THE BASIS POINT

WHAT DO PEOPLE & COMPANIES GET FROM $2 TRILLION CORONAVIRUS RELIEF?

What do people and companies get from 2 trillion coronavirus relief - The Basis Point

Washington has agreed to a deal on coronavirus relief. Here’s a succinct recap of what people and companies get. This is on top of rental & mortgage relief already announced. I’ll update this as I get more information, and all of this is sourced from Reference links below. Please share links and updates that you see too!

Devil is in the details, but here’s a very succinct summary of what we have so far.

CORONAVIRUS RELIEF RECAP

CORONAVIRUS RELIEF FOR PEOPLE

– $1200 for each low & mid income adult.

– $500 for each child

– Individuals must make $75k or less, and couples $150k or less to qualify. [PENDING CONFIRMATION]

– Tax credit for companies who retain employees

– Student loan borrowers w/employer aid won’t pay tax on aid.

– 4 months unemployment insurance @ $600/week

– Full-time workers would get up to two weeks of paid leave

– Part-time workers would get a period of leave equal to the number of hours they work on average over a two-week period.

– Payments capped at $511 a day if you have coronavirus or seeking care

– Capped at $200 a day if you’re caring for a sick family member or children.

– EXCLUDES companies employing 500+ people because many have their own sick leave plans.

– CRITICAL: Companies with 50 or less workers can opt out if sick leave payments would sink company. If they do pay it, they’ll get a dollar-for-dollar tax credit. The Labor Department has until April 2 to clarify rules.

– PROBLEM: LA Times reports 12.8 million workers at small companies might not get sick leave, and another 6-7 million workers at companies with 500+ employees wouldn’t either.

– GIG WORKER PROPOSAL: Gig workers don’t get any leave, but lawmakers are now working on a follow up plan to address this.

CORONAVIRUS RELIEF FOR COMPANIES

– $500b to back loans & help companies, including $50b airline & state/local gov’t loans

– $350b to aid small businesses [SIZE OF BUSINESSES PENDING CONFIRMATION]

– $150b to hospitals & health supplies

– Firms owned by Trump/Pence, cabinet members, congresspeople don’t get loans

– Firms getting loans can’t buyback stock, must limit exec comp, & protect workers.

-Treasury must disclose terms of company loans/aid

– New Treasury inspector to oversee lending to companies.

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Reference:

Here’s who qualifies for coronavirus paid sick leave under new federal law (LA Times)

Coronavirus Rental, Mortgage & Credit Card Payment Relief Coming Fast: UPDATES (The Basis Point)

White House, Senators Strike Deal On Massive Stimulus (Bloomberg)

White House Reaches Deal With Lawmakers on $2 Trillion Coronavirus Stimulus (WSJ)

White House and Senate strike a deal on $2 trillion coronavirus stimulus (CNBC)

What’s in the $2 trillion coronavirus stimulus package? (Reuters)

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