Highlights of the Proposed Stimulus Package – Not Yet Finalized
- Senate proposal will inject approximately $2 trillion into the economy, providing tax rebates, four months expanded unemployment benefits and a slew of business tax-relief provisions aimed at shoring up individual, family and business finances.
- The deal includes $500 billion for a major corporate liquidity program through the Federal Reserve, $367 billion for a small business loan program, $100 billion for hospitals and $150 billion for state and local governments.
- It will also give a one-time check of $1,200 to Americans who make up to $75,000. Individuals with no or little tax liability would receive the same amount, unlike the initial GOP proposal that would have given them a minimum of $600.
- Congress is under intense pressure to quickly pass the deal and reassure both the markets and an American public rattled by the spread of the coronavirus, with the United States having more than 55,000 confirmed cases as of Tuesday night, according to John Hopkins University
- The deal hammered out by negotiators provides $30 billion in emergency education funding, $25 billion in emergency transit funding and creates an employee retention tax credit to incentivize businesses to keep workers on payroll during the crisis. More details to follow.
- It will also provide $25 billion in direct financial aid to struggling airlines and $4 billion for air cargo carriers, two industries that have taken a big hit in the economic downturn.
- Schumer added a provision to ban businesses owned by the president, vice president, members of Congress and the heads of federal executive departments from receiving loans or investments through the corporate liquidity program. The prohibition also applies to their children, spouses and in-laws.
Call On Congress to Support Small Businesses – Please Sign Below!
The COVID-19 pandemic has left America’s small businesses and entrepreneurs on the brink of collapse through no fault of their own. People are struggling, businesses are closing or slowing operations, and many are being forced to lay off our hard-working employees en masse. Immediate action is needed by Congress and the Administration, which is why we are asking you to help us call on Congress to pass a massive and bold stimulus package for Main Street.
Join more than 500 business owners and organizations around the country in signing our letter to let your elected officials know how important it is that they support small business owners in this time of economic uncertainty. To sign, click the link below: