What you need to know about stimulus checks and what's in the COVID aid package - MarketWatch

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U.S. lawmakers late Monday approved billions of dollars in new stimulus spending aimed at individuals and businesses struggling through the coronavirus pandemic, in a package whose highlights include direct checks to Americans and a second round of what’s known as the Paycheck Protection Program.

As MarketWatch has reported, the roughly $900 billion in stimulus spending was part of a larger bill of about $2.4 trillion, that includes government funding through September 2021.

Here are some highlights of what Congress has approved, with links to MarketWatch’s reporting.

• MarketWatch’s main story on the bill reports that Democrats and Republicans are already gearing up for a fight over more stimulus.

Coronavirus aid deal easily sails through Congress, as both sides eye future fight

• The $600 stimulus checks to Americans are expected to begin going out next week, according to Treasury Secretary Steven Mnuchin.

Mnuchin says $600 checks will be sent out ‘next week’

When will I get my second stimulus check? Can U.S. citizens married to non-citizens get one? Your stimulus check FAQs

• The measure also contains $300 extra in weekly unemployment benefits, for a total of 11 weeks.

The $300 extra in weekly unemployment benefits in the new stimulus bill will give a ‘better bang’ to the economy, some experts say

• $325 billion of the relief package goes to small businesses, with more than $284 billion for a reauthorized Paycheck Protection Program. But there are some changes to that small-business loan program.

Latest round of PPP funding targets mom-and-pop businesses

• Renters are also in line for relief under the stimulus bill. It contains $25 billion in emergency rental aid and extends a nationwide eviction moratorium by one month.

Congress will extend eviction moratorium, fund emergency rent assistance with new stimulus deal

• Businesses will see a tax break that lets them write off the cost of meals from their tax bills, something that President Donald Trump had pushed as a way to help the restaurant industry.  

‘It’s unconscionable’: Outrage over the ‘three-martini lunch’ tax deduction in the new coronavirus aid deal

• The bill also includes changes to the Earned Income Tax Credit and the Additional Child Tax Credit that, according to one expert, will prevent the tax code from punishing working families with smaller tax credits because they were unable to work as much in 2020.

The new stimulus bill helps low-income families avoid a ‘double whammy’ of lower wages and lost tax credits

• Lawmakers also extended and enlarged tax incentives for Americans to make charitable donations next year.  

The new stimulus bill makes donating to charity more attractive — but is it enough for struggling nonprofits?

• How about the prospects for more stimulus? As President-elect Joe Biden and Democrats say more is needed, analysts say the bar is high in talks with Republicans.

‘This is probably it for a while’: Hard road foreseen for further stimulus as Biden presses for more aid

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