GREENSBORO, N.C. — The House and Senate are close to striking a deal that could help millions of Americans trying to recover from the pandemic. The $908 billion includes several things that were in the first CARES Act, along with new assistance. It includes:
- Extended unemployment for 16 weeks
- Supplemental $300/week
- $300 billion for small business/PPP
- $35 billion for health care assistance
- $54 billion for K-12 Schools
- $60.8 billion for county/municipal
- $8 billion for tribes
- 91.2 billion for states
The relief bill and a spending bill must be passed by midnight, in order for congress to avoid a government shutdown. The Senate could pass a temporary spending bill in order to give more time to make a decision about COVID-19 relief.
Experts Mark Hensley, Associate Director of the Triad Region's AARP, and Kevin Robinson of Robinson Tax Services want you to remember, a stimulus check is not taxable income, it is part of a tax credit. When you file taxes for 2020, you'll see the tax credit, and you'll have already received all or part of it with the stimulus check you got in 2020. The check acted as a pay-in-advance of the credit. The next stimulus check would act much in the same way and be part of a tax credit for 2021 taxes that you would file in 2022.
