This is why the new virus relief bill won’t extend eviction ban, meaning millions could lose their homes

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In what year did the Dow Jones Industrial Average see its worst performance in history? Bonus points if you can guess how much it fell.

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Futures slipped this morning, settling down some after yesterday’s big rally to begin the month. The S&P 500 logged its best performance since June while the Dow Jones Industrial Average and the Nasdaq saw their best days since November.

Investor optimism around vaccine distribution and the stabilization of the 10-year Treasury yield helped spark the massive gains.

Meanwhile, shares of Target and Kohl’s are up 0.5% and almost 2%, respectively, in premarket trading today after each company blew past estimates in their latest earnings reports.

Zoom Video Communications also saw shares soar in the premarket today, increasing 8% after the company yesterday reported earnings that exceeded expectations.

And in Washington, Senate Democrats are hoping to debate their iteration of the virus relief package by tomorrow. And Senator Elizabeth Warren yesterday released a wealth tax bill.

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During the two years that followed the 2008 crisis, America went through the worst recession since the Great Depression.

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This is why the new virus relief bill won't extend eviction ban, meaning millions could lose their homes

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There is no provision to extend the eviction ban in the latest virus relief bill that Democrats are now forcing through Congress. The moratorium will expire this month, and that could force millions of Americans out of their homes.

The measure was left out of the package because it does not meet the criteria necessary for inclusion according to budget reconciliation rules. This process allows the Democrats to muscle their legislation through Congress without the support of their GOP colleagues.

But budget reconciliation also prohibits them from including a federal minimum wage hike and an extension of the eviction ban.

“Because an eviction moratorium itself makes no direct changes to federal spending or revenues, it’s something that wouldn’t be allowed under the reconciliation process,” said Douglas Rice of the Center on Budget and Policy Priorities.

What does this mean for renters, and what else should you know about the ‘relief’ bill that is making its way to President Joe Biden’s desk?

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Fedrick Frost

Fedrick Frost

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