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Congressional Democrats Release COVID-19 Economic Stimulus Bill Summary

Congress Set to Approve on Monday

After a weekend of negotiations, the U.S Congress has come to an agreement on economic stimulus legislation for COVID-19 relief. The bill is expected to be voted on and passed Monday. Congressional Democrats released a summary of the legislation this evening. The proposed bill includes

  • $325 billion in funds for Small Businesses, including over $284 billion for a new round of Paycheck Protection Program (PPP) lending
    • Dedicated set-asides for very small businesses and community-based lenders
    • $20 billion for new EIDL grants for businesses in low-income communities

 

  • Direct individual stimulus payments of $600 for individuals with an income less than $75,000/year or couples with an income less than $150,000/year

 

  • $120 billion for unemployment insurance that will give unemployed individuals an extra $300 per week through March 14, 2021

 

  • $25 billion for rental assistance for individuals struggling to make rent payments due to the pandemic

 

To read the full bill summary, click here.

 

 

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