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BTC STYLIST FORUM Coronavirus Live News Updates 3/27: The U.S. Congress Has Passed A $2 Trillion Coronavirus Stimulus Package

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      DinaC

      The United States Congress has passed a historic stimulus bill on Friday, March 27. The economic relief package would bring much needed relief to individuals, small businesses and hospitals, the bill will now be sent to President Trump for signature.

      The package includes direct payments to many Americans, here is a breakdown:

      -Individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each.

      -Married couples earning up to $150,000 receiving $2,400.

      -Families will get an additional $500 per each child.

      -Payment would scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children.

      Measures and provisions for small businesses include:

      -Emergency grants up to $10,000. Small businesses should expect payment within 3 days of filing for assistance and the grant does not need to be paid back.

      -Short-term forgiveness loans up to $10 million. Amounts used for payroll (up to 8 weeks), rent or mortgage payments and utilities would be forgiven under the terms of the loan.
      *Businesses that also receive the grant above will have their loan amount reduced by $10,000.

      -A payroll tax credit worth up to $10,000 for every employee still receiving health benefits and wages.

       

      The stimulus package also includes $130 billion for strained hospitals and $150 billion for state and local governments that have been hit hard by the coronavirus.

       

      For more information, visit here: https://www.cnn.com/2020/03/25/politics/stimulus-senate-action-coronavirus/index.html

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