The Senate and the White House finally agreed on a coronavirus stimulus bill early Wednesday morning, a measure that is meant to bring some economic relief to the millions of Americans out of work and businesses becoming insolvent due to the COVID-19 pandemic.
Here are some details from the plan, which has yet to pass Congress but is expected to quickly.
- Individuals who earn $75,000 or less in adjusted gross income in 2019 (or 2018 if their 2019 taxes have not yet been filed) would get a direct payment of $1,200
- Married couples earning up to $150,000 would receive $2,400
- Individuals or married couples would also receive $500 for each child in their household
- The payment would scale down as income rises above $75,000 and will not apply to anyone earning more than $99,000 for singles or $198,000 for couples without children
- Unemployment insurance would be expanded by 13 weeks and would include an additional $600 per week on top of what state unemployment programs pay
- Unemployment benefits would be expanded to include freelancers, furloughed employees and gig workers such as Uber drivers
For small businesses:
- The bill would create a $367 billion federally guaranteed fund to give loans to small businesses that pledge not to lay off workers
- If the business pays its workers through the duration of the pandemic, the loans will be forgiven
- The deal also includes $10 billion in Small Business Administration emergency grants and up to $10 million of emergency relief per business
- $30 billion in emergency education funding and $25 billion in emergency transit funding would also be designated
For large companies:
- Distressed companies would get loans from a $425 billion fund controlled by the Federal Reserve
- An additional $75 billion would be available for industry-specific loans, including to airlines and hotels
- Bailed-out airlines would be prohibited from stock buybacks and CEO bonuses
- The plan designates $100 billion in aid for hospitals and health systems nationwide
- Medicare payments to hospitals and care providers would be increased
It is not yet known how long it will take the Internal Revenue Service to calculate, process, and execute all the payments to individuals, though the White House has said Americans could be seeing the cash as soon as April 6.