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IMPORTANT: New Stimulus Package Information Businesses Need to Know

As many of you may have seen on the news, the Senate passed a massive stimulus package, last night/early this morning.  It now goes to the House for hopefully quick approval.  I am hearing that the House Leadership of both parties were involved in the negotiations and the content of the bill should not change.  (We are talking about Washington after-all so don’t count on anything until the President signs something!)

The stimulus package provides:

Direct payments to individuals of $1,200.00 for singles and $2,400.00 for married couples.  Additionally, parents will get $500.00 per child.   Payments would only go to singles who make less than $99,000.00.  Payments would phase out for income levels between $75,000.00 and $99,000.00.  Income restrictions would double for couples.

Loans to Small and Mid-Sized Businesses will be available at low interest rates through the Small Business Administration.  Small Business could qualify for forgivable loans to cover payroll, rent, utilities, and mortgage loans.  Loans would also be available to help businesses in general to refinance existing high interest loans.  Trump owned business are specifically exempted as well as business owned by members of Congress, Department Secretaries, and other governmental officials and their families.

Unemployment benefits would increase up to $600.00 per month.  The Bill also extends benefits an addition 13 weeks.  It would extend benefits to people who are not technically employees such as gig workers, independent contractors, and the self-employed.

Protections against foreclosures and evictions for persons who have federally insured mortgage loans.  The bill also waives late fees and penalties for those loans.  Tenants of properties secured by federally backed loans also qualify for delayed foreclosures and elimination of late fees and penalties.

Other provisions include, Real ID deadline extended until September, 2021, payments, loans, and grants to airports, airlines, hospitals, and state and city governments, suspension of student loan payments, and money for the Kennedy Center.

Here is an article from thehill that helps detail the bill even more. Please check it out, and call us to help you through this time!

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