As a team of benefits strategists, we work hard every day to make sure we’re exceeding client expectations and providing the most innovative and value-generating plan designs and advisory services.
Congress is currently voting on a COVID-19 relief package totaling more than $900 billion. At the time of this post, the 5,593-page bill had moved from the House to the Senate floor for final approval.
“This is a combined bill, incorporating specific COVID -19 relief but also with some policy riders that are on the general government funding part of the bill,” says Apex General Counsel and Vice President of External Affairs Todd Rokita. “These would ‘normally’ be two separate packages, but are being combined given the timing of the need for more relief. This is coupled with the fact that the government is out of funding authority without specific authority from Congress and this is also being provided here.”
This bill is similar to the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March in that it will return supplemental unemployment benefits and direct stimulus money to most Americans, according to The Associated Press. There are also new rounds of subsidies for businesses, schools, renters and health care providers.
We will post more information as it becomes available, but some of the approved bill’s expected highlights include:
- $600 stimulus checks to individuals based on income, and $1,200 checks for couples based on income; Treasury Secretary Steven Mnuchin has been quoted as saying the payments could mail as early as next week
- Federal unemployment insurance bonus of $300 per week
- An additional $284 billion in Paycheck Protection Program money for loans for struggling businesses to pay for rent and workers
- COVID-19 vaccine distribution funds
- $25 billion in rental assistance and an extension on the eviction moratorium
- $54.3 billion for K-12 schools, largely delivered through Title I funding – about four times more than the amount schools received through the CARES Act
- $22.7 billion for higher education with $1.7 billion for minority-serving institutions
- $4 billion for governors to spend at their discretion in their states, plus $2.7 billion for private schools
More information on how the approved bill impacts Indiana’s employers coming soon.