Politicians continue to discuss the details of a $1.9 trillion coronavirus relief package that aims to provide financial support to Americans struggling amid the pandemic, with an anticipated release by mid-March.
Former President Donald Trump’s impeachment was a factor in the delay of the bill. However, officials have continued talks to try and find common ground in support of the legislation.
$1,400 Stimulus Checks
President Joe Biden has been adamant about distributing more funds to Americans than the previous administration despite resistance from Republicans. While income limits are expected to remain the same as previous checks, authorities are still discussing the bill’s terms.
Dependent adults and college-age adults who were previously excluded from receiving financial aid could look forward to being included in the next proposal.
Previously under the CARES Act, people who lost their jobs amid the coronavirus pandemic were able to receive $600 in financial support every week. This time around, politicians are continuing to discuss the inclusion of a $400 supplemental payment in the third stimulus package.
Officials are also looking at extending the benefits that would push back the end of the payments to late-August, while others are looking to provide financial support until the end of the fiscal year.
President Biden has previously expressed his intentions of increasing the country’s minimum wage to $15 per hour. However, the idea has been with criticism from other parties. The Democratic president’s proposal would increase citizens’ salaries from $7.25 per hour to $15 per hour by 2025.
However, many are criticizing the idea as a massive financial task that could force small businesses to shut down. Biden has agreed to delay the finalization of the proposal due to the number of arguments made against the idea.
Politicians could also provide schools with more than $150 billion in funding with the release of the third stimulus package. The financial support might aim to bring students back to in-person education and provide school management to pay for facilities and faculties, Biz Journals reported.
Support for Parents
The Child Tax Credit could also be enhanced by the third stimulus package. This would provide citizens with assistance in paying for childcare. Currently, the tax credit only provides up to $2,000 per child below the age of 17.