When Did The Us Government Start Giving Money For Relief
The federal regime has pumped almost $4 trillion into the US economy since the pandemic began in March 2020.
(CNN) -- The federal government has pumped about $four trillion into the US economic system since the pandemic began in March 2020, sending cash straight to households, boosting unemployment benefits and creating several new grant and loan programs for businesses.
Now that the US economy is nearly back to normal, some are request whether the authorities gave away too much money -- and, with millions yet in need, whether it reached those who needed information technology nearly. Nearly 37% fewer small businesses are open compared to January 2020, the employment rate for depression-income workers is still well below pre-pandemic levels and an estimated 7 1000000 Americans are behind on their rent.
Another $2 trillion of the near $half dozen trillion included by Congress in several Covid relief packages is yet to exist disbursed, according to the Commission for a Responsible Federal Budget, a nonprofit that'due south tracking the spending.
The latest piece of legislation, which passed in March, authorized $1.9 trillion in spending on benefits for states, businesses and individuals -- including accelerate payments of an expanded child taxation credit, which will send families with children thousands more dollars starting July 15.
Here's a fractional list of who got money and how much as of May x, according to the Commission for a Responsible Federal Budget:
Small businesses: $1 trillion, with $42 billion more on the style
Congress created a diversity of loan and grant programs for pocket-size business owners, many of whom had to close their doors because of state and local lockdown rules throughout the pandemic.
The Paycheck Protection Program, created in March 2020, reached the most businesses, delivering more than than 11 million loans worth nearly $800 billion that the government will forgive if the owner used a certain portion of money to pay staff.
Another $220 billion has been lent to business owners through the Economic Injury Disaster Loan program, which provides low-involvement, long-term loans.
Congress subsequently created 2 other grant programs, one for struggling restaurants and one for shuttered theaters, music venues, promoters and museums. The restaurant program has delivered nearly $half dozen billion to date and another $23 billion is on the way. Theaters and venues are still waiting for the money to become out. Congress has authorized $sixteen billion.
Stimulus checks: $804 billion
The United states of america government has sent $804 billion directly to low- and middle-income individuals and families via three rounds of stimulus payments that were delivered via straight eolith, checks or debit cards.
Each round had slightly unlike qualifying parameters, only lawmakers purposely didn't put too many limitations on the checks in order to get the cash out equally chop-chop as possible. The everyman-income Americans got the full corporeality and the value gradually phased out for those earning more. The first round, which sent payments worth up to $one,200 per person, cost taxpayers the most -- $388 billion. The second round of payments were worth up to $600 per person and price $142 billion.
Lawmakers narrowed eligibility for the last circular and then that information technology excluded individuals who earn at least $80,000 a year and families who earn at to the lowest degree $120,000 a year. The IRS has sent $1,400 per person this year, at a price of $274 billion to engagement.
Some states, similar California and Maryland, have issued their own stimulus payments to some residents in addition to the federal coin.
The unemployed: $567 billion
A total of $567 billion in unemployment benefits have been paid out through three federal pandemic-related programs that enhanced payments, expanded eligibility and increased the duration of payments.
They were authorized past Congress in March 2020 and have been renewed twice since.
At the beginning of the pandemic, the jobless received a federal boost of $600 a week on acme of what they received from the state for iv months. Lawmakers renewed the supplement in December after a months-long break, but lowered the amount to $300 a week. All together, the US has spent $375 billion for those extra payments to date.
While the $300-a-week do good remains in place until early September, 25 GOP-led states -- including Florida, Texas, Due south Carolina and Iowa -- will finish taking the federal money and finish the program early in an effort to encourage people to go back to work.
A 2nd federal measure, the Pandemic Unemployment Assistance program, has cost $110 billion so far. Information technology makes freelancers, gig workers, contained contractors and certain people affected by the pandemic eligible for unemployment benefits.
The federal Pandemic Emergency Unemployment Compensation plan increases the duration of payments for those in the traditional state unemployment system. It has cost almost $61 billion then far.
Both of those programs expire in early September, though 21 Republican states have appear they will cease their participation in June or July.
Health care spending: $331 billion
Congress has poured money into the nation's health care system since the pandemic began terminal year, funding the evolution of testing, handling and vaccines, supporting hospitals and spending more on Medicaid.
The largest chunk of funds is making its way to hospitals and health care providers, including doctors, dentists and nursing homes, to assistance them bargain with increased coronavirus-related expenses and with lost revenue due to the counterfoil or postponement of constituent procedures and visits. Some $154 billion of the $178 billion Congress allocated to the Provider Relief Fund has been committed and so far.
The federal regime has besides committed to about $90 billion in funding for the development and procurement of Covid-19 treatments, vaccines and diagnostic tests.
And it has committed nigh $34 billion for additional Medicaid funds for states, which are required to keep people enrolled in the public health insurance program and maintain eligibility and benefits during the pandemic, adding to their expenses. The federal government covers most of states' Medicaid costs.
Not all of this federal funding has been disbursed to recipients yet, however.
