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 Senate bill has been passed

Senate bill has been passed

President Trump signed a bill today designed to offer relief to individuals, the health-care system, and even an entire corporate sector ravaged by the outbreak of COVID-19. The stimulus package includes but is not limited to:

• Give one-time direct payments of up to $1,200 for individuals and $2,400 for couples, with $500 added for every child, based on 2019 tax returns for those who filed them and 2018 information if they have not. The benefit would start to phase out above $75,000 in income for individuals and $150,000 for couples, going away completely at the $99,000 and $198,000 thresholds, respectively.
• Boost unemployment insurance, adding $600 per week for up to four months on top of what beneficiaries normally receive from states. It expands eligibility to self-employed people and independent contractors.
• Create a $500 billion pool of taxpayer money to make loans, loan guarantees or investments to or in businesses, states and municipalities damaged by the crisis.
• Put $117 billion into hospitals and veterans’ health care.
• Provide $16 billion for the strategic national stockpile of pharmaceutical and medical supplies.
• Give $350 billion in loans for small businesses to cover salary, wages and benefits, worth 250% of an employer’s monthly payroll, with a maximum loan of $10 million.
• Include a tax credit for retaining employees, worth up to 50% of wages paid during the crisis, for businesses forced to suspend operations or that have seen gross receipts fall by 50% from the previous year.
• Require group health plans and insurance providers to cover preventive services related to coronavirus without cost sharing.
• Delay payroll tax for employers, requiring half of the deferred tax to be paid by the end of 2021 and the other half by the end of 2022.
• Suspend federal student loan payments through Sept. 30 with no accrual of interest on those loans.

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