Federal Stimulus Package Passes Senate
After days of intense back-and-forth negotiations, the U.S. Senate passed the emergency relief stimulus package dubbed the Coronavirus Aid, Relief and Economic Security (CARES) Act on Wednesday night.
The CARES Act aims to ease financial concerns for small businesses, improve access to health care, provide an emergency increase for unemployment benefits, aide small businesses through a “paycheck protection program,” and sets up a loan program and support for Federal Reserve credit facilities, among several other provisions.
Below are some highlights of the CARES Act:
- $349 billion small business “paycheck protection program”
- Loan program and credit facility with $500 billion in assistance
- Business tax provisions delaying employer payroll taxes
- Payments and relief for individuals up to $1,200 per individual and $500 per child. Payments would start to phase out for individuals with gross incomes more than $75,000, and those making more than $99,000 would not qualify at all.
- Pandemic unemployment assistance for those not eligible for regular UI
- Increase of $600 per worker in unemployment benefits
- Improved access to healthcare