Whats In The Corona Virus Stimulus Bill


March 27, 2020 - 491 views

Congressional lawmakers put the finishing touches on a $2 Triillion Stimlus Bill to respond to the coronavirus pandemic, with cash and assistance for regular Americans, Main Street businesses and hard-hit airlines and manufacturers, among others.

The Senate passed the bill, 96-0, and the House is set to follow suit Friday.
Here's a list of highlights:

Direct payments to individuals

Under the plan as it was being negotiated, single Americans would receive $1,200, married couples would get $2,400 and parents would see $500 for each child under age 17.
However, the payments would start to phase out for individuals with adjusted gross incomes of more than $75,000, and those making more than $99,000 would not qualify at all. The thresholds are doubled for couples.
-- Katie Lobosco and Tami Luhby

Student loan payments suspended

The Department of Education would suspend payments on student loan borrowers without penalty through September 30, according to the bill.
CNN reported last week that the Department of Education was planning to allow student loan borrowers to suspend payments without penalty and accruing interest for at least 60 days.
-- Zachary Cohen and Katie Lobosco

REAL ID deadline delayed

The deadline to obtain a REAL ID, federally mandated identification that will be needed for passengers to board aircraft, will be extended until at least September 2021 -- a year past the current deadline, according to a draft version of the Senate stimulus bill obtained by CNN.
Before the coronavirus pandemic swept across the US, states were preparing to issue residents "REAL ID-compliant" driver's licenses or identification by the October 1 deadline.
-- Geneva Sands

Historic boost for unemployment benefits

In an unprecedented expansion of unemployment insurance, the federal government would give jobless workers an extra $600 a week for four months on top of their state benefits, which range from $200 to $550 a week, on average, depending on the state.
In addition, lawmakers want to add up to 13 weeks of extended benefits, which would be fully covered by the federal government. Currently, state unemployment checks last up to between 12 weeks and 28 weeks, depending on the state. Plus, the deal calls for a new pandemic unemployment assistance program, which would provide jobless benefits to those who are unemployed, partially unemployed or unable to work because of the virus and don't qualify for traditional benefits. This includes independent contractors and the self-employed, who typically don't qualify for such assistance, and to gig economy workers, who aren't eligible in many states. These benefits would mirror what's available in an individual's state.

$500 billion lending program

The Treasury Department can provide $500 billion in loans, loan guarantees and investments.
That specifically includes $25 billion for passenger air carriers, $4 billion for cargo air carriers and $17 billion for businesses that work in national security. The rest of the funds, $454 billion, are given wide latitude to provide loans to businesses, states and municipalities.
The measure includes restrictions on businesses who receive the loans. Those businesses may not issue dividends for up to a year after the loan is no longer outstanding, and must retain 90% of employment levels as of March 24, "to the extent practicable," through September 30. The loans also cannot last longer than five years.
There's a specific provision in the program for direct loans to mid-sized businesses, defined as between 500 and 10,000 employees, as well as non-profit organizations, where no payments will be due for the first six months after the loan is issued.
A congressional oversight commission will monitor how the money is spent.

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