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Stimulus Checks on the Way?

January 08, 2021

Pandemic Aid for Renters and Small Business on the Way?

After a horrible storming of the capital building this week, and the departure of President Trump, it’s hoped the incoming government can stay calm and get on with the business of helping Americans.

A modified bipartison bill agreed on last week is still in limbo.  It could create supplemental job benefits and a direct stimulus payment of $2000 to qualifying recipients.

The stimulus will be in the neighborhood of $900 Billion with the Democrats talking about trillions to come this year. And small business and renters are cited as key targets for aid, however there is a scarcity of any assistance for small business landlords.

$2000 Direct Stimulus Checks plus New Jobless Benefits

With respect to direct payments, the new bill was to offer $600 to individuals making up to $75,000 per year and $1,200 to couples making up to $150,000. There is an added $600 payment per dependent child, similar to the last round of relief payments.  The Democrats appear to be okay about the $2000 direct payments although one prominent Democrat rep is said to intend to block it.

The $300 weekly jobless benefit is half of that covered under the CARES and will last just 11 weeks this time.
Still, for renters and landlords, it is wonderful news, especially during the holiday season and the weariness of pandemic fatigue.

After delaying the okay of stimulus for many months, the Democrats have finally agreed to Republican requests and have received some compromise assistance in turn, for special groups they identified.

Summary of new Stimulus Benefits (NPR.org)

  • $600 direct payment checks for every adult and child (up to $75,000 incomes)
  • individuals earning between $75,000 and $99,000 receive less
  • elimination of benefits for individuals earning more than $99,000
  • extends unemployment benefits for jobless workers, of up to $300 per week through mid-March
  • self-employed people and gig workers will also receive extended assistance
  • renter assistance of $25 billion in aid to help people pay their rent
  • eviction moratorium extended until end of January
  • $284 billion for Paycheck Protection Program loans
  • $10 billion for child care centers to help providers safely reopen
  • $68 billion to purchase and distribute COVID-19 vaccines and help states conduct testing
  • $7 billion to increase access to broadband Internet, including a new Emergency Broadband Benefit
  • $16 billion for airlines to pay the salaries of workers and contractors
  • $14 billion for mass transit agencies
  • $10 billion for highways
  • $1 billion for Amtrak
  • $82 billion in funding for schools and universities to assist with reopening
  • $13 billion in the measure for farmers and agriculture

If the bill is passed, Treasury Secretary Steven Mnuchin, a key negotiator, said direct payments would begin arriving in bank accounts next week.

The bill will offer some help for renters, however it won’t undue the damage done to landlords across the US, particularly in New York City and the Bay Area and other cities where extensive back rent is due to landlords.

It’s at least good news to those hoping to improve their cashflows and meet current emergencies.

 

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