Congress Just Passed Another Economic Aid Package, and It Includes Stimulus Checks—Here’s What It Means for You
In March 2020, the U.S. government passed the CARES Act, a stimulus package meant to help people and businesses pay their bills and help preserve the economy. Nine months later, Congress has finally taken action on a second stimulus bill, which includes (among other provisions) a second round of stimulus checks.
After months (and months) of debate and negotiations, an administration-changing presidential election, and thousands of deaths and illnesses from COVID-19, the new aid package was passed by the Senate and the House of Representatives on December 21 just as frontline healthcare workers began receiving the long-awaited coronavirus vaccine and the FDA approved a second vaccine for emergency use. The bill outlining the parameters of the aid package must be signed by the president to go into effect. As of December 23, the president was calling for changes to the stimulus package—including larger stimulus checks—before he would agree to sign it. Whether congressional lawmakers agree to his changes remains to be seen, so the below features of the act may change before they are finalized.
At its core, this new relief act is intended to support people and businesses alike until the pandemic comes under control. This $900 billion economic relief package is certainly smaller than the $2 trillion CARES Act (though it was passed as part of a larger set of government funding legislation), but it still includes crucial aid and financial support to everyone struggling right now. Read on for more information on what you might be able to expect for the new stimulus checks and other aid.