Stimulus snapshot: Here's what's in the package

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Stimulus snapshot: Here's what's in the package

By HBSDealer Staff - 03/26/2020
The U.S. Senate has reached an initial agreement for a $2 billion-plus stimulus package.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act still needs to be approved by the Senate, and then is expected to be voted on by the House of Representatives on March 27, before being sent to President Trump, who has said he will sign the act "immediately."

Here are a few details about what’s in the stimulus plan:

  • About $250 billion will be made in payments to individuals and families.

  • Individuals earning up to $75,000 annually would receive direct payments of $1,200 each.

  • Couples earning up to $150,000 would receive $2,400 and an additional $500 per each child.

  • The plan creates a $367 billion loan program for small businesses, to help meet payroll, and $500 billion in lending for industries, cities and states.

  • Nearly $50 billion in assistance to airlines, including passenger and cargo companies.

  • About $150 billion for state and local stimulus funds and $130 billion for hospitals.

  • Unemployment insurance benefits will be expanded while offering employees who have been let go an additional $600 per week for up to four months, in addition to current unemployment program payments.


 

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