In case you missed it, Congress passed a 2nd stimulus/aid package at the end of 2020 that authorized the following:
- Additional $600 stimulus payment to each person making under $75,000 (if filing single) or $150,000 (if filing jointly). The payments phase out for incomes above these limits.
- Additional paycheck protection program (PPP) funds. Certain businesses can potentially qualify for another round of PPP funding. Businesses must have experienced a 25% drop in revenue to qualify. Details here.
- $300 extra per month for unemployment benefits. The initial stimulus package (spring 2019) boosted unemployment benefits by $600 per month in addition to any state benefits (usually a few hundred dollars per month). The December aid package reinstated the federal unemployment benefits but at a lower amount of $300 per month (instead of $600).
What’s to come? President-elect Biden has released his plan for a third stimulus package ($1.9 trillion). He is proposing additional $1,400 per person stimulus checks (with similar income phase outs as prior stimulus checks) among other funding such as increasing the child tax credit (and making it refundable). The coming weeks will shed more light on what any future aid packages may contain. We will keep you updated.