How To Make Money Off The Stimulus Package – In less than a week, extended unemployment benefits will expire for millions of Americans — but help is likely on the way. After the Senate approved its $1.9 trillion pandemic relief package over the weekend, the House, in a floor vote scheduled for Wednesday, is expected to approve the final bill along party lines. The legislation, known as The American Rescue Plan, would then go to President Biden’s desk, where he is expected to sign it before benefits expire.
In addition to sending $1,400 checks to most Americans (except for some of the higher earners who received stimulus payments under President Trump), the legislation would extend the $300 weekly increase in unemployment benefits until September 6 and increase the child tax credit. President Biden’s plan to enact a $15 minimum wage was left on the operating room floor by the Senate, as were hopes to raise supplemental unemployment benefits to $400 a week.
How To Make Money Off The Stimulus Package
With an emphasis on assistance to families and state and local governments, this bill focuses less on support for businesses than previous aid efforts. However, it does include several pots of money earmarked for private industry—namely, $28.6 billion for restaurants and bars. Here are the main takeaways for food and farming.
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No restaurant group or chain can raise more than $10 million in total. According to the Senate version of the bill, relief funds will generally be “equal to the epidemic-related loss of revenue” of each restaurant.
$29 billion in restaurant aid. Restaurant owners have been pushing for special business relief funds (in addition to the Wage Protection Program and economic disaster loans), arguing that their businesses have been disproportionately affected by the closures and social distancing measures. In the new legislation, Congress appropriated $28.6 billion for restaurants, bars and other food and beverage establishments. For context, the industry had withdrawn about $30 billion from the Paycheck Protection Program in December.
Each restaurant will be eligible for up to $5 million in grant money, which can be used for rent, labor costs, mortgage, utilities, outdoor dining construction, food and beverage and other inventory costs. No restaurant group or chain can raise more than $10 million in total. According to the Senate version of the bill, relief funds will generally be “equal to the epidemic-related loss of revenue” of each restaurant. Expect a mad dash for the funds: The Independent Restaurant Coalition has cited estimates that the industry has lost over $219 billion in sales since the start of the pandemic, meaning the relief money could cover only a fraction of the losses. The relief also comes too late for many of the 110,000 establishments that have already closed their doors forever.
Unlike the Paycheck Protection Program, which disproportionately funded fast-food franchises, this restaurant assistance is limited to independent restaurants and chains with fewer than 20 locations. The legislation also earmarks $5 billion for small restaurants, defined as gross receipts totaling less than $500,000 in 2019. During the first 21 days, the Small Business Administration will prioritize applications from businesses owned by women, veterans and those who are “socially and economically disadvantaged places.”
Stimulus Package Small Businesses In Mid Coast Maine
On the nutrition side, it extends the current 15 percent increase in Supplemental Nutrition Assistance Assistance (SNAP, formerly food stamps) benefits for all participants through the end of September.
The relief comes as governors in some states have loosened mask mandates and reopened restaurants at 100 percent capacity as Covid-19 cases decline nationwide. And while some have argued that the federal government should pay restaurants to stay closed, the bailout money comes with no such safeguards. Just last week, the Centers for Disease Control presented fresh new evidence linking indoor and outdoor dining to the spread of the virus.
$4 billion for black farmers. The bill includes a pot of money to pay off debts owed to black farmers and other farmers of color. This is huge – and unprecedented for the USDA. We’ve written a separate story about it, and The Counter’s Jessica Fu has the details here.
Anti-poverty measures including SNAP expansion. While it failed to raise the federal minimum wage above $7.25 an hour, the new stimulus bill contains significant anti-poverty measures that Democrats hope will carry beyond the end of the pandemic. On the nutrition side, it extends the current 15 percent increase in Supplemental Nutrition Assistance Assistance (SNAP, formerly food stamps) benefits for all participants through the end of September. It also provides more money to help grocery stores take SNAP online and extends Pandemic EBT, a program that sends food stamps to families with children who normally rely on free school meals.
