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My thanks to Sen. Wishart’s office for this summary:
What the Federal Stimulus Bill Means for Main Street
○ Individuals earning less than $75,000 will receive $1,200
○ Couples earning less than $150,000 will receive $2,400
○ Additional $500 per child younger than age 17
○ Individuals without children will not receive direct payments if earning more than $99,000
○ Couples without children will not receive direct payments if earning more than $198,000
○ Money is expected to go out by April 6th
○ Emergency Grants: Grants up to $10,000 to provide emergency funds for small businesses to cover immediate operating expenses.
○ Forgivable Loans: Small Business Administration can provide loans up to $10 million per business – any portion of the loan used to maintain payroll, keep workers employed, or pay rent, mortgage, and existing debt could be forgiven if workers stay employed through the end of June.
○ Relief for existing loans: Relief will cover six months of payments for small businesses already using SBA loans.
○ Business Tax Credit: All businesses are eligible for a fully refundable tax credit that are distressed or closed to help keep their workers on the payroll.
■ Tax credit will cover 50 percent of payroll on the first $10,000 of compensation, including health benefits, for each employee.
■ Employers with 100 or fewer full-time employees can use deduction even if business is not closed.
○ Provides for additional $600 per week for four months from the federal government on top of whatever base amount the worker receives from the state.
○ Adds 13 weeks of additional unemployment insurance; people nearing the maximum number of weeks allocated by their state would get an extension.
○ Self-employed, freelancers, and contractors can apply for temporary Pandemic Unemployment Insurance through the end of 2020.
○ All loan and interest payments are deferred through Sept. 30 without penalty to the borrower for all federally owned student loans.