Congress reached an agreement early Wednesday morning over a $2 trillion rescue package to alleviate the challenges many Americans and businesses are facing in the Coronavirus pandemic. This is a proposed bill and we will keep you informed on further developments.
Final details have not been released, but according to various media reports, these are the major features of the proposed stimulus bill:
- $1,200 to individuals earning up to $75,000.
- $2,400 to married couples earning up to $150,000 (additional $500 per child in family).
- The checks will be out out by April 6 according to President Trump.
- Payments scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children.
- $600 per week increase in unemployment benefits for up to four months.
- $130 billion in funding for hospitals and healthcare facilities (nursing homes, etc.).
- $150 billion in federal funding for state and local government.
- $367 billion in small business loans with inclusion of six months of loan forbearance for all small businesses.
- $500 billion in funding for corporations hurt by the COVID-19 outbreak.
We will keep you apprised as additional information is released. Contact Cg Tax, Audit & Advisory for more information.