Client Alert! - President Trump Signs Into Law Historic $2 Trillion Coronavirus Relief Package
By Susan S. Hodges on March 27, 2020
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.
Contact our Corporate or Employment Departments for more info or questions on this historic relief package.
Tags: coronavirus, Corporate, covid-19