Congress promises $2 trillion for relief, including small business relief.

After days of intense debate, the Senate voted unanimously 96-0 for a $2 trillion economic rescue package intended to secure the economy during the COVID-19 pandemic. The package is the largest fiscal stimulus in U.S. history. So what does it mean for you and your business? Let’s take a closer look.

HIGHLIGHTS OF THE PACKAGE:

-          Small business lending package: $350 billion

-          State & local governments: $150 billion

-          Extended unemployment insurance: $250 billion

-          Loans for distressed companies: $500 billion

-          Hospitals: $130 billion

-          Direct payments to individuals: $250 billion

Let’s break down the direct financial assistance to individual Americans.

Adults making $75,000 or less will receive $1,200 and $500 for each child. Married adults making up to $150,000 will receive $2,400. Additionally, adults make $75,001-$99,000 will receive a check, with the amount based on a sliding scale. Adults making over $99,000 will not receive anything. 

So what’s next?

The House announced it will take up the measure on Friday at 9 a.m. It is expected to pass and President Donald Trump has already said he will sign the bill.

This will likely not be the last bill that is created to combat COVID-19. House Speaker Nancy Pelosi said on CNN Wednesday: “We have more bills to come.”

Stay connected to www.ansay.com and www.facebook.com/ansay.associates for more updates as the situation unfolds.