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.
HousingWire recently spoke with MCS CEO Caroline Reaves about self-service technology, the shift to virtual events and how servicers can prepare for post-COVID success by improving processes today.
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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.