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The bill approves $1,400 stimulus payments for individuals making up to $75,000 and couples making $150,000. It will also extend weekly $300 unemployment insurance until September. Other highlights include:
What’s not in the bill? The President’s proposed minimum wage hike, leaving the fight to pass a $15-an-hour minimum wage to likely play out in the upcoming midterm elections.
Moody’s Analytics Chief Economist Mark Zandi recently gave some predictions of what the relief package could mean for the economy – “a booming economy with the pandemic winding down, a boatload of fiscal support” and a labor market on the rebound. This prediction for “global economic recovery in sight” was echoed by the Organization for Economic Cooperation and Development (OECD).
With the prospect of a spending shift as people begin to eat out and travel again, some businesses that survived the pandemic are worried they might face additional hurdles in the coming months. Federal officials acknowledged that annual inflation is likely to jump in the coming months, as the economy picks up, with Zandi warning an inflation comeback could “affect every corner of the market – from big tech to cyclical trades.”
Want to calculate what you might receive? Use this tool to determine your stimulus check qualification or this tool to determine your child tax credit amount.
Facebook asked judge to dismiss antitrust lawsuits by the FTC and state attorneys general, arguing that government enforcers have no valid basis for alleging the social media giant is suppressing competition.
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