Federal Stimulus Bill For Business, Individuals Takes Shape

Legislation offering stimulus to the U.S. economy and support to Americans and businesses affected by the coronavirus is moving through the U.S. federal government. On Wednesday, President Trump signed a bill providing paid sick leave, unemployment help and free testing to Americans. Further legislation is moving through the U.S. House of Representatives and the Senate that would provide up to $1 trillion in additional support to the economy.

Treasury Secretary Steven Mnuchin said today that in the White House’s plan, $300 billion would be allocated for small businesses, including loan forgiveness for employers who retain staff. Also, $50 billion would be made available for airline industry loans, and $150 billion would be earmarked for “severely distressed sectors of the U.S. economy” through loan guarantees and other avenues.

The stimulus package would include $500 billion paid directly to Americans, in two payments of $1,000 for each adult and $500 per child. The first would be in approximately three weeks and the second six weeks later if the emergency continues.

The legislation still needs to move through more approvals before being signed into law.

Keep up with this ongoing situation and access additional resources at www.ppai.org/coronavirus-information.

filed under March 2020
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