was successfully added to your cart.

Cart

Senate Approves $2 Trillion Coronavirus Stimulus Package

By March 26, 2020blog, COVID19

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