Key Points:
- The Senate voted to advance the latest round of stimulus legislation, which now goes back to the House for final approval.
- The $1.9 trillion legislation, known as the American Rescue Plan Act, would be the largest COVID aid package.
- The first bill, passed in March 2020, was for $1.7 trillion and the second bill, which passed in December 2020, was for $915 billion.
- The current legislation includes $410 billion in stimulus checks, delivering $1,400 for individuals making less than $75,000 annually and for married couples making less than $150,000 before phasing down.
- The stimulus bill would provide $360 billion to state and local governments.
- Weekly unemployment benefits were lowered to $300 and were extended through September 6, costing $246 billion.
- Roughly 7% of the stimulus funding will be directed toward COVID-19 treatment.
- The bill is expected to pass in the House this week before landing on the President’s desk.
- The Right Facts will continue to monitor COVID aid packages.