A massive $1.9 trillion stimulus package is now one step closer to being signed into law as it narrowly passes the Senate with 50 votes. Not a single Republican voted in-favor of the legislation and the bill is now prepared to head for a vote in the House of Representatives, at some time later this week.
Many experts believed that a final vote would take place on Tuesday. After a few minor delays, it now looks more likely that a final vote will take place on either Wednesday or Thursday.
It remains likely that the House of Representatives will have enough votes to successfully pass the COVID relief package and it would then be transferred to President Biden’s desk for a final signature.
As soon as the final vote takes place and President Biden signs the legislation into law, a large collection of benefits will become available in the days that immediately follow. Stimulus checks, unemployment benefits, and small business relief are all included as major elements of this relief package.
Any individual that makes under $80,000 on their most recent tax return will likely be eligible for at least a portion of the $1,400 stimulus check that is included within the $1.9 trillion package. Unemployed individuals will also receive an additional $300 per week through the first week of September. This includes coverage for gig workers and independent contractors that are partially or completely unemployed.
Experts believe that stimulus checks would be deployed fairly quickly because the government has now previously sent out two separate stimulus payments to individuals within the last twelve months. Individuals could receive their checks in their personal bank accounts within days of the relief package being officially signed into law.
Unemployment benefits and the deployment of those funds will depend on each individual state’s ability to reprogram their internal systems to swiftly deploy funds. The good news is that many states have recently implemented new systems that make it easier to deploy federal funds into their state’s unemployment claims.
The $1.9 Trillion COVID relief package that is being voted on later this week will likely be the last major stimulus package that is passed into law. Many states are reopening and vaccines are being deployed rapidly across the country. An additional need to boost the economy may fade away quickly after this relief package is passed into law.
Even though it is likely that Democrats will have enough votes to successfully pass this legislation in the House of Representatives without any support from Republicans, the consequences of taking such a partisan path to pass this legislation may present themselves in the future.
The most important thing is that stimulus checks and unemployment benefits will be swiftly distributed after the House of Representatives conducts a final vote on the relief package. While this relief package is certainly not perfect, it should provide a ton of support to a large percentage of the U.S. population that is struggling to pay their utility bills and housing payments.