President Trump signs $2.2T rescue package

President Donald Trump has signed a $2.2 trillion dollar economic stimulus package to revitalize the economy amid the coronavirus (COVID-19) pandemic. 
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President Donald Trump has signed a $2.2 trillion dollar economic stimulus package to revitalize the economy amid the coronavirus (COVID-19) pandemic.

The House approved the sweeping measure by a voice vote, as strong majorities of both parties lined up behind the most colossal economic relief bill in the nation’s history. It will ship payments of up to $1,200 to millions of Americans, bolster unemployment benefits, offer loans, grants and tax breaks to businesses large and small and flush billions more to states, local governments and the nation’s all but overwhelmed health care system.

Here’s what you need to know:

Families & Individuals

  • Individuals with a yearly income of $75,000 will receive a direct check of $1,200.
  • Families with a yearly income of $150,000 or less will receive direct checks of $2,400 as well as $500 per child (for up to 3 kids).
  • Individuals that make more than $75,000 but less than $99,000 will receive checks for smaller amounts. The same goes for families that make more than $150,000 and less than $198,000.
  • Those on Social Security or make no money will still get checks.
  • Unemployment insurance extended & benefits enhanced for four months, including for self-employed and independent contractors.
  • If you are older, the minimum distribution for retirement requirement is waived.
  • The 10% early withdrawal fee on retirement accounts is waived on coronavirus-related distributions.
  • The federal income tax filing date has been extended.

Small Businesses

  • $350 billion to establish lending programs.
  • Small businesses who maintain their workers & payroll will be able to apply for loans. For eight weeks, the portion of the loan that covers payroll, mortgage interest or rent will be yours to keep.
  • Furloughed workers would get whatever amount a state usually provides for unemployment, plus a $600 per week add-on.
  • Payroll taxes are delayed until 2021 or later.
  • Principal and interest on existing SBA loans are waived for six months.

Health Care & Hospitals

  • $130 billion for hospitals.
  • Provides additional funding for prevention, diagnosis, and treatment of coronavirus and expands health insurance coverage.
  • Expands nutrition services, Medicare, and Medicaid.
  • Prioritizes Food and Drug Administration (FDA) review of certain promising treatments and allows emergency use of certain diagnostic tests not yet approved by the FDA.
  • Essential medicines and medical equipment––Made in America.

An addition $150 billion was agreed upon for local and state governments. One of the last issues to close concerned $500 billion for guaranteed, subsidized loans to larger industries, including a fight over how generous to be with the airlines.

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