Stimulus Bill Has Passed! What’s In It (House)
$3 Trillion stimulus package is here - what's in the bill passed by the house of representatives.
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The LARGEST economic stimulus, or economic BAILOUT, depending on how you want to look at it has been PASSED in the House of Representatives 208 vs 199. The entire HEROES act consists of close to 2,000 pages of legislation.
The Heroes Act bill will cost the US 3 TRILLION DOLLARS. Just for context, the Great Recession of 2008, when I graduated high school, cost America $700 BILLION dollars, and so far, the CARES act has cost approximately $2 TRILLION DOLLARS, we’ve nearly TRIPLED the amount of money that we’ve spent so far. All together, America could be spending as much as 5 TRILLION DOLLARS, that’s 7 times worse than 2008.
Here's what's in the bill that just passed in the House of Representatives:
#1 $75 BILLION dollars will be put to “Public Health and Social Services Emergency Fund” which gives puts money for the yorona testing and containment measures.
#2 $45 BILLION will be given to the Student Loan Debt Forgiveness Program which suspends all payments and interest on student loans until September 2021 to those who are deemed “economically distressed”. All this means is that you don’t have to make a single payment and you won’t be penalized until September 30th 2021, but you’re still required to pay back those loans. You can also get up to $10,000 forgiven on your loans if you can prove you are economically distressed.
#3 $100 BILLION will be given to the Emergency Rental Assistance provision which gives protection to low income people from being evicted from their homes. To be considered “low income” you need to be making less than 80% of what the average income is in YOUR specific area is, which will be provided by the Secretary. Another $75 BILLION dollars will be given to home owners to protect them from foreclosure if they’re not able to make payments on time. On one hand that’s good for the renters but for people who are trying to invest in real estate? I’m not so sure. That’s why I love dividend investing and REITS.
#4 $200 BILLION will go toward the support for FRONTLINE workers including medical staff and first responders. There’s another provision that includes 2 weeks of paid sick leave and 12 weeks - 3 months of emergency paid leave if you meet certain criteria.
#5 15% MORE money for SNAP the Supplemental Nutrition Assistance Program which is also known as the food stamp program. This translates to about a $25 per person per month, or just under $100 for a family of 4.
Now here are some of the more problematic proposals with the bill that Republicans are generally against:
#1 Cash payments to illegal immigrants and their families. That’s right, illegal immigrants would be eligible to receive not only the next round of stimulus check if they get sent, but also the first round of stimulus checks that was sent out in April depending on their income levels.
#2 Page 1762 of The bill mandates that all ICE Detainees, that is - immigrants who committed a crime that were placed in jail by the Immigration and Customs Enforcement, shall be released if they do not pose a threat to the general public. A crime doesn’t have to be a violent offense, it could be something like overstaying your visa for example. Included are new standards that contain free privileges to talk to their families because right now no one is able to visit those centers.
#3 Illegal immigrants that are considered essential workers will be protected from being deported and they will be given the okay to work a job without penalizing the companies that hired them.
#4 Immigrants that want to come here and practice medicine, especially as it relates to the illness, will be given expedited visas to come here and work. This is to help the hospital shortage that we have of medical workers helping us out in the front lines.
#5 Unauthorized immigrants without healthcare coverage will able to qualify for testing at no cost, treatment, and vaccines.
The Bill: bit.ly/2z95Smb
National Deficit: bit.ly/3bN6laN
Food Stamps Eligibility: www.fns.usda.gov/snap/recipient/eligibility
Paid Sick Leave Expansion: bit.ly/2LAWcUe
Stimulus For Illegal Immigrants: bit.ly/3g3x3iL