Government Lending

Trump signs stimulus bill: Here’s what you need to know

House, Senate to discuss increasing direct deposit amounts this week

President Donald Trump on Sunday officially signed the second COVID-19 relief and government stimulus bill, after a back-and-forth with Congress on the amount of money that will be sent directly to consumers.

The $2.3 trillion bill gives $600 in direct payments to each adult making less than $75,000, with a reduced amount for those making up to $87,000. Families with children will receive $600 per child, as well.

Included in the bill is $25 billion in dedicated rental assistance and $284 billion for a second round of forgivable Paycheck Protection Program (PPP) loans. The bill also extends the current CDC eviction moratorium until January 31, 2021.

Trump’s decision to sign the bill averts a government shutdown, but unemployment benefits for millions lapsed on Saturday night due to the delay.

How servicers continue to protect neighborhoods amid COVID

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The $900 billion stimulus bill was passed on Dec. 21 by Congress – only for Trump to threaten a veto if direct deposit amounts were not raised to $2,000 per person. He posted a video on Dec. 22 on Twitter calling the bill a disgrace and the $600 allotted payment “ridiculously low.”

The House on Monday will vote on that proposal to increase payments to $2,000 per person, however it’s unclear if the Republican-led Senate will take action on the president’s request.

The bill also earmarked $15 billion to assist movie theaters and live entertainment venues, and enhanced unemployment benefits will be extended by an extra $300 per week.

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