While the fine points of the legislation and anticipated regulatory interpretation are still unfolding, key provisions currently include:
- $367 billion grants for small businesses (fewer than 500 employees) to help them to continue to make payroll. These loans will be written on favorable terms and will feature forgiveness for the portion of the loan used on payroll, rent, mortgage payments, and utilities in the coming weeks, provided that employers retain their payroll or re-hire workers previously laid off.
- $500 billion in the form of subsidized loans for larger industries
- $10 billion in grants for airports
- $130 billion for hospitals
- $150 billion for states and local governments
- $30 billion in emergency education funding
- $25 billion in transit funding
- $30 billion for the FEMA Disaster Relief Fund
- Direct payments of $1,200 per American (based on 2018 tax returns)
- Applies to Americans making $75,000 or less annual salary; $150,000 for couples
- Americans making $75,000 to $99,000 annual salary ($150,000 to $198,000 for couples) will receive something less than the $1,200
- Not available for Americans making $99,000 or more ($198,000 for couples)
- Families will receive an extra $500 per child
- Expands unemployment benefits to boost the maximum benefit by $600 per week and provides laid-off workers their full pay for four months
- Companies can defer payment of the 6.2% social security payroll tax
We are working to put together a conference call with details about the package. Stay tuned to montgomerychamber.com, email and our social media for the latest information on coronavirus relief and other important items for your business.
