Stimulus checks are coming, but there are more parts of the bill that may be beneficial for you

TaRhonda Thomas Image
Wednesday, December 23, 2020
Businesses, workers hope stimulus will provide some relief
Millions of Americans are days away from seeing stimulus checks arrive in their bank accounts. So what does this mean for you?

PHILADELPHIA (WPVI) -- Of the nearly 80 years that Tuti's Barber Stylist has been on Main Street in Manayunk, 2020 was one of the worst.

"It was about three months that they ordered us closed," said Nicholas Tuti, whose father opened the barbershop in 1941.

Like so many small business owners, Tuti had to close his doors for months due to the pandemic. Now that he's reopened, business isn't much better.

"People are afraid to come out. They're not spending money because they don't have a job," said Tuti.

WATCH: Stimulus checks are coming, but there are more parts of the bill that may be beneficial for you

Stimulus checks are coming, but there are more parts of the bill that may be beneficial for you

Unemployment assistance is a cornerstone of the new $900 billion stimulus package.

But singer Charlene Holloway wonders if gig workers like her will see the extra $300 in federal assistance that is now extended for eleven weeks.

One provision of the stimulus package is good news for workers like her. It increases the number of people eligible for federal aid on top of their unemployment benefits.

"Gig workers, those who only have part-time work, can continue to be eligible for this $300 federal supplement," said Sen. Chris Coons (D - Delaware), the top Democrat on the Financial Services and General Government Appropriations Subcommittee.

People who worked full-time and are now unemployed already qualify for the extra $300 under the previous stimulus package.

SEE ALSO: Second stimulus checks: See how much money you might receive under the new stimulus bill

Congress has easily passed a $900 billion pandemic relief package. It would deliver long-sought cash to businesses and individuals.

Professor Richard Prizinzano of the Penn Wharton Budget Model also thinks people who maxed out under previous unemployment benefit limits will get benefits under the new 50-week benefits limit.

"The extended benefits, I think people will be able to go back and see, under this new bill, retroactive checks," he said.

In addition, eligible people will receive stimulus checks that could arrive as early as next week for people who received their stimulus payments electronically last time. The payments will be $600 for individuals making up to $75,000 and $1,200 for couples making up to $150,000. Some think the amount is not enough.

"There's a lot that needs to happen that still hasn't happened," said Charlotte Anderson of Manayunk.

But Prizinzano thinks the stimulus checks, coupled with the extended unemployment benefits and federal money on top of those benefits could be enough to keep some Americans afloat for a little while longer.

"I think it's gonna make a difference," he said.

He believes the Biden administration will pass more stimulus relief early next year. He also thinks that the packages will be paid for, in part, by higher taxes on wealthy individuals.

The stimulus package also includes a moratorium on evictions that last until January 31. Additionally, the package includes $25 billion in rental assistance.

Tuti just hopes he can get some of the $325 billion set aside for small businesses so his shop can stay here for another 80 years.

"I hope everything gets better," he said. "It's a tough time."