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Client Alert! - Senate Passes Historic $2 Trillion Coronavirus Relief Package
Client Alert! - Senate Passes Historic $2 Trillion Coronavirus Relief Package

The Senate passed a historic $2 trillion coronavirus relief package late Wednesday night to provide a jolt to an economy reeling from the coronavirus pandemic, capping days of intense negotiations that produced one of the most expensive and far-reaching measures Congress has ever considered. In a remarkable sign of overwhelming bipartisan support for the legislation, the vote was unanimous at 96-0. It will next go to the House for a vote, which is expected to happen early Friday morning. President Trump has already indicated that he would sign this package and congratulated the Senate.

The following is a summary of key elements of the $2 trillion package:   

  • $250 billion for direct payments to individuals and families.  Under this program, individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each, 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. Eligibility is extended to independent contractors and the self-employed.
  • $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.
  • $130 billion for hard hit hospitals.
  • $500 billion in loans for larger industries, including $25 billion for passenger airlines; $4 billion for carriers; $3 billion for aviation contractors and $17 billion for “businesses critical to maintaining national security."
  • Creation of an oversight board and inspector general to oversee loans to large companies.
  • Measure prohibiting companies owned by President Trump and his family, as well as other top government officials and members of Congress, from receiving federal relief.
  • $25 million for the John F. Kennedy Center for the Performing Arts.
  • $400 million for election security grants. 

We will continue to monitor this situation as it works its way through the House and to the President and we provide updates as they become available.

Contact our Corporate or Employment Departments for advice and assistance.

The content of this post is for informational purposes only and should not be construed as legal advice or legal opinion. You should consult a lawyer concerning your specific situation and any specific legal question you may have.

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