Small Business to get $370 Billion to Make Payroll, Individuals $1,200 check plus Higher Unemployment
Here’s what is expected to be in the final bill, though specifics are subject to change because its final text has yet to be distributed:
- Direct payments: The bill would distribute up to $1,200 to Americans in the form of a one-time direct deposit, $2,400 for couples, and $3,000 for family of four. The payments will be phased out based on income levels.
- Small businesses will get $367 billion to keep making payroll while workers have to stay home. “Companies with 500 or fewer employees could tap up to $10 million each in forgivable small business loans to keep paychecks flowing,” the AP notes.
- Federally guaranteed loans will provide eight weeks of assistance for qualifying employers who maintain payroll. Those who meet requirements would have costs such as utilities, mortgage interest and rent forgiven.
- Unemployment benefits: $600 per week would be added to normal state benefits for up to four months with an extra 13 weeks of benefits — adding up to 39 weeks of regular unemployment insurance “through the end of 2020.” The coverage would be effective Jan. 27. The deal extends to gig economy workers, Axios’ Kia Kokalitcheva notes.