State, metropolis and local aid: $254 billion
Congress has sent country and local governments two rounds of funding to help them bargain with coronavirus-related expenses. Some of the coin can also be used to accost revenue losses, prevent boosted layoffs of teachers, emergency workers and other public-sector employees and back up families, small businesses and others affected by the pandemic.
Nearly all of the $150 billion independent in the CARES Deed from March 2020 has been delivered to country and local governments, with only $1 billion remaining. The Treasury Section distributed the first tranche of coin from the American Rescue Program -- $105 billion -- earlier this calendar month. Another $245 billion of those funds remains to be disbursed.
The pandemic, however, has had a very uneven impact on the finances of land and local governments. Some are seeing big acquirement holes and others enjoying surpluses.
State and local governments are besides set to receive several hundreds of billions of dollars in other federal assistance, primarily for didactics, Medicaid, transit, infrastructure and election security. Some $278 billion of that additional aid has been committed, though not all has been disbursed yet.
Grand-12 schools and colleges: $231 billion
States take received $159 billion to send to K-12 public and private schools. Districts were immune to utilise the money to help reopen buildings for in-person teaching. Districts spent a big portion of the funds on PPE, cleaning supplies, engineering and learning direction systems that helped students learn from home, salaries and wages.
Lawmakers have required that some of the funds approved in the latest relief package be used to address learning loss during the pandemic past offer summertime school or extending the school solar day.
That package passed in March amounts to about $ii,600 per pupil and nearly doubles the corporeality sent to K-12 schools from the previous two relief packages. But not every school receives the same corporeality. The law directs the states to disburse the money like it does Title I funding, which means more than money goes to districts with a higher pct of low-income families.
Another $73 billion has gone to colleges and universities. They are allowed to use the funds to defray costs related to the pandemic, similar lost revenue or new engineering science, but must use one-half of what they receive to accolade emergency financial assist grants to students in need.
Airline industry: $73 billion
The regime created grant and loan programs to aid the airlines when travel plummeted at the beginning of the pandemic. Nearly $52 billion has gone to airlines in the form of grants and loans to help them retain and pay their workers. Another $21 billion was lent to airlines on the status that they didn't event pay cuts, wouldn't furlough more than than 10% of employees until September 2020, and restrict stock buybacks and dividend payments.
Struggling renters and homeowners: $58 billion
Nearly $47 billion in federal coin is making its manner from states, cities and counties into the hands of renters that are behind on their payments. While federal and local eviction moratoriums take helped proceed people in their homes during the pandemic, back rent connected to pile up. About 7 million Americans were behind on their rent every bit of April, according to the Biden assistants. Tenants must meet an income requirement, show they've lost income during the pandemic and demonstrate a hazard of homelessness in order to qualify for the money.
Another $742 one thousand thousand has gone out to states and territories to help them aid homeowners who are behind on their mortgage payments, utilities and holding taxes. Another $9 billion has been authorized by Congress.
Cities and counties have already received $5 billion to assist people at chance of experiencing homelessness and those fleeing domestic violence. There's flexibility on how to use the funds, but some could be spent on buying hotels, motels and unused apartment buildings to convert into affordable housing. The money can exist used until 2030.
Another $5 billion is available to those at take chances of homelessness through the emergency housing voucher program. An estimated 70,000 vouchers will become available that tin can exist used by qualifying families to pay rent and remain in their homes.
Child care: $56 billion
The pandemic had a devastating bear upon on child care providers, faced with increased costs and a decline in enrollment. Simply many parents need them to be open so that they can return to work.
About $56 billion in grant money is making its manner to child care providers then that they continue operating. They can spend the coin on a diversity of uses including cleaning products, staff wages, hire and mortgage payments, utility bills, and providing financial assistance to families.
Nutrition assist: $52 billion
The pandemic has caused a spike in hunger, prompting the federal government to pour money into nutrition assistance.
More than $44 billion has been committed to additional food postage stamp benefits. The congressional rescue plans have increased families' payments to the maximum resource allotment for their household size and boosted the monthly benefit past 15%. The Biden assistants too issued a guidance in Apr that will provide a crash-land up for the estimated 25 million low-income Americans who did not get an increase final twelvemonth considering they were already at the top do good for their family unit size.
The 15% increase is set to elapse at the end of September.
Congress also created a Pandemic-EBT program in March 2020 to provide families with funds to replace the free or reduced-toll meals their children would have received in schoolhouse. That program has been extended through the duration of the pandemic, though non all states take been canonical or accept started distributing money for the 2020-2021 school twelvemonth. Just over $vii billion has been spent on child nutrition help programs.
As well, some $605 million has been committed to purchasing and distributing food to food banks through The Emergency Nutrient Help Program, known as TEFAP. Congress allocated a total of $850 million in funding in relief packages in March 2020.
Not all of the funding for nutrition aid has been distributed yet.
This story has been updated to reflect the electric current number of states dropping pandemic unemployment benefits early.
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Source: https://www.cbs58.com/news/6-trillion-stimulus-heres-who-got-relief-money-so-far
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