The long-awaited second round of stimulus checks on the way

After months of delays and deliberation, Congress passes an economic relief and government spending bill for $2.3 trillion with $900 billion dedicated to the coronavirus (COVID-19) relief package. The House and Senate agreed on the 5,593-page long bill Sunday night and President Trump signed it later that evening.

The COVID-19 relief package will cover long-awaited stimulus checks for up to $600 per person (earning less than $75,000 annually) and an additional $600 per dependant child under 18. Couples who file joint taxes will be eligible for $1,200 if they earn less than $175,000 annually.

The cornerstone of an expected $900 billion coronavirus relief bill is another round of stimulus checks — half the size of the last direct payments 8 months ago.

Americans making less than $75,000 a year could receive $600, plus $600 for each child.@nancycordes has more pic.twitter.com/OX13l9zMTh

— CBS Evening News (@CBSEveningNews) December 22, 2020

The relief package will also be extending unemployment insurance for an additional $300 per week with additional funding for businesses. The bill will allocate $284 billion in loans for businesses that require funding to pay staff and rent under the Paycheck Protection Program. The new bill will expand eligibility for more businesses including cultural institutions, nonprofits, independent movie theaters, local newspapers, performance venues, local radio, and local TV broadcasters impacted by the COVID-19 pandemic.

The new COVID-19 relief bill will commit $69 billion in COVID-19 vaccine testing, tracing, and distribution. The bill will also provide $82 billion towards educational institutions with additional funding for assistance programs.

Many Americans relying on the help of assistance programs will be getting additional funding with the new bill including $25 billion for rental assistance, $13 billion in increased food/nutrition assistance, and $7 billion for broadband access services. The bill is also anticipated to extend an eviction moratorium that will expire by the end of 2020.