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Coronavirus Senate Bill Agreed Upon

By March 25, 2020January 29th, 2024No Comments

In the early morning hours of Wednesday the 25th, Senate Republicans and Democrats reached a handshake agreement on the bill that was being negotiated. The exact terms and final vote is still being worked on, and we haven’t gotten the text of the bill, but we expect to have more details today. Pending passage through the House, this bill could be signed by President Trump today. Treasury Secretary Steve Mnuchin told reporters that President Donald Trump would “absolutely” sign it if Congress passes it.

We do expect the stimulus checks to follow the original GOP proposal.

Under the plan, individuals making up to $75,000 a year are expected to receive checks for $1,200. Couples making up to $150,000 would receive $2,400, with an additional $500 per child. The new agreement removed the phased-in provision that would have excluded lower-income Americans from receiving the full benefit. These thresholds are based on 2018 AGI, but may also be based on 2019 AGI, we will keep you informed as we know.

The payments would decrease for those making more than $75,000, with an income cap of $99,000 per individual or $198,000 for couples.

As communicated in previous emails, we do expect there to be many business loan and grant programs included.

The bill is also expected to include roughly $100 billion in assistance for hospitals; $350 billion in assistance to small businesses; $500 billion in aid for corporations, including airline companies and cruise lines, that have been hurt by the outbreak; and about $150 billion for state and local stimulus funds. 

Unemployment insurance would also be significantly bolstered for four months by increasing payments and extending the benefit to those who typically do not qualify, such as gig economy workers, furloughed employees and freelancers. Specifically, the bill would increase the maximum unemployment benefit that a state gives to a person by $600 per week and according to Schumer, “ensures that laid-off workers, on average, will receive their full pay for four months.”

Again, please do not hesitate to reach out to any of us at BB&T, we will continue to monitor all developments and keep you all informed to the best of our ability.