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US Enacts $2 Trillion Relief Bill To Address Economic Crisis Caused by COVID-19 Pandemic

in International Business

US Enacts $2 Trillion Relief Bill To Address Economic Crisis Caused by COVID-19 Pandemic

President Donald Trump signed a $2 trillion relief bill, believed to be the largest in the history of the US, as the nation is facing a dramatic economic crisis caused by the coronavirus pandemic.

The stimulus package includes direct payments to many Americans, strengthened unemployment benefits and $350 in small business loans.

The distribution of the payments to individuals would be based on annual income, generally on one’s 2019 or 2018 tax returns.

Individuals would be due up to $1,200 and couples would receive up to $2,400 — plus $500 per child. The amount would then be reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 would not receive anything. (CNN.com)

It’s not yet certain when the money will go out. It would likely take weeks before the first payments start going out. However, historically it has taken a much longer time to send out relief bill payments. In 2001, it took six weeks for the IRS to start sending out rebate checks under a new tax cut, and in 2008, it took three months after a stimulus package was signed into law.

Roughly $350 billion would be available in new loans for small business owners. A portion of the debt would be forgiven as long as the business continues to employ and pay its works. The forgiven amount would be equal to 8 weeks’ worth of payroll obligations (e.g., wages and benefits), plus rent or mortgage bills and utilities.

Tags assigned to this article:
US covid-19US stimulus package

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