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As of March 25, 2020 the proposed stimulus bill has not yet passed. The proposed bill includes legislation that will:

  1. Provide direct payments to most Americans. The current version would provide one-time rebates of about $1,200 per person, or $3,000 for a family of four. Amounts would be determined based on income reported on 2018 taxes as follows. It is currently unclear what number will be used as income (taxable income, gross income, or adjusted gross income):
    1. Individuals making:
      1. Less than $75,000 would be eligible for $1,200
      2. $99,000 or more would not be eligible for any payment
      3. Individuals earning an amount in between would receive a partial amount
    2. Married filing joint couples making:
      1. Less than $150,000 would be eligible for $2,400
      2. $198,000 or more would not be eligible for any payment
      3. Couples earning an amount in between would receive a partial amount
    3. An additional amount would be paid of $500 per child
        It is unclear if this payment is also phased out based on income threshold.
  2. Expand unemployment benefits. Expansion is expected to include:
    1. Expanding coverage to provide unemployment income to people who are gig works or freelancers
    2. Increasing weekly benefits by $600 for up to four months
  3. Provide a $367 billion program for small businesses
    1. There is speculation that these funds are allocated into three separate programs depending on support required including:
      1. Loans to cover payroll and employee benefit expenses specifically which would be forgiven by the government if jobs are not eliminated during a particular period of time. Specifics are not yet available as to the time period, whether there is a phase out, or details on how to enroll.
      2. Funding to pay existing outstanding SBA loans for the next 6 months
      3. Loans to cover general operating expenses to avoid the closure of businesses.
  4. Provide $500 billion for guaranteed loans to larger industries hit the hardest due to COVID-19 including airlines and other travel sectors.
  5. Potential for up to $130 billion to hospitals
  6. Potential for up to $150 billion for state and local governments

The complete details of the bill are not yet available, but additional changes are not expected and the bill is expected to be voted on either Wednesday, March 25 or Thursday, March 26. We will provide updates as we know more.