Here’s what’s on the $ 2 trillion relief bill

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A view of the Capitol Rotunda is reflected in an ambulance as negotiations for a COVID-19 economic rescue plan continue on Capitol Hill March 24, 2020, in Washington, DC.
Brendan Smialowski | AFP | Getty Images
The Senate released an unprecedented $ 2 trillion stimulus bill on Wednesday as Congress attempts to reduce the human and economic toll of the coronavirus pandemic.
The chamber hopes to act quickly to pass legislation on Wednesday evening as workers face widespread layoffs, hospitals and states are under-resourced and businesses, large and small, are concerned about their survival. It is unlikely that the House will adopt the proposal before Thursday.

The bill, designed to provide relief to individuals, the health care system and even an entire business sector ravaged by the epidemic, would:

  • Give direct payments of up to $ 1,200 for individuals and $ 2,400 for couples, with $ 500 added for each child, based on 2019 tax returns for those who filed them and 2018 information, if This is not the case. The benefit would start to disappear above $ 75,000 of income for individuals and $ 150,000 for couples, completely disappearing at the thresholds of $ 99,000 and $ 198,000, respectively
  • Increase unemployment insurance, adding $ 600 a week for up to four months on top of what recipients normally receive from the states. It extends eligibility to self-employed workers and independent entrepreneurs
  • Create a $ 500 billion pool of taxpayers’ money to make loans, loan guarantees, or investments in or in crisis-damaged businesses, states, and municipalities
  • $ 25 billion in airline subsidies and $ 4 billion in freight carriers to be used exclusively to pay wages, salaries and employee benefits, and set aside $ 25 billion and $ 4 billion, respectively, for loans and loan guarantees
  • Provide $ 17 billion in loans and loan guarantees to “essential businesses not specified for national security”
  • Put $ 117 billion in hospitals and veterans health care
  • Provide $ 16 billion for national strategic stock of pharmaceutical and medical supplies
  • Provide $ 350 billion in small business loans to cover wages, salaries and benefits, representing 250% of an employer’s monthly payroll, with a maximum loan of $ 10 million
  • Include a tax credit for the retention of employees, up to 50% of the wages paid during the crisis, for companies forced to suspend their activities or having seen their gross revenue decrease by 50% compared to l ‘last year
  • Require group health plans and insurance providers to cover coronavirus prevention services without cost sharing
  • Payroll tax delay for employers, requiring that half of the deferred tax be paid by the end of 2021 and the other half by the end of 2022
  • Prohibit companies that take out government loans from buying back shares for up to a year after loan repayment
  • Prevent employees or executives who earned at least $ 425,000 last year from getting a raise
  • Prevent President Donald Trump and his family’s businesses from receiving emergency taxpayer relief. The provision also applies to Vice President Mike Pence, heads of executive departments, members of Congress and their family members
  • Suspend payment of federal student loans until September 30 without accruing interest on these loans

As COVID-19 coronavirus disease spreads to the United States, there are now more than 65,000 cases and at least 900 deaths, according to data compiled by Johns Hopkins University. Patients have flooded hospitals in New York City, the epicenter of the epidemic in the United States, while states across the country are calling for more critical resources such as masks and respirators.

As businesses and schools close across the country to slow the epidemic, a wave of layoffs and leaves has hit Americans. States are expected to report historic jobless claims as the economy slows and workers find it difficult to cover their bills.

– CNBC’s Kayla Tausche contributed to this report

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