Friday, March 27, 2020

Nuts & Bolts of Stimulus Package - House Passes 2 Trillion Dollar Stimulus Package

The House passed the Senate's massive stimulus package today, paving the way for the President to sign the bill into law.

The bill includes the following:
  • Tax free payments to individuals of up to $1,200; $2,400 for married couples and additional $500 for children under the age of 16. Amount of payments are dependent on adjusted gross income. No eligibility if:
    • Individuals earning $99,000 or more
    • Married couples earning $198,000 or more;
  • Employees will be entitled to an additional $600 of weekly unemployment benefits in addition to the amount they are entitled to from their State. Part-time employees and independent contractors, even if not covered under their State law, will be entitled to these federal payments, as well;
  • $377 billion in loans and grants for small businesses;
  • $500 billion in loans for struggling businesses;
  • $150 billion for hospitals treating coronavirus patients;
  • Defers student loan payments for six (6) months; waives interest;
  • Foreclosures and evictions are stayed where mortgages are backed by the federal government.