US$2 trillion economic rescue package at a glance

Business | 23 Mar 2020 10:43 am

A snapshot of the emerging rescue package in Congress to provide healthcare and economic aid amid the coronavirus outbreak and national shutdown.

The details are subject to change as congressional leaders and the White House continue negotiating the nearly US$2 trillion package. The highlights so far:

ONE-TIME CHECKS TO AMERICANS

The measure would provide a quick, one-time stipend of about US$1,200 per individual, US$2,400 for couples, and US$3,000 for family of four. The money would cut off at higher income levels.

PAYCHECK SUPPORT

An estimated US$350 billion would be provided for small businesses to keep making payroll. Companies with 500 or fewer employees could tap up to US$10 million each in forgivable small business loans to keep paychecks flowing.

UNEMPLOYMENT EXPANSION

Workers who are eligible would receive up to 39 weeks of unemployment insurance through the end of 2020 if they are sidelined by the outbreak. The coverage would be retroactive to January 27.

EMERGENCY FUNDING, PUBLIC HEALTH

The bill includes an additional US$242 billion in additional emergency funds to fight the virus and shore up for safety net programs. That includes money for food stamps, child nutrition, hospitals, the Centers for Disease Control and public health and transportation agencies.

The measure includes US$15.6 billion to augment the food stamp program, which helps feed around 40 million Low income people per year. It’s annual budget is around US$70 billion.

INDUSTRY AID

The initial Republican plan called for US$208 billion in loans to airlines and other industries, which would have to be repaid. Leaders are still negotiating the final number and how the money would be provided by the administration.

STATE AID

Negotiators are still hammering out whether there will be money give to the states, whose governors have requested billions to shore up their budgets.-AP

 

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