Second stimulus

The Coronavirus Response and Relief Supplemental Appropriations Act of 2021 passed Congress with strong bipartisan support and was signed into law by President Trump on December 27, 2020. This relief package provides critical support to the American people and will further strengthen our economic recovery.

Together, these relief bills provide fast and direct economic assistance for American workers, families, and small businesses, and preserve jobs for American industries.

Congress came to an agreement on Sunday what it means for you?

Stimulus check: $600 (waiting on congress to increase to $2,000 or not) per adult and dependent under 16 for household with income under $75,000/single and $150,000/married.

The Treasury Department on Tuesday said it would begin depositing $600 checks into Americans’ bank accounts as early as Tuesday evening.

Unemployment: $300 per week ($1200/month before tax) for 11 weeks or until March 14.

Pay Check Protection: If you received the PPP loan in the first round of stimulus, you will be able to take tax deductions for expenses covered by forgiven loan. It is not clear yet if you’ll be able to reapply for another loan.

Loan through banks: banks who facilitates loans for minority communities and small income will receive support.

Payroll: if you have payroll you’ll qualify for tax credit. It would be based on 2019 income, having lower income 2020 could reduce your eligibility “amount”.

Airlines: the airlines will received payroll support only if furlough employees get their jobs back at least until March.

Also it includes help for rental assistance and food stamps