$1,200 cash payments, help for businesses: Here's what's in the historic stimulus package for coronavirus
WASHINGTON – Senate leaders announced Wednesday they reached agreement on a massive stimulus bill to help families and businesses hurt by the coronavirus epidemic.
The language is still being finalized on the roughly $2 trillion package lawmakers hope to quickly pass and send to President Donald Trump. This is the third – and by far the most expensive – package Congress has put together to address the coronavirus.
"This is a wartime level of investment into our nation," said Senate Majority Leader Mitch McConnell, R-Ky. “A fight has arrived on our shores. We did not seek it. We did not want it. But now, we are going to win it."
Help for families
The bill would provide direct payments of up to $1,200 for most individuals and $2,400 for most married couples filing jointly with an extra $500 for each child.
Assistance would start to phase out for individuals earning more than $75,000 and for couples with more than $150,000 in income.
Unemployment insurance benefits would be expanded, increasing the maximum benefit by $600 a week for up to four months. Benefits would be available to workers who are part-time, self-employed or part of the gig economy. People who are still unemployed after state benefits end could get an additional 13 weeks of help.
Food assistance programs would get a boost as would programs to help low-income households avoid eviction and a program to improve internet access in rural areas.
Homeowners with federally-backed mortgages would be protected from foreclosures for as long as 180 days.
Students with federal loans could suspend payments until October.
Students receiving Pell grants who have to drop out because of coronavirus would not be penalized.
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Posted By: Dea. Ron Gray Sr.
Thursday, March 26th 2020 at 9:11AM
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