Deconstructing the Updated $1.9 Trillion Stimulus Package Ahead of Voting

Deconstructing the Updated $1.9 Trillion Stimulus Package Ahead of Voting

Senate Democrats released an updated version of the $1.9 trillion stimulus plan on Thursday ahead of chamber voting by the end of the week, according to Bloomberg. The plan includes several changes and is subject to modifications before it becomes law.

A $15 federal minimum-wage mandate has been stripped from the bill, and eligibility rules for the $1,400 stimulus payments have been narrowed.

Residents married to undocumented residents will be eligible for stimulus payments. 

The bill adds a full subsidy for the health insurance premiums of laid-off workers through September.

The legislation includes $160 billion for vaccine and testing programs.

Aid to state, local, and territorial governments has been set at $350 billion, $10 billion for critical infrastructure, and $8.5 billion for rural hospitals.

Supplemental unemployment benefits, which run out later this month, have been extended, and weekly federal benefit has been raised from $300 to $400 through the end of August.

The package extends benefits for self-employed and gig workers, along with those who have exhausted their regular jobless benefits.

The legislation includes 100% coverage of the costs of continuing health insurance through September for laid-off workers

The bill expands tax credits for low and middle-income families and makes them refundable for 2021

$14 billion has been allocated for eligible airlines, $8 billion for airports, and $1 billion for contractors to the air carriers.

The legislation includes $25 billion for restaurants, $1.25 billion for venue operators, $15 billion for targeted Economic Injury Disaster Loans, and an additional $7.25 for Paycheck Protection Program.

Biden is also requesting $25 billion for stabilization fund and $15 billion in grants to support essential workers in meeting childcare costs. 

U.S stocks are currently declining as the dollar gains. SPY is down 0.20%, QQQ is down 1.15%, EURUSD is down 0.36%

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