Congress promises $2 trillion for relief, including small business relief.
After days of intense debate, the Senate voted unanimously 96-0 for a $2 trillion economic rescue package intended to secure the economy during the COVID-19 pandemic. The package is the largest fiscal stimulus in U.S. history. So what does it mean for you and your business? Let’s take a closer look.
HIGHLIGHTS OF THE PACKAGE:
- Small business lending package: $350 billion
- State & local governments: $150 billion
- Extended unemployment insurance: $250 billion
- Loans for distressed companies: $500 billion
- Hospitals: $130 billion
- Direct payments to individuals: $250 billion
Let’s break down the direct financial assistance to individual Americans.
Adults making $75,000 or less will receive $1,200 and $500 for each child. Married adults making up to $150,000 will receive $2,400. Additionally, adults make $75,001-$99,000 will receive a check, with the amount based on a sliding scale. Adults making over $99,000 will not receive anything.
So what’s next?
The House announced it will take up the measure on Friday at 9 a.m. It is expected to pass and President Donald Trump has already said he will sign the bill.
This will likely not be the last bill that is created to combat COVID-19. House Speaker Nancy Pelosi said on CNN Wednesday: “We have more bills to come.”
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