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Congress passes Covid relief, including stimulus checks: How today’s headlines could affect your money

Covid relief includes $300 per week in unemployment benefits and another round of stimulus checks.

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Speaker of the House Nancy Pelosi, D-CA., speaks to reporters on an agreement of a coronavirus disease (COVID-19) aid package on Capitol Hill in Washington, D.C., December 20, 2020.
Ken Cedeno | Reuters

Markets were mixed on Monday and Congress passed a Covid relief package. Here's how today's headlines could affect your money.

Markets mixed on Monday

Markets were mixed at the closing bell on Monday amid news that Congress was set to pass a coronavirus relief package after months of stalled negotiations but a new strain of Covid was spreading in the U.K. 

Both the S&P 500 and the Nasdaq fell while the Dow made a small gain. Markets remained mixed on Tuesday morning.

Congress passes $900 billion Covid relief package

Both the House and Senate passed a $900 billion Covid relief package on Monday that includes $300 per week in unemployment benefits, another round of stimulus checks ($600 per qualifying adult and child), and $284 billion in Paycheck Protection Program small business loans, with funds for loans from small and minority-owned lenders. President Trump is expected to sign the bill into law.

Eligible Americans could start receiving stimulus checks shortly, according to Treasury Secretary Steve Mnuchin, who told CNBC on Monday, "People are going to see this money at the beginning of next week."

Check how much money you may be eligible for using the calculator below.

Some could get a $100 boost in unemployment benefits

For some U.S. workers, the latest coronavirus relief package may include an extra financial boost beyond the $300 per week in unemployment benefits

Unemployed workers who usually earn an income from both a W-2 job and from independent contractor gigs may be eligible for an extra $100 in weekly benefits. That's because current regulations only take into account these workers' W-2 wages and so don't cover their full previous income. The extra $100 is meant to help make up the difference.

Those who earned at least $5,000 in self employment income in 2019 will be eligible for the $100 per week boost.

Words you've heard: W-2 worker

W-2 workers are salaried employees whose taxes are usually withheld from their paychecks by their employer and who are usually eligible for protections and benefits such as health insurance and paid leave.

Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.

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