Yesterday, Congressional leaders and Lawmakers reached a nearly $900 billion COVID-19 stimulus deal, including another round of stimulus checks and jobless benefits. After months and months of standoff, Washington has come to agreement just before Christmas where almost 12 million people are set to lose unemployment benefits. The new deal includes $300 to the federal unemployment insurance benefit, extending eviction moratoriums for renters for an unspecified amount of time and $600 direct payment to most Americans.
With the current stimulus relief package that was put in place at the start of the pandemic set to expire today, Congress has yet to pass another relief package. After last efforts to extend the $600 stimulus failed Thursday and the Senate gone for the weekend, millions of Americans are left with much uncertainty moving forward.
In May, U.S. retailers were happy to report that since the reopening after the shutdown from the coronavirus pandemic, retail sales jumped a record high of 17.7%. The rebound in sales reflects the gradual lift on businesses after two months of stay at home orders. With the increase in consumer demand, the federal tax payments and unemployment benefits also helped with the increase in sales.