Congressional leaders have seemingly reached agreement on a $2 trillion dollar package sending urgent financial help to small businesses, government entities, individuals and healthcare providers. Beginning in April, $1200 checks will be mailed to Americans based on income shown in 2018 taxes, $500 billion in loans will be made available for distressed businesses, $350 billion in loans will be made available to small business, and $500 billion in relief is targeted for industries, cities and states. Unemployment Insurance funds have also been significantly bolstered by $250 billion – $150 billion for state and local stimulus funds and $130 billion for hospitals. There are other spending provisions in the package and a proposed limitation on President Trump, his family and other top government officials from receiving loans or investments from the stimulus funds
Put together by a handful of Congressional leaders across the aisle, this unprecedented legislation is the most expensive stimulus bill in American history. It still needs to pass the full Congress.
Weiss Zarett will provide updates as more details become available.
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