Here's what to expect from the COVID stimulus bill

OAKLAND, Calif. - Sometime early in the new year, 85% of U.S. households will get a $600 Economic Impact Payment check or an electronic deposit for each adult, only half of what they got last spring. Children under age 17, will also get $600.

"That money is gonna be spent. Spent on rent, on food on basic necessities. It's gonna go into the economy so it pumps right back in," said Golden Gate University School of Business Dean Emeritus Terry Connelly.

So, a married couple making up to $150,000 per year, with two children, would get a $2,400 payment.  

The payments are covered by a COVID relief bill signed by President Trump, although he had initially called it a "disgrace" and said most people should be paid $2,000 instead of $600. The House on Monday approved such a new relief spending program, but it must next get passed by the Senate.

While the Senate considers distributing more generous checks, families and individuals must meet the criteria set in the relief bill that had bipartisan support. How much you receive will vary based on your income, marital status and the number of children under age 17 you have.

Unemployed people will get an additional $300 weekly supplemental benefit for ten weeks, which would have been eleven weeks, but the President signed the bill too late for that.

Gig workers and independent contractors will get a similar extension to their Federal Pandemic Relief.

"Here we have a tool that goes direct to your bank account and stimulates spending and that's always a big part of a recession cure," said Dean Connelly.

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SNAP benefits are raised by 15% for the next six months. The Pandemic-EBT program to food stamp families with very young children is also expanded to make SURE food available to them.

Food banks, pantries and senior nutrition programs will share almost $600 million in grants.

"It does help in a significant way and it does help for a relatively short period of time. This stimulus is a bridge to the next administration and to the next Congress," said Connelly.

Finally, to facilitate direct benefits to people, $48 billion is earmarked to the states to buy vaccines to be administered for free as well as continued infection testing and hospital assistance.

For small businesses, with under 300 emplyees that have lost more than 25% of their revenues, the Paycheck Protection Program will allow them to borrow up to $2 million.

Loans for under $150,000 will mostly be forgiven upon filing for such forgiveness.

This includes minority owned businesses as well as local newspapers, radio and TV stations.

Special grants of up to as much as $15 million, are available for live venues, theaters and museums.

Another $82 billion is available to K-12 schools and colleges.

$10 billion has been earmarked for child care providers.

$22 billion oges for health-related expenses only of state, local, tribal and territorial governments.

$29 billion will go to support airports, state highway programs, Amtrak, hard hit transit agencies and intercity bus service.   

Who loses? No money will go to replenish state and local government budgets that have been busted by huge expenses and greatly reduced tax revenue the assuring huge layoffs and service cuts.

Businesses of all sizes, will get no protection from lawsuits filed against them if someone can prove they caught COVID-19 from the business.