The White House and Senate leaders reached an agreement early Wednesday on a massive $2 trillion coronavirus spending bill aimed at alleviating the economic impact of the outbreak. Some of the proposed highlights are below:
$500B For Hard-Hit Larger Businesses
$367B For Small-Business Loans
Furloughed Workers Get Sate Unemployment Plus A One-Time $600 Add-On
$150B Sate/Local Government Aid
$250B For Expanded Unemployment Aid
$240B+ In Funding To Bolster The U.S. Health Care System
$500B One-Time Direct Payment To Individuals
$1,200 Per Person, Or Up To $3,000 For A Family of Four
$1,200 To Individuals Earning $75,000 Or Less And $2,400 To Couples Making $150,000 Or Less
Parents Entitled To An Additional $500 For Each Child
The payments would decrease for those making more than $75,000, with an income cap of $99,000 per individual or $198,000 for couples.
The bill is also expected to include roughly $100 billion in assistance for hospitals; $350 billion in assistance to small businesses; $500 billion in aid for corporations, including airline companies and cruise lines, that have been hurt by the outbreak; and about $150 billion for state and local stimulus funds.
Unemployment insurance would also be significantly bolstered for four months by increasing payments and extending the benefit to those who typically do not qualify. Specifically, the bill would increase the maximum unemployment benefit that a state gives to a person by $600 per week.
If it passes, the spending package would be the third round of emergency legislation that Congress has approved to combat the outbreak. Lawmakers approved an $8.3 billion bill aimed at providing free coronavirus testing, some paid leave and unemployment benefits, as well as additional Medicaid funding and food assistance.
This news is still in development, and we encourage you to keep an eye on trusted news outlets for full coverage and alerts about the bill. You can also access live updates here.
In the meantime, please feel free to contact me if you have any questions or concerns regarding this update.
- Keith Tirico, Total Business Group