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Federal Stimulus Legislation Update

Chris Cruger Chris Cruger


While we don’t know the particulars of the stimulus package being voted on today, here is a brief summary of the information the Minority Leader Chuck Schumer sent to colleagues early Wednesday.

Here’s what’s in the $2 trillion package:

•      Direct payments of $1,200 to most individuals making up to $75,000, or $2,400 for couples making up to $150,000. The amount decreases for individuals with incomes above $75,000, and payments cut off for those above $99,000.

•      Expanded unemployment benefits that boost the maximum benefit by $600 per week and provides laid-off workers their full pay for four months

•      $367 billion in loans for small businesses

•      $150 billion for state and local governments

•      $130 billion for hospitals

•      $500 billion in loans for larger industries, including airlines

•      Creation of an oversight board and inspector general to oversee loans to large companies

•      Measure prohibiting companies owned by President Trump and his family from receiving federal relief

We will inform accordingly as more information becomes available and the specifics that will impact our industry and our clients.

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