Early on March 25, 2020, after days of negotiations, the U.S. Senate and the White House announced a deal on a nearly $2 trillion stimulus package to provide relief during the coronavirus crisis. The text of the proposal still needs to be completed, but it is expected to be the largest stimulus package in U.S. history.
The proposal would provide direct payments of up to $1,200 to most American adults and $500 to most children, increase food stamp benefits, pump $150 billion into U.S. hospitals, create a $500 billion lending program for companies, states and cities (subject to oversight by an independent inspector general), as well as a $367 billion program for small businesses, to allow them to keep their payroll going during the crisis. The bill would also boost unemployment insurance by expanding eligibility and offering up to an additional $600 a week for four months, over and above what state unemployment insurance pays.
After the bill is drafted and approved by the Senate, it will go to the House, and then to the president, who is expected to sign it. All involved parties have expressed a desire to move swiftly to help the American economy. Stay tuned.
Please note this current global emergency and applicable laws, regulations, proposals, guidance, advice, and responses change rapidly. We strive to keep you up to date as much as possible, but this blog article is intended for general informational purposes only and should not be construed as legal advice or opinion. Contact myHRcounsel with questions concerning specific facts and circumstances.