The Senate is moving forward with a sweeping $2 trillion financial relief package to help American workers, businesses and the health care system survive the ongoing coronavirus pandemic. The relief package, the largest in U.S. history, will provide direct payments to many Americans, expand jobless benefits, provide $367 billion to small businesses, and assist state and local governments.
 
The draft of the legislative text released today is 619 pages and may still face revisions as it head to the House. Here is a general overview of what is included in the draft $2 trillion package:

• Direct payments of $1,200 to most individuals making up to $75,000, or $2,400 for couples making up to $150,000. The amount decreases for individuals with incomes above $75,000, and payments cut off for those above $99,000;
• Expanded unemployment benefits that boost the maximum benefit by $600 per week and provides laid-off workers their full pay for four months;
• $367 billion in loans for small businesses;
• $150 billion for state and local governments;
• $130 billion for hospitals;
• $500 billion in loans for larger industries, including airlines; and
• Creation of an oversight board and inspector general to oversee loans to large companies.

We are reviewing the entirety of the draft legislation, with the assumption that it will likely undergo changes in the coming hours and days. Please contact the firm if you have any questions about the draft legislation and its potential effects.