After months of quite unproductive negotiations, Congress finally seems to be approaching an agreement regarding a new stimulus bill, even though negotiations between Republicans and Democrats have been delayed by a group of senators who oppose certain aspects of the $ 908 billion aid package that is being discussed.
If the roughly $ 908 billion bipartisan proposals, crafted by Senator Joe Manchin among others, is approved it will include $ 288 billion in small business aid such as Paycheck Protection Program loans, $ 160 billion in state and local government relief, and $ 180 billion to fund a $ 300 per week supplemental unemployment benefit through March.
It would also put $ 16 billion into vaccine distribution, testing, and contact tracing, funnel $ 82 billion into education, put $ 45 billion into transportation, and allocate funds for rental assistance, child care, and broadband.
But what happens if the benefits of the CARES Act expire before there is a new stimulus package enacted?
A report from The New York Times newspaper reveals that without a new stimulus bill to expand the programs that were established by the CARES Act:
About 21 million people will have to start making their student loan payments.
125,000 companies will lose the tax incentives that seek to prevent worker layoffs.
$ 150 billion of aid to state and local government will end.
7 million workers and contractors will lose their benefits.
5 million will be left without unemployment checks.
Millions of people will face evictions.
So far there is no news of an agreement between political parties or the White House and, until Joe Biden takes office on January 20, any new bill should be signed by Donald Trump.