2020 Coronavirus Stimulus Package Highlights
The stimulus package has passed the Senate and is scheduled for a vote in the United State House of Representatives Friday, March 27. President Trump has signaled he will sign the bill.
Direct payments to individuals
● Individuals set to receive $1,200
● Married couples $2,400
● Parents $500 for each child under 17
● Phase out for individuals with adjusted gross incomes of more than $75,000.
● Those making more than $99,000 won’t qualify.
● The thresholds are double for couples.
Student Loan payments suspended
● The Department of Education will suspend payments of student loans without penalty through September 30.
REAL ID deadline delayed
● The federally mandated identification that will be needed for passengers to board aircraft will be extended until at least September 2021.
● This is one year past the current deadline.
Historic boost for unemployment benefits
● Gives jobless workers an extra $600 per week for four months on top of current state benefits.
● Additionally, U.S. lawmakers want to add up to 13 weeks of extended benefits.
$500 billion lending program for businesses across the United States which will flow through existing programs.
● Provides $500 billion in loans, loan guarantees and investments.
Funds for hospitals
● Provides about $117 billion for hospitals.
● Creates a $100 billion public health and social emergency fund to reimburse providers for expenses and lost revenues related to the coronavirus pandemic
Funding for food assistance
● Provides $450 million for the Emergency Food Assistance Program which supplies food banks.
● $350 is to be used to buy additional food. $100 million will be used for distribution.
For more information regarding this bill, NCSL has provided an overview here