CORONAVIRUS BILL UPDATE

Just before midnight Eastern Time Wednesday, the U-S Senate passed the huge $2 trillion coronavirus stimulus compromise package. The bill now heads to the House of Representatives which hopes to approve it by Friday.

If passed by the House, this bill would provide one-time direct payments of $1,200 per adult making up to $75,000 a year, and $2,400 to married couples making up to $150,000, with $500 payments per child. After a $75,000 threshold for individuals, the payout would be reduced by $5 for each $100 the taxpayer earns. A $150,000 threshold applies to couples, and a $112,500 threshold for heads of households.

The bill passed by the Senate will use 2019 tax returns, if available, or 2018 tax returns to assess income for determining how much direct financial aid individuals receive.

The package will provide $250 billion to extend unemployment insurance to more workers, and lengthen the duration to 39 weeks, up from the normal 26 weeks. $600 extra a week would be provided for four months.

The bill also provides $349 billion in loans to small businesses. The money spent on rent, payroll and utilities become grants that don’t need to be paid back. Several hotel operations would qualify as small businesses under the bill.

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