That’s on the $ 2 trillion auxiliary bill
A view of the Capitol Rotunda is reflected in an ambulance as negotiations on an economic bailout for COVID-19 continue on Capitol Hill in Washington, DC on March 24, 2020.
Brendan Smialowski | AFP | Getty Images
The unprecedented stimulus package, unanimously adopted by the Senate, has an estimated price of $ 2 trillion that supporters hope will reduce the human and economic toll of the coronavirus pandemic.
The chamber passed the law Wednesday night As workers face widespread layoffs, hospitals and states are starving for resources and businesses large and small are concerned about their very survival. The house wants to say goodbye to it by Friday.
The bill, designed to unburden individuals, the healthcare system, and even an entire corporate sector devastated by the outbreak, would:
- Provide one-time direct payments of up to $ 1,200 for individuals and $ 2,400 for couples, adding $ 500 for each child based on 2019 tax returns for those who filed them and 2018 information if not Case is. The benefit would begin phasing out above $ 75,000 in income for individuals and $ 150,000 for couples, and would be completely eliminated at the thresholds of $ 99,000 and $ 198,000, respectively.
- Boost unemployment insurance and add $ 600 per week for up to four months on top of what beneficiaries typically receive from the states. It extends the entitlement to self-employed and self-employed.
- Build a $ 500 billion pool of taxpayers’ money to give out loans, loan guarantees, or investments to or in companies, states, and communities hit by the crisis.
- Give $ 25 billion in grants to airlines and $ 4 billion to freight companies that will be used solely to pay employees’ wages, salaries and benefits, and put another $ 25 billion and $ 4 billion, respectively Dollars ready for loans and loan guarantees.
- Provide $ 17 billion in loans and loan guarantees to unspecified “businesses critical to maintaining national security”.
- Invest $ 117 billion in hospitals and veteran health care.
- Allocated $ 16 billion to the strategic national supply of pharmaceutical and medical supplies.
- $ 350 billion small business loans issued to cover salaries, wages and benefits worth 250% of an employer’s monthly payroll with a maximum credit of $ 10 million.
- Take a retention tax credit of up to 50% of wages paid during the crisis for companies forced to cease operations or whose gross revenues are 50% lower than last year.
- Require group health insurers and insurance providers to cover preventive services related to the coronavirus at no cost.
- Deferred income tax for employers, with half of the deferred taxes due by the end of 2021 and the other half by the end of 2022.
- Companies that take out government loans prohibit the repurchase of shares for up to one year after the loan is repaid.
- Cash workers or executives who made at least $ 425,000 on a raise in the last year.
- Stop President Donald Trump and his family members’ businesses receiving emergency taxpayer aid. The provision also applies to Vice President Mike Pence, executive directors, members of Congress and their families.
- Suspend payments on federal student loans until September 30th without incurring interest on those loans.
As COVID-19 Spreads in the U.S., there are now more than 65,000 cases and at least 900 deaths, according to Johns Hopkins University. Patients have flooded hospitals in New York City, the epicenter of the US outbreak, as states across the country ask for more critical resources like masks and ventilators.
As businesses and schools across the country close to slow the outbreak, a wave of layoffs and vacations has hit Americans. States are expected to report historic unemployment claims as the economy slows and workers struggle to pay bills.
– CNBC’s Kayla Tausche contributed to this report