April 2020 as the first wave as the Internal Revenue Service (IRS) rolled out a stimulus check. Yet, it took up until now for both the Senate and the House to agree on another stimulus check which now amounts to around 900 billion dollars. This marks the second largest stimulus package after the 2 trillion dollar CARES act in March. The stimulus package will include unemployment benefits and direct cash payments.
For context, this package provides direct cash payments of around $600 for individuals eligible. Eligibility is deemed by tax circumstances, whether or not you are submitted as a dependent of your guardians, or if you are emancipated all contribute to qualifications of the stimulus package. Similarly, if your 2019 AGI(Adjusted Gross Income) is below 75,000, you can claim the waiver of $600. In terms of adjusted, "pre-taxed" money such as alimony, traditional IRA's, and HSA contributions are all deductibles that get subtracted from your entire gross income to equate to your AGI.
A big portion of the stimulus check will be funding museums and other live venues. These monetary support currencies are counted as small business grants and are extremely significant because it maintains the cultural relevancy the individual cities have to offer. These live venues can receive up to 10 million per business with the total package being 15 billion for live venues.
The unemployment benefits also make up a large portion of the package. Referring to my last post on the effects of coronavirus on poverty, jobless benefits are entitled to 300 dollars a week which could be enough to pay for low-end housing projects and sustainable meals throughout the day.
Overall, the release of a second stimulus package is a cause for celebration, but the timeliness manner it could've been released is very much attributed to the polarization of republicans and democrats. As each hemisphere of congress is controlled by respective rivaling parties, the release of much-needed stimulus packages, bills, and any other coveted matters lack efficiency. With the major players of this bill possessing incredibly opposing ideals, Mitch McConnell and Nancy Pelosi managed to squeak out a bill in the times where coronavirus is getting direr by the minute.