On Sunday, December 27, 2020, the President signed a massive emergency economic relief package, government funding, and tax cuts designed to counter the effects of the pandemic and stimulate economic growth.
Efforts to pass economic relief measures in the weeks leading to the presidential election had failed despite numerous attempts. But after the election, a bipartisan group of lawmakers teamed up and successfully negotiated for action to spur economic activity by helping businesses and consumers.
Why was the 5,593-page bill passed?
The spike in COVID cases across the country and strong concern that the economy is weakening informed the need for the federal government to intervene -- cushioning households and jump-starting the economy. Nearly a year after the first case of Coronavirus was reported, government-mandated restrictions are still in place across the country. Congress is upbeat that the stimulus bill will protect jobs, businesses, households, and livelihoods.
What is inside the $900 billion stimulus package?
The $900 billion economic relief stimulus includes:
Let's look at the key details of the bill:
The legislation extends unemployment benefits of up to $300 per week.