The U.S Senate has passed a $2.2 trillion Rescue Plan, the largest stimulus bill in history. Here’s what’s included in the package:
- Under the Rescue Plan – if it passes the House and President Trump signs it – every American earning $75,000 or less per year will receive $1,200, plus an additional $500 per child. The amount received will gradually phase out for people making more than $75,000, with support ending at $99,000. Joint filers making less than $150,000 will receive $2,400. The checks would arrive within three weeks.
- The Rescue Plan would extend unemployment payments by 13 weeks (most states now offer 26 weeks) and adds an extra weekly $600 to the usual payments for four months.
- For the first time, freelancers and gig workers would be eligible for unemployment compensation.
- The plan provides $350 billion in federally guaranteed loans to small businesses. The loans can be partially forgiven for businesses that meet certain requirements.
- Businesses up to 500 employee are eligible, and if the business uses the loan funds for the approved purposes and maintains its average workforce, the principal of the loan will be forgiven, meaning the company will only need to pay back the interest accrued.
- To encourage businesses not to lay off workers, the plan includes a payroll tax credit on worker wages and a delay in payroll taxes for Social Security until 2021 and 2022.
- The National Urban League continues to work closely with members of Congress to make sure that testing and treatment are available in our most vulnerable communities and that low-wage workers and workers of color are able to access the relief they are entitled to.
ONLINE: @NatUrbanLeague on social media