@Dear Penny Can you explain the details of the "Corona-Cash" relief package? Is there a provision for small businesses as well? 

Last edited by Theodora
Original Post

@Theodora So much in this bill! It still needs to go to a vote by the House, which will happen on Friday, and then to President Trump for signing. It's expected to pass easily. Here are the big points:

- Singles who make less than $75,000 will get $1,200 and married people who make less than $150,000 combined will get $2,400, in addition to $500 per child under age 17 in the household. If your income is above these amounts, you get 5 cents less for every $1 above that — so you don't get anything if you're a single filer making above $99,000, for example. The benefit will be based on your 2019 return if you've filed or your 2018 return if you haven't.

$350 billion in loans for businesses with fewer than 500 employees, plus independent contractors. Not all the details are available yet, but business owners would be able to have some of it forgiven, depending on how many workers they keep or rehire. 

Huge expansion of unemployment benefits. People who lost their jobs due to coronavirus can get up to $600 extra per week on top of their state benefits for 13 weeks, and gig workers, contractors and freelancers will be eligible for benefits, which is highly unusual!

Much more info to come...

 

 

 

Add Reply

×
×
×
×
Link copied to your clipboard.
×