
On Thursday evening, Congressional lawmakers put the finishing touches on a $2 trillion stimulus bill to respond to the coronavirus pandemic, with cash and assistance for regular Americans, Main Street businesses and hard-hit airlines and manufacturers, among others. The Senate passed the bill, 96-0, and the House is set to follow suit Friday. The following are major inclusions that relate to small businesses:
- $350 billion in loans for small businesses (< 500 employees)
- Loans equal to the lesser of 2 1⁄2 months of payroll or $10 million
- Loans convert to grants if used to maintain employees
- Loans by local and national lenders
- Liquidity help through the tax code
- Delay for payment of employer payroll taxes
- Net operating loss
- Business interest deductibility
- $425 billion for loans, loans guarantees, and support for the Federal Reserve
- Federal Reserve could leverage $400 billion to up to $4 trillion
- Separate programs for airlines and critical national security companies