Senate releases $1T Relief Plan

The plan now must go to the House.  You can read more here.  Details of the plan include:

• Cash payments of up to $1,200 would go to individuals, with up to $2,400 for couples. The sum would increase by $500 for every child. The check totals would start to phase out above $75,000 in adjusted gross income based on 2018 tax returns. People with no federal tax liability would get only $600.
  
  
• Extend the tax filing deadline to July 15 from April 15.
  
  
• The ability for corporations to delay estimated tax payments until Oct. 15. Employers and self-employed people could delay payroll taxes.
  
  
• Up to $50 billion for airlines, $8 billion for cargo air carriers, and $150 billion for other severely distressed businesses. The government has the right to “participate in the gains” of any business it lends money to.


• For two years, no executive at a company receiving a business loan may make more than $425,000 in total compensation. Executives whose salary has already been determined through collective bargaining agreements may be exempt from that restriction.
  
  
• Small business loans (potentially forgivable, see below) for any company with less than 500 employees. The cap of that loan is either $10 million or the average of monthly payments. Businesses use the loan to pay for payroll including paid sick leave, salaries, mortgages, rent, utilities or other debt obligations.


• Private health plan coverage of testing without cost-sharing and increase funding for community health centers. It also aims to spur the hiring of more health care professionals to fight the pandemic.


• The potential to suspend federal student loan payments for up to three months.