Up to $1,400, that’s what many Americans are hoping to get from the coronavirus relief package. The stimulus, though, goes far beyond that.
The $1.9 trillion package is described as an overall investment in the nation’s recovery. While some will be directed to individual households, much more will be invested in pandemic relief. This includes $350 billion in state aid and $14 billion toward vaccine distribution. The 50-49 partisan vote in the Senate Saturday included approval from both Connecticut Senators.
“The $4 billion coming to state and local government in Connecticut alone will be historic and powerful,” said Senator Richard Blumenthal.
Senator Chris Murphy said this was one of the most important things he has done during his time in Congress. “The provisions of this bill, some of which I helped author, will allow us to safely reopen our schools, save tens of thousands of small businesses from extinction, and reduce childhood poverty by half,” he said in a statement.
The package also calls for extended unemployment benefits of $300 per week, through the summer. David Sacco, a practitioner in residence in the University of New Haven’s finance and economics departments, calls this significant.
“There’s roughly 9 million Americans who lost their jobs or who didn’t get their jobs back, that lost them a year ago,” said Sacco.
As for the individual stimulus checks, people who made $75,000 or less or heads of households who earned $112,500 or less will receive $1,400. Married couples with a household income less than $150,000 get $2800. Up to two adult dependents can also be claimed for another $1400 each.
Sacco believes these checks could have more impact than the last two stimulus packages.
“Now we’re getting to the point where vaccines are being delivered, people are getting them. They’re itching to start getting out and doing things again,” said Sacco.
Smaller checks will be distributed to people who made more than the thresh hold, but not everyone will receive money. Individuals who earned $80,000 or more, head of households earning more than $120,000 and couples exceeding a joint income of $160,000 will not be eligible.
Before this bill can be officially enacted, it will need to again pass in the House before it can be signed by President Joe Biden, which could happen as early as next week.