep America alive in one or more ways.
The opposition contends that the Congress party must allocate more money towards the economy. The same will not only alleviate the present suffering but also reduce pain in the future. It is also to compensate for the economic loss in 2020, considering that everyday activities are resuming slowly at present.