5 Things You Should Know About the $2 Trillion Coronavirus Stimulus Package
As you may know early Wednesday, the Trump Administration and top democrats finalized an agreement of a roughly $2 million rescue package in response to the coronavirus pandemic, which makes this the largest economic stimulus measure in modern history.
What you may NOT know is how this $2 trillion coronavirus stimulus package means for you. Below are 5 things you should know about the package:
1. The government will send direct payments to taxpayers.
The package will provide $1,200 in direct payments to taxpayers with incomes up to $75,000 per year before starting to phase out and ending altogether for those earning more than $99,000. Families would receive an additional $500 per child, in an attempt to create a safety net for those whose jobs and businesses are affected by the pandemic.
2. Unemployment benefits will grow substantially and go to more Americans.
The package includes a significant expansion of unemployment benefits that would extend jobless insurance by 13 weeks and include a four-month enhancement of benefits.
3. Small businesses will receive emergency loans if they keep their workers.
The bill provides federally guaranteed loans available at community banks to small businesses that pledge not to lay off their workers. The loans would be available during an emergency period ending June 30, and would be forgiven if the employer continued to pay workers for the duration of the crisis.
4. Distressed companies can receive government bailouts... but with strings attached.
Loans for distressed companies would come from a $425 billion fund controlled by the Federal Reserve, and an additional $75 billion would be available for industry-specific loans — including to airlines and hotels.
5. Hospitals staggering under the burden of the coronavirus will receive aid.
The agreement also includes $100 billion for hospitals and health systems across the nation aid