How To Get Relief From The Coronavirus Stimulus Package
Most of this money is likely to be used to buy food for redistribution to food banks and other nonprofits, a la the Farmers to Families Food Box Program.
Perhaps even more important is a one-year increase in the child tax credit, to $3,000 a year for each child between the ages of 6 and 17, which would affect an estimated 93 percent of children and would likely be paid out in the form of monthly checks to parents. The
$4 billion for the supply chain. The aid package allocates $4 billion for a handful of supply chain support measures, including grants and loans for personal protective equipment, funding for Covid-19 animal testing and help for small meat processors that have struggled to pay overtime bills to inspectors. Most of this money is likely to be used to buy food for redistribution to food banks and other nonprofits, a la the Farmers to Families Food Box Program. It remains to be seen whether the Biden administration will continue to operate the program, which is currently under review, or whether it will establish its own food assistance initiative. As in previous emergency aid bills, the legislation leaves broad leeway for the USDA to decide how to spend the funds.
Reminder: tons of farm money are still unused from December’s payment adjustment. As we reported in December, the last stimulus package distributed $13 billion in direct payments to farmers. The Biden administration suspended these payments, which were made through the Coronavirus Food Assistance Program (CFAP), as soon as it took office.
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AgWeb reported Friday that in addition to the $13 billion in payments announced in December, the Biden administration has also paused implementation of $2.3 billion in payments to contract poultry and hog producers announced in Trump’s final days -government, payments that would have been made for using surplus funds from previous stimulus measures.
Agriculture Secretary Tom Vilsack said Friday that payments to farmers would remain on hold for at least several more weeks, adding that he was waiting to see which farm aid measures would pass in the Senate. The additional $4 billion provided for debt relief in the new bill may change the agency’s plans for remaining CFAP money.
H. Claire Brown is a senior writer for The Counter. Her work has also appeared in The Atlantic, The Guardian, and The Intercept, and has won awards from the Society for Advancing Business Editing and Writing, the New York Press Club, the Newswomen’s Club of New York, and others. A native of North Carolina, she now lives in Brooklyn.
The Counter has suspended publication, but is still exploring options for its future. Contact us anytime at [email protected] . The battle continues.
Trump Signs Covid Relief Bill: $600 Stimulus Checks Go Out This Week
By using The Counter (“us” and “we”) website or any of its content (as defined in Section 9 below) and features (collectively, the “Service”), you agree to the Terms of Use below and other such. requirements that we disclose to you (collectively, the “Terms”). It took five days of negotiations, but Congress agreed on a $2 trillion package to help Americans and businesses.
AUSTIN, Texas – The political standoff over a $2 trillion financial aid bill appeared to have ended overnight when Senate leaders announced Wednesday that they had reached an agreement.
“The Senate will take action to help the people of this country weather this storm,” said U.S. Sen. Mitch McConnell (R-Kentucky), Senate Majority Leader.
As of Wednesday afternoon, the details were still being ironed out, but police have been talking about some key points.
Details Of The Coronavirus Relief Bill, The Cares Act
Using 2018 tax returns, individuals earning $75,000 or less will receive a direct payment of $1,200. Married couples making $150,000 or less get $2,400. And parents get an additional $500 per child for children 17 years old or younger.
The payment amount decreases as income increases. Individuals earning $99,000 will get nothing, and neither will couples earning $198,000 together who have no children.
It’s unclear how long it will take the IRS to get the payments out, but the White House indicated that people could see those payments as early as April 6.
“This proposal, unemployment insurance on steroids, will be the largest expansion of unemployment benefits in decades,” said Senate Minority Leader Chuck Schumer (D-New York). “A social safety net wide enough to cover the millions of American workers who lost their jobs almost overnight.”
You Can Get More Than A $1,400 Stimulus Check From Biden’s Relief Proposal
On Wednesday, Schumer told the ABC host
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