Announcement: Breaking News for the Business Community (3/25/20)
The $2 Trillion Stimulus Package in a nutshell:
- Extending unemployment insurance by 13 weeks and includes a four-month enhancement of benefits, allowing workers to maintain their full salaries if forced out of work as a result of the pandemic.
- $1,200 in direct payments that would apply equally to workers with incomes of $75,000 per year before phasing out and ending altogether for those earning more than $99,000. Families would receive an additional $500 per child.
- $425 billion for the Federal Reserve to leverage for loans in order to help broad groups of distressed companies.
- $75 billion for industry-specific loans — companies that accept money must also agree to halt any stock buybacks for the length of the government assistance, plus an additional year.
- A provision that will block Trump family businesses — or those of other senior government officials — from receiving loan money under the programs.
- $130 billion for hospitals
- $150 billion for state and local government
- $350 billion that would establish lending programs for small businesses, but only for those who keep their payrolls steady through the crisis. Small businesses that pledge to keep their workers ould also receive cash-flow assistance structured as federally guaranteed loans.
For more information, please read here.