Coronavirus Stimulus Package Summary
Congress is racing to pass the $2 trillion stimulus package in response to the coronavirus. The Senate approved the bill late Wednesday and the House will try to pass the bill on Friday. Here are the things you should know:
• Cash Assistance: The bill will provide a one-time $1,200 check for an individual making up to $75,000 per year or $2,400 for couples earning less than $150,000. After that it will be scaled down until it reaches a $99,000 income threshold for an individual or $198,000 for a couple and then phased out altogether. It also provides an additional $500 per child.
• Unemployment: The bill will provide 4-months of bolstered unemployment benefits. The maximum unemployment benefit would be increased by $600. The insurance provision is still being fought, with 4 GOP senators pushing for an amendment vote that would cap unemployment insurance at 100% of wages.
• Corporate Fund: The bill includes a $500 billion corporate liquidity fund to help companies impacted by the coronavirus to access credit. This includes $46 billion in direct financial assistance, with $25 billion for U.S. airlines, $4 billion for air cargo carriers and $17 billion for distressed companies related to critical national security.
• Health Care: The bill includes $100 billion for hospitals.
• Border Wall: The Senate bill prevents the Pentagon from shifting $10.5 billion in coronavirus funding to a counterdrug account it has been using to fund the U.S.-Mexico border wall.
• Student Loans: The bill would defer payments for federally owned student loans for 6-months, through Sept. 30.