Congress Reaches A Deal on Coronavirus Stimulus

With the vaccine rollout underway and today being the Winter solstice, there is light at the end of the 2020 tunnel. Last night Democrats and Republicans agreed to a $900 billion stimulus deal to push the U.S. through the home…

Patrick Trousdale
Congress Reaches A Deal on Coronavirus Stimulus
Sign up for insightful business news.

With the vaccine rollout underway and today being the Winter solstice, there is light at the end of the 2020 tunnel.

Last night Democrats and Republicans agreed to a $900 billion stimulus deal to push the U.S. through the home stretch of the pandemic.

What’s Included?

The $900 billion deal will be the second-largest economic relief package in U.S. history – short only of the $2.2 trillion CARES Act approved in March. The deal includes:

  • Direct, means-tested checks of $600 per person (roughly $166 billion total)
  • Enhanced federal unemployment benefits of $300 per week for the next 11 weeks ($120 billion total)
  • $325 billion of support for small businesses, including repurposed funding for the Paycheck Protection Program.
  • $30 billion for the “procurement and distribution” of vaccines.
  • $82 billion for schools and colleges.

What Was the Hangup?

Washington, D.C.

The bill was 1) more than the $550 billion deal that many Senate Republicans had favored and 2) much less than the $2.2 trillion proposal put forth by Democrats in the latest version of the HEROES Act.

Coming down to the wire, talks accelerated last week with major concessions from both sides. The bill did not include aid for state and local governments which Democrats had sought or coronavirus-related liability protection sought by some Republicans.

This weekend, lawmakers reached a compromise on the power of the Federal Reserve’s crisis lending powers. The Fed will be prohibited from establishing lending programs identical to the ones set up earlier this year without approval from congress.

Analysis more

Tale of the Tape: Warren Buffett and Cathie Wood

Farm Strong: Understanding Agriculture as an Investment

Recent News

Fandom Nabs TV Guide and Metacritic in Media Merger

Google Drops Translate App in China

Liz Truss Pulls Screeching U-turn on Plans to Cut Taxes for Britain’s Wealthiest

A Strong Dollar Could Save a Horrid M&A Environment

[subscribe-form listid="1ebbb697aaa44fb1971fe0a3c42ff841" source="organic" medium="organic" redirect-url="https://thedailyupside.com/thank-you/"]
<form action="" class="subscribe-form "> <input type="text" name="subscribe_form_email" placeholder="Enter your email"> <input type="text" name="subscribe_form_name" placeholder="Enter your name" value="" class="c-subscribe-from_field"> <button class="c-btn" id="subscribe-form-submit" type="submit">Subscribe</button> <div class="subscribe-form-message"></div> <div class="subscribe-form-vars"> <input type="hidden" class="subscribe-form-param" name="params[listid]" value="1ebbb697aaa44fb1971fe0a3c42ff841"> <input type="hidden" class="subscribe-form-param" name="params[source]" value="organic"> <input type="hidden" class="subscribe-form-param" name="params[medium]" value="organic"> <input type="hidden" class="subscribe-form-param" name="params[redirect_url]" value="https://thedailyupside.com/thank-you/"> </div> </form>