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$2 Trillion Dollar coronavirus relief bill set to pass the senate!

What does the bill mean for you?

coronavirus

After days of intense discussions, the White House and Senate leaders reached an agreement early Wednesday on a massive $2 trillion dollars coronavirus spending bill aimed at alleviating the economic impact of the COVID-19 outbreak. The bill is being drafted and will be voted on by the House and Senate in the next few days.

Although the full text of the bill is not yet known, it would include the initial GOP proposal for direct cash payments to Americans. Under the plan, people making up to $75,000.00 a year are expected to receive checks for $1,200.00. Couples making up to $150,000.00 would receive $2,400.00, with an additional $500.00 per child. The new agreement removed the phased-in provision that would have excluded lower-income Americans from receiving the full benefit.

The bill is also expected to include roughly $100 billion dollars in assistance for hospitals; $367 billion dollars in the bill is aimed to provide loans for small businesses; $500 billion dollars in aid for corporations, including airline companies and cruise lines, that have been hurt by the outbreak; and about $150 billion dollars for state and local stimulus funds.

Unemployment insurance would also be significantly increased for four months by growing payments and extending the benefit to those who typically do not qualify. Specifically, the bill would increase the maximum unemployment benefit that a state gives to each person by $600 per week.

It will rush new resources onto the front lines of our nation’s health care fight. And it will inject trillions of dollars of cash into the economy as fast as possible to help Americans workers, families, small businesses and industries make it through this disruption and emerge on the other side ready to soar.

If it passes, the spending package would be the third round of emergency legislation that Congress has approved to combat the outbreak. Lawmakers approved an $8.3 billion bill for health agencies and a roughly $100 billion-dollar bill aimed at providing free coronavirus testing, some paid leave and unemployment benefits, as well as additional Medicaid funding and food assistance.

The president signed the first two bills into law and is expected to sign the third bill upon approval by the Senate.

Call Farmer, Farmer & Brown Law Firm today at (770) 422-4241 or email us at info@ffbfirm.com to learn more about how to navigate the effect of COVID-19 on your family.

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