The $2.2 trillion coronavirus stimulus bill aimed at alleviating the damage caused by coronavirus will provide support to individuals as well as small and big businesses.
Below we present the details of this support .
✔ The 2.2 trillion dollar stimulus package signed by Trump will provide $1200 check to adults, whose gross income is less than $75,000, plus $500 for every child. Some Americans earning more than $75,000 a year will also be eligible to receive money provided they satisfy the requirements below. Most Americans will receive the money through direct deposit in April, while mailed checks will probably take some time.
✔ Individuals, whose yearly gross income is $75,000 will get a $1200 check. Those, who earn up to $99,000 yearly will get reduced checks (will receive $5 less for every $100 in income above $75,000)
✔ Married couples will receive a $2400 check if their gross income is less than $150,000. Reduced checks will be provided to those married couples whose gross income is not more than $198,000. Married couples will also receive $500 for every child under 17.
✔ Those people who have filed as “head of household” (typically single parents with their children) will receive a $1200 check if their gross income is no more than $112,500. Reduced checks will be given for those whose gross income is less than $136,500. Additional $500 will be given for each child under 17.
✔For small businesses there are emergency grants and forgivable loan programs, which will be given to those companies, that have less than 500 employees.
✔The emergency grants: The bill will provide $10 billion of up to $10,000 grants to small businesses to cover immediate operating costs.
✔ Forgivable Loan Program. $350 billion will be provided to small business administration (SBA) to give each business a loan up to $10 million . A portion of the loan which will be used to maintain payroll, keep workers on the books or pay for rent, mortgage and existing debt could be forgiven on the condition that workers do not lose their job till the end of June.
✔ In addition $17 billion will be allocated to small businesses to cover their SBA loans for 6 months.
✔Loans and other money for big corporations: These corporations need to pay back the money allocated by the government and are subject to public disclosure.
✔Airlines: Around $58 billion will be provided to airlines to help them stay open. Part of the allocated money is set aside to pay wages and salaries.
✔ Ban for the buyback of stocks: Each company receiving loans in the framework of this program is banned from buyback stocks during the whole period of the received loan plus one year.
✔ Reporting requirements: All the loans, their terms and every investment or aid provided by the government need to be disclosed.
✔ No benefit for Trump. President, Vice-President, Cabinet members are banned from the money allocated for the corporations. This extends also to spouse, child, son-in-law or daughter-in-law.