Senate Majority Leader Mitch McConnell, R-Ky, speaks to reporters on Capitol Hill on December 1, 2020AP

The new coronavirus stimulus bill, expected to be passed later on Sunday or Monday, includes a $ 600 state payment, 11 additional weeks of unemployment benefits, and more help to small businesses
Negotiations are complete and the Congressional Leaders from both parties in both Houses have approved the contents, paving the way for the House and Senate to debate and approve the measure

“More aid is on the way,” Senate Majority Leader Mitch McConnell, R-Ky, announced in the Senate. “It will be another major bailout for the American people. If our citizens continue to fight the coronavirus this holiday season, won’t they fight alone ”

The measure is expected to be included in massive federal government funding legislation by September 30 final adoption expected Monday and requires another short-term spending account to keep the government open last Sunday

The $ 900 billion incentive legislation is less than half the $ 2 trillion bill approved by the House Democrats in October, but more than the $ 500 billion that Senate Republicans received not passed twice. More than half of the funds, $ 560 billion, were previously approved but not spent under the CARES Act

And it will be the second largest stimulus bill of all time after the $ 2 trillion CARES bill

The price refers to the amount of the compromise proposal by a non-partisan group of senators and representatives, including NJ Rep. Josh Gottheimer, D-5th Dist, that negotiations got underway earlier this month

“This bicameral bipartisan agreement is an essential down payment that our country desperately needs,” he said

Gov Phil Murphy said the final deal fell well below the $ 3 trillion to $ 4 trillion that was really needed to respond to the pandemic

“Are the things in this bill things we’re going to take? Yes,” he said on MSNBC Sunday. “But even these programs are not big enough and the scope of this trade-off, taken as a whole, is nowhere near that big enough ”

“This is not a normal, not even a normal recession. This is a historical period, we have to face this moment with strength, passion and big numbers and at the moment none of this is happening”

New York Democratic Senate Chairman Chuck Schumer said the legislation is just the beginning and awaits a bigger stimulus package once President-elect Joe Biden takes office

“This bill is a good one,” he said at a press conference with House Spokeswoman Nancy Pelosi, D-Calif, Sunday evening “But it’s not the end of the story. It’s not the end of the job”

President Donald Trump, who has to sign the bill, previously urged Congress to act, “GET IT DONE,” he tweeted

Why is Congress not giving our people an incentive? It wasn’t their fault, it was China’s fault. Get it done and give them more direct payments

Direct Payments There would be $ 600 in payments for adults and children, but not for adult dependents. Payments would be made with incomes greater than 75000 USD (150$ 000 for couples filing together) up to $ 99000 USD (198000 USD for couples) Couples whose spouse is not a citizen are eligible for funding

More than 9 in 10 New Jersey people and 80% of married couples have qualified for a stimulus payment under the CARES Act.As in the previous round of checks, the payments do not reflect the higher cost of living in the Garden State

Unemployment Insurance Pandemic unemployment insurance programs, slated to expire at the end of the year, would be extended by eleven weeks through March Those who received unemployment insurance would receive an additional $ 300 per week, but those payments would not be made retrospectively to contract and gig employees continue to be eligible for unemployment insurance payments

State and Local Support While there is no new money, the year-end deadline for states and municipalities to spend their previous grants has been extended to late 2021. New Jersey received $ 2.4 billion

Aid to Small Businesses A $ 284 billion paycheck protection program would be revitalized for companies with 300 or fewer employees who have lost a percentage of sales There is targeted funding for bars and restaurants There is support for and for nonprofits local newspapers as well as for television and radio stations

Rent Support States and municipalities would receive US $ 25 billion to cover rents and utilities including back payments. An eviction moratorium would be extended to the end of January

Live Entertainment Live event venues, independent cinemas, and cultural institutions would receive $ 15 billion

Transportation Legislation is $ 47 billion, including $ 18 billion for airlines, contractors and airports $ 14 billion for public transportation, including NJ Transit; $ 10 billion for state highways, $ 2 billion for buses and ferries; and $ 1 billion for Amtrak

Vaccines Around $ 30 billion is earmarked for the procurement and distribution of the vaccine, some of which will go to states The states will also receive $ 22 billion for coronavirus testing, testing and mitigation measures

Education Aid for schools and universities would amount to 82 billion USD amount, including 54 billion For elementary and secondary schools and $ 20 billion USD for colleges and universities

Rent Support States and municipalities would receive $ 25 billion to cover rents and utilities including back payments. An eviction moratorium would be extended to Jan 31

Nutrition Bill includes $ 13 billion to top up the Supplemental Nutrition Assistance Program (better known as food stamps), child nutrition benefits, food banks, and senior citizens programs There is also $ 13 billion for farmers and ranchers

Broadband With classroom learning happening online due to the pandemic, legislation is earmarking $ 5 billion to make broadband more available to low-income families and expand it in rural areas

Postal Service The loan of 10 billion contained in the CARES Act USD would not have to be repaid

“This bill provides the resources we need to fight the coronavirus pandemic,” said Rep Frank Pallone JrD-6th Dist

The final hurdle was cleared on Saturday night when a compromise was reached under the leadership of US Sen Patrick Toomey, R-Pa, to limit Federal Reserve efforts to stimulate the economy during the current coronavirus-induced economic downturn

These programs were supposed to end at the end of December 31, but Democrats said Toomey’s proposal would have made it difficult for the Fed to take other steps to help the economy during President Joe Biden’s tenure

On a conference call with reporters on Sunday, Toomey expressed concern that the programs could be used as a backdoor to aid state and local governments after the Senate Republicans successfully obtained a $ 160 billion package from the final Hold out bill after Democrats refused to protect companies from coronavirus-related lawsuits

The compromise required that the programs approved in the previous CARES bill end as planned this year, but the Fed can develop other avenues to help the economy

Congressional Republicans, including current Vice President Mike Pence when he was a Republican representative from Indiana, had also battled Federal Reserve efforts to help the economy recover from the Great Recession when President Barack Obama came back in 2009 took office

US. Sen Josh Hawley, R-Mo, who unsuccessfully tried to get the stimulus payments on Jan.Raising $ 200, as in two Senate-approved bills that the Senate refused to approve, said it would support the $ 600 figure

“The fact that we can spend so much on any other priority under the sun tells you where the, unfortunately, the priorities in Congress are,” Hawley told reporters at the Capitol, according to pool reports. “But I want that the working families will be relieved ”

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