Moneda Moves (81): What you can expect from the $1.9 trillion House stimulus
Today we are waking up to a newly-passed $1.9 trillion stimulus package by the House of Representatives. The bill will now move forward to the Senate is very similar to the outlined plan from President Joe Biden put forth in January. As CNN reports, if approved it would:
Provide a new round of direct payments
Offer assistance for the unemployed, uninsured and at risk of losing their homes
Ensure a bigger tax break for parents
All of this is a huge deal especially to low income communities and small business owners but especially for Black and Latino communities.
In short, here is what the bill would mean for Americans if this is passed (CNN):
Families making less than $200,0000 and individuals making less than $100,000: Would receive up to a $1,400 stimulus check (individual amount begins to phase out starting at $75,000)
For those unemployed: Would get a weekly $400 through August 29
For the hungry: Would receive a 15% bump in benefits through September
For those struggling with rent and mortgage: $19.1 billion would be allocated to help low-income households cover back rent, rent assistance and utility bills. About $10 billion would be for struggling homeowners pay their mortgages.
For small business owners: $15 billion would go to the Emergency Injury Disaster Loan program, for SBA to offer low-interest loans
For parents: Could receive a larger child tax credit for the year of 2021
All of this, of course, contingent on if it gets approved. Next week, it will sit front-and-center with the Senate. While there is no deadline to get this bill approved, there is an incoming deadline for unemployment benefits: March 14.
Stay tuned for more updates on the matter here and our Instagram @MonedaMoves page.
Con poder,
Lyanne
Black and Latinos are twice as likely as white communities to need stimulus checks to stay afloat: A new study from Acorns and CNBC confirms the figures we may have deduced given the disproportionate impact of the pandemic on communities of color, but at alarming rates: 50% of Black communities and 40% of Latinos are counting on another round of government assistance to “get by.”
Meanwhile 22% of white respondents to the survey reported this anxiety. Everyday expenses and housing payments are a big paint point for these communities.
Black women are especially financially burdened: A survey from CNBC found that 40% of Black women were in financial situations where they had to tap into emergency savings or borrow money from a family member or friend since the pandemic began.
Also, when asked about previous stimulus checks, Black communities reported lower rates of having saved the money citing payments for rent or mortgage they needed to make. The incoming stimulus bill would seek to address rent and mortgage issues for these communities as well.
That’s all for this week, mi gente. See you here next week with updates on the much needed and awaited stimulus bill.