PHILADELPHIA (KYW Newsradio) — The U.S. House and Senate are expected to vote on a $900 billion economic relief bill on Monday after congressional leaders negotiated through the weekend. The package includes direct payments to most Americans and additional unemployment benefits.
The bill includes $600 stimulus checks for most individuals — half the amounts given earlier this year with the CARES Act.
The payments are based on income. Americans get the full amount if they make less than $75,000. For a married couple, the limit is $150,000. This time, it appears that there would be an extra $600 per dependent. That’s $100 more than last time.
For the unemployed, there’s $300 a week for two and a half months. This is also half from the CARES Act.
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Republican Pennsylvania Sen. Pat Toomey, on CNBC, said he supports the package because it does more good than bad and doesn’t go overboard. He says the bill will work because it is more measured.
It includes more money in the Payment Protection Program.
"I’m hoping that the new PPP program, which is more targeted, is generous. It’s more flexible. I’m hoping that’s gonna go a long way," he said.
Toomey, who critics say held up the bill’s passage over wanting to limit the Federal Reserve’s lending powers, worked out language in the bill with Democrats that he felt better about.
He says the economy, while not at full strength, isn’t in as bad shape as others say it is.
"We're not where we want to end up, but the problems we have now are much narrower, they’re targeted. It’s the restaurant industry, hospitality, it’s transportation, a handful of industries that are devastated," he said.
There's also rental assistance, and the eviction moratorium would be extended through the end of January.
There's cash for transit agencies and colleges and universities; tens of billions for COVID-19 testing, tracing and vaccine distribution.
Both parties left out pieces that they wanted. Gone is the relief for cities and states that Democrats wanted; and there is none of the liability protection for businesses against coronavirus-related lawsuits that Republicans were pushing for.
"We can finally report what our nation has needed to hear for a very long time. More help is on the way," Senate Majority Leader Mitch McConnell said Sunday.
Democrats including Senate Minority Leader Chuck Schumer and House Speaker Nancy Pelosi say more needs to be done, but something right now is better than nothing.
"We consider this to be a first step," Pelosi said.
President-elect Joe Biden said he applauds the bipartisan deal, and he says he looks to get more done when he takes office.