Soon we'll know every detail of the final $900 stimulus proposal for 2020.
Sarah Tew/CNETThe final contents of a roughly $900 billion COVID-19 stimulus package were agreed to late Sunday, after weeks of back-and-forth negotiations on the details of the bill. The text of the economic rescue bill has not come to light yet as lawmakers continue to work on the final language of the legislation, but the House of Representatives is preparing to vote Monday once the bill is ready.
When and if it passes this week, the new stimulus package will send a second stimulus check of up to $600 to qualifying adults and their dependent children -- but not dependent adults, according to The Washington Post -- and renew a handful of government benefits set to expire starting this week, including federal unemployment financial support and rental assistance.
"We can finally report what our nation has needed to hear for a very long time," said Senator Majority Leader Mitch McConnell on the Senate floor Sunday. "The four leaders of the Senate and the House finalized an agreement: It will be another major rescue package for the American people."
Congress needs to act quickly. Lawmakers have tied the new rescue plan to a federal budget package that would fund the government through the end of its fiscal year. Congress on Sunday worked to extend the current budget through Monday to provide enough time for the House and Senate to pass the package and then for President Donald Trump to sign it into law.
Here are the key issues in the economic stimulus package Congress leaders have reportedly agreed on today, including the funding it contains, such as details on the second stimulus check -- and what is left behind. This story updates often with new information.
Read more: Will there be a third stimulus check? How a new Congress in January could hold the key.
A second stimulus check for $600 and...
Negotiators have settled on a second stimulus check for a maximum of $600 and an additional flat sum of $600 per qualifying child, down from a cap of $1,200 per eligible adult with the first check and $500 per child dependent. Dependents of any age were under consideration for some time.
While the stimulus payment qualifications may stay roughly the same in a second stimulus check, a change could include payments for families that have a non-citizen parent, according to The Washington Post. That arrangement disqualified families from the first check.
Watch this: Next stimulus checks: What to expect
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$300 per week in federal unemployment benefits
The CARES Act passed in March gave $600 per week to people who are out of work, on top of their usual state unemployment check. When this funding lapsed at the end of July, President Donald Trump signed an executive action to pay a $300 per week bonus. That money will run out by Dec. 31.
The bipartisan proposal would provide $300 per week in additional federal unemployment benefits for 11 weeks, according to reports. Payments wouldn't be retroactive. Here are more details on weekly unemployment checks.
No liability protection from COVID-19 lawsuits this time
A major sticking point through the summer and fall, Republican legislators have supported limiting COVID-19 liability to guard against lawsuits against businesses, schools, hospitals and other organizations from people who said these institutions caused them to acquire the coronavirus, except for instances of gross negligence. Democrats have balked at the plan.
The coronavirus liability shield, along with money for state and local funding, has been broken off into a separate piece of $160 billion legislation. It now appears likely that a final stimulus bill in 2020 wouldn't include this, but that discussion could pick up again in 2021.
"We all know the new administration is going to be asking for another package," Senate Majority Leader Mitch McConnell said Tuesday. "We can live to fight another day on what we disagree on, but we all agree to go forward on what we can agree on. That's the way forward."
Extend Payroll Protection Program to cover employee wages
The Payroll Protection Program initially provided forgivable loans to small businesses as a way to help cover worker wages so they wouldn't have to lay off employees.
The new bipartisan proposal would add $284 billion to the Paycheck Protection Program for small business forgivable loans. The bill would target aid for businesses especially hard hit by closures, including nonprofits, restaurants and live venues.
Both sides are weighing the options for an eventual stimulus package.
Sarah Tew/CNETRenew an eviction ban for renters
The CARES Act established a nationwide ban on evictions for renters who were late on their rent. When that was set to expire, Trump extended the ban. But that extension, too, is set to expire at the end of the year.
The new bipartisan proposal would help guard against evictions by providing $25 billion to state and local governments to pay for rent and utilities. The bill would also extend an eviction moratorium through Jan. 31, 2021.
Funding for health care and coronavirus vaccinations
With the US offering its first wave of coronavirus vaccinations, the proposals turn toward funding distribution of the COVID-19 vaccine. The bipartisan proposal would provide $16 billion for vaccine development and distribution, along with funding coronavirus testing and contact tracing efforts.
Read more: What to know about the COVID-19 vaccine's timeline, hidden costs and more
Money for schools, childcare and food assistance
Funding for education has been a part of proposals for more economic assistance going back to May. The new bipartisan bill sets aside $82 billion for education and $10 billion for child care. The bill also includes $13 billion for the Supplemental Nutrition Assistance Program (SNAP).
State and local aid money? Not this time
The bipartisan proposal would split off $160 billion for state and local aid into the package with liability guards. The intention is that Congress could consider the two areas of conflict separately from the bill focused just on economic relief.
While we wait to see how and when negotiations shake out over the current proposals, here's what you need to know about coronavirus hardship loans, unemployment insurance and what you can do if you've lost your job.
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