U.S Congress Finalises $900 billion Pandemic Relief Package; $600 For Individuals, Additional $300 Unemployment Allowance, Aid To Small Businesses

The U.S lawmakers on Sunday (Dec 20) reached a deal on a nearly $900 billion economic stimulus package after months of stalled negotiations between Democrats and Republicans.

The $900 billion package will be the second largest economic stimulus in U.S history after the $2.2 trillion pandemic relief bill that was in March this year.

Senate Majority Leader Mitch McConnell announced that party leaders in both the House and Senate had managed to break the deadlock and agree on another relief bill.

Under the economic package, which is certain to passed by the U.S Congress, a $600 direct payment will be made to many Americans, $300 a week will be provided as part of enhanced federal unemployment benefits for about 10 weeks. Aid will be extended for schools, vaccine distribution and small businesses. The relief bill also includes about $325 billion in small business relief, and $257 billion for the Paycheck Protection Program, which grants loans to distressed small businesses to help them avoid laying off employees.

The bill provides $15 billion for airline payroll support. Theater operators and owners of small performance venues would be eligible for $15 billion in grants. Schools would receive $82 billion and $10 billion would go toward child care. $69 billion funding has been earmarked for vaccine distribution and coronavirus testing.

Besides extending a moratorium on evictions, the deal includes $25 billion in rental assistance.