Over the past week, Congress has been working to finalize a stimulus package to help the country during the COVID-19 pandemic. The bill has finally been passed and this is a list of details included.
Public: one-time payments will be given to individuals and couples based on income.
- $1,200 to individuals making under $75,000/year and $2,400 to couples making under $150,000/year and $500 per child for those in this bracket.
- The pay scale drops down from there, ending at individuals making more than $99,000/year or couples making more than $198,000/year who wouldn’t receive any funds.
Unemployment: Aid would be given to those on state unemployment plans to further their benefits
- Unemployment programs will be extended four additional months as well as individuals receiving up to an extra $600 weekly during their time.
Small Businesses: Aid for small businesses is also supplied in this bill.
- More than $350 million in aid will be given directly to small businesses.
- While some areas of this are still gray to us, it is noted that the government would need to disclose any terms before loans are issued. Buying stocks back during the term of the loan and 1 year after is banned when accepting these funds
Big Business: Aid is being given to larger businesses, airlines, hospitals, and local city and state governments
- $50 billion set aside for loans to airlines.
- Roughly $100 billion will go to the hardest-hit hospitals that are working to fight COVID-19.
- States will be able to draw up to $150 billion and set aside to assist in programs in place to help individuals.
We will continue to post updates to this post as they become available. While this stimulus package will bring much-needed aid to many individuals and businesses, there are other ways business owners can preserve cash.
Click HERE to download our free guide on 9 Ways to Preserve Cash in a Crisis to learn more.
At All In One Accounting, we take businesses from financial chaos to business clarity and beyond. Our elite team of Accountants, Controllers, and CFOs are ready to help you in these uncertain times. Visit our website here for a free consultation with one of our accounting professionals.