Federal Relief Bill
Payments to Americans
From the North Texas Commission:
Direct Payment Relief — The deal provides $1,200 in direct cash payment relief to individuals, $2,400 for married couples, plus $500 per child. The full payment is available for individuals making up to $75,000 and $150,000 for married couples. The value begins decreasing and then phases out completely for those making over the full payment income cap.
Expanded Unemployment Benefits — The expanded unemployment insurance (UI) program allocates $260 billion to provide a $600 increase for every recipient, with provisions that incentivize states to eliminate waiting periods. An additional 13 weeks unemployment insurance benefits are also prioritized in the revised bill. Additionally, part-time, self-employed, and gig economy workers will also have access to UI benefits under these provisions.
Support for Businesses
From the North Texas Commission:
Paycheck Protection Program —The legislation’s “Paycheck Protection Program” would allow SBA to provide eligible small businesses and 501(c)3’s with a guarantee on a loan up to $10 million.
Grants — An additional program would provide $10,000 emergency grants to eligible small businesses to offset certain operating costs.
Tax Credits — A tax credit would compensate employers for half of wages paid to workers (up to $10,000 in wages per worker).
Congress added additional money in a new round of stimulus in April for small businesses under the PPP program.
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