Only one final step is necessary for Americans to get a whiff of financial relief after the Senate voted Wednesday, March 12, at 220-211 to pass President Biden’s $1.9 trillion coronavirus package––and that’s his signature.
Biden not even two months into office has accomplished a monumental milestone, and it’s sure to be deemed one of the most significant anti-poverty bills in the nation’s history.
The Tax Policy Center has projected that the relief package will boost incomes for the poorest 20% of Americans by 20%.
Moreover, this massive spending package comes as the clock ticks on unemployment benefits set to expire for millions of Americans. The vote may have been narrow in the Senate but there’s widespread agreement for the package across the political spectrum.
Several concessions were necessary to get the relief measure through Congress, including the removal of the $15-an-hour minimum wage proposal. But millions of Americans will experience some solace for that setback once the checks start hitting their bank accounts or mailboxes.
For individuals making up to $75,000 annually or couples making $150,000 will receive the $1,400 they got in the last stimulus bill. Unemployment insurance will extend the weekly $300 until Sept. 6.
According to the White House, Biden will sign the bill Friday, March 12, and before the end of the month Americans should have those checks.