The US Senate has made it another “Massive March” with the passing of an enormous bill aimed at providing relief to Americans suffering financially from the coronavirus pandemic. Although there is but an indirect benefit to lawyers, the massive package introduced by President Biden amounts to $1.9 trillion – enough to oil the wheels for many businesses, families and the US economy.
The massive bill only just passed through the Senate with a 50-49 vote, strictly alone party lines, after the House had originally passed the stimulus bill and then had the Senate amend it for passing into law in the next day or so.
Among the Bill’s Benefits are –
- $1,400 stimulus checks: These are for individuals earning up to $75,000 and couples making up to $150,000 qualify for the entire amount. It phases out at $80k for individuals and $160k for couples.
- Greater unemployment benefits: The government is tacking on $300/week to existing benefits through early September.
- Child tax credit: The bill expands the child tax credit from $2,000 per child to $3,000.
The bill also provides $160 billion for vaccine and Covid testing programs, $360 billion for local and state government and $170 billion for schools to progress their reopening.
Although law firms and businesses are not directly targeted by the massive, multi-trillion dollar stimulus with the focus being upon low- and middle-income families it is one of the largest aid packages in recent history, designed apparently to reduce the number of Americans living in poverty by about one third.
What is yet to be addressed is just how such a massive bill will affect the overall health of the US economy, after all this money has to be somehow digested in a manner that will genuinely build economic growth as well as lift families from the poverty line.
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