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