After eight months of partisan deadlock in the United States Congress and debates about the growing financial difficulties due to the Covid-19 pandemic, another dose of economic relief is on the way for millions of citizens in the United States and its territories.
On Sunday, Democratic and Republican leaders in Congress announced an agreement to provide a round of stimulus payments of $ 600 for most people and partially restore the enhanced federal unemployment benefit, which will offer an additional $ 300 for 11 weeks.
At press time, the legislative package had not been completed, but combined with some other relief measures, it promised to provide urgent, albeit temporary, financial aid to many.
And how quickly the money reaches your pocket will depend on several factors.
What is known
According to the recent legislative package, individual adults earning up to $ 75,000 a year would receive a payment of $ 600, and a couple earning up to $ 150,000 a year would receive $ 1,200. If they have dependent children under the age of 17, they would also receive $ 600 for each.
When will it arrive?
This year’s first payments from the CARES Act began to arrive via direct deposit within two weeks of the legislation’s passage. However, some people took months to receive the money.
Still, for most citizens it will be deposited directly into bank accounts, as was done last time.
On Unemployment Insurance, Congressional leaders agreed to extend the amount of time people can collect unemployment benefits.
It would also restart an additional federal benefit that is provided in addition to the usual benefit, but instead of $ 600 per week, it would be $ 300, through March 14.
How does the extension work?
All individuals eligible for unemployment benefits would receive an additional 11 weeks. That includes people who receive benefits at the state level, as well as people who receive checks through the so-called Pandemic Unemployment Assistance (PUA) program, which covers the self-employed, part-time workers, part-time workers and others who are not normally eligible for regular unemployment benefits.
Pandemic unemployment checks were scheduled to run out on December 26.
Will anything else change?
The bill also provides an additional federal benefit of $ 100 per week to people who have earned at least $ 5,000 a year in self-employment income, but are not qualified to receive a Pandemic Unemployment Assistance benefit, as described to the The New York Times newspaper an aide to the Senate.