As expected, within a few hours after the House of Representatives approved the historic $2 trillion stimulus package that passed the Senate earlier this week, President Donald Trump signed the bill into law.
The following is a summary of the key elements of the $2 trillion relief package:
- The legislation authorizes direct payments of $1,200 to every U.S. resident who earns $75,000 in adjusted gross income or less, with married couples earning up to $150,000 receiving $2,400 and an additional $500 per each dependent child. The payment would scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children.
- Expanded unemployment benefits that boost the maximum benefit by $600 per week and provide laid-off workers their full pay for four months, which is in addition to state benefits.
- $350 billion in loans for small businesses.
- $250 billion in unemployment benefits.
- $150 billion for state and local governments that are cash-strapped due to their response to coronavirus.
- $100 billion for hard hit hospitals.
- $500 billion in loans for larger industries, including $25 billion for passenger airlines; $4 billion for cargo carriers; and $17 billion for “businesses critical to maintaining national security."
- A tax credit of up to $10,000 for wages paid by businesses hit hard by the coronavirus, to incentivize keeping staff on the payroll.
- More than $3 billion in emergency funding for childcare.
- Funding for states to immediately begin paying out unemployment benefits when someone is laid off.