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Senate releases $1T Relief Plan

3/20/2020

 
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.

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    • Upcoming Events
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