New Stimulus Package: What You Need to Know
As the pandemic continues to wreak havoc on our lives, the latest stimulus package has finally been approved. But what does it really mean for you? Let’s break it down.
Stimulus Checks: A Meager Offering
Individuals who earned $75,000 or less in 2019 can expect a paltry $600 in the mail. Heads of household with dependents and married couples with combined incomes under $150,000 will also receive a full payout. However, if you have dependents who are students or elderly relatives living with you, you may be eligible for additional assistance.
Unemployment Benefits: A Half-Hearted Effort
Those who qualify for unemployment insurance will receive an extra $300 per week, a significant decrease from the previous $600. Freelancers and contractors will get an additional $100 per week, but only if they can navigate the complex paperwork.
Rent Protection: A Temporary Reprieve
The moratorium on evictions has been extended until January 31, 2021, giving renters a brief respite. Homeowners, on the other hand, have until February 28 to worry about foreclosure. A whopping $25 billion has been allocated for rental assistance, but it remains to be seen how effective this will be.
Small Business Relief: Too Little, Too Late?
Many small businesses have already shuttered their doors, unable to stay afloat during the pandemic. This bill provides $285 billion in aid, with a focus on privately held businesses with fewer than 300 employees. However, it’s unclear if this will be enough to make a real difference.
Surprise Medical Bills: A Welcome Change
Starting in 2022, hospitals will no longer be able to send patients exorbitant bills for out-of-network care. Patients will only be responsible for their normal in-network deductibles and co-payments.
The Road Ahead: Uncertainty and Controversy
As of now, the bill is still awaiting signature from President Trump, who has threatened to veto it unless the stimulus checks are increased to $2,000 per person and $4,000 per couple. This could lead to a governmental shutdown on December 29. The fate of this bill hangs in the balance, leaving Americans struggling, sick, and starving. We need help now.
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