The Department of Treasury gave further details on its proposed relief stimulus package in response to the economic ramifications of the COVID-19 pandemic.
The “Stage Three Proposal” would allocate funds for individuals, small businesses and major corporations and industries, such as the airline industry.
The individual relief includes:
– TWO authorized direct payments to taxpayers beginning on April 6th 2020 and May 18th 2020.
– Payment amounts would be determined by income level and family size.
– Payment amounts would be fixed for both disbursement dates.
Small business relief includes:
– The creation of a small business interruption loan program that promises a 100% qualifying guarantee.
Qualifying terms include:
-Employers with 500 employees or less.
-Loan amounts include: 100% of 6 weeks of payroll, capped at $1540 per week per employee.
-Employee compensation must be sustained for all employees for 8 weeks from the loan disbursement date.
To read more about the proposal, including a copy of the document, click here:
https://www.washingtonpost.com/context/department-of-treasury-proposal-for-coronavirus-response/6c2d2ed5-a18b-43d2-8124-28d394fa51ff/
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