Summary of Senate Coronavirus Stimulus and Emergency Supplemental Package
$2 Trillion+ package designed to stabilize small businesses, provide capital to impacted sectors and direct cash assistance to individuals.
The U.S. Congress is poised to pass a $2 trillion+ package designed to stabilize small businesses, provide capital to impacted sectors, and direct cash assistance to individuals. The supplemental appropriations section provides more than $300 billion government-wide to address the impacts and response to COVID-19. Key elements of the combined package are outlined below.
Small Business Loan Interruption Program - $350 Billion
Paycheck Protection Program (PPP) - provide small businesses and other entities with zero-fee loans of up to $10 million
- Up to 8 weeks of average payroll and other costs will be forgiven if the business retains its employees and their salary levels
- Principal and interest is deferred for up to a year and all borrower fees are waived
Debt Relief for Existing SBA Borrowers - SBA will cover all loan payments for existing SBA borrowers, including principal, interest, and fees, for six months
- This relief will also be available to new borrowers who take out an SBA loan within six months after the President signs the bill
Unemployment Insurance Expansion - $250+ billion
Unemployment Benefits for More Americans: Makes sure self-employed and independent contractors, like Uber drivers and gig workers, can receive unemployment during the public health emergency
- The bill also includes support to state and local governments and nonprofits so they can pay unemployment to their employees.
Adds a $600/week across-the-board payment increase through the end of July
- In addition, for those who need it, the bill provides an additional 13 weeks of benefits beyond what states typically allow.
Direct Cash Assistance for Americans - $250 billion
Provides one-time $1,200 checks to many Americans, with an additional $500 per child
- Phases out at various income levels; $75,000 annually for single filers and $150,000 for joint filers
- Maximum income levels are $99,000 for single filers and $198,000 for joint filers