President Signs $2 Trillion Stimulus Package To Help The Economy Recover From COVID-19

March 27, 2020 at 5:30 pm

President Donald Trump signed into law a historic $2 trillion stimulus package to help business owners and the workers recover from damages caused by Covid-19.

Included in the $2 trillion stimulus package, unknown as the Coronavirus Aid, Relief and Economic Security Act (CARES), are: 

  • For businesses with less than 500 employees, 501(c)3s, independent contractors and sole proprietors Payroll Protection Program offering loans equal to two and half months of payroll, up to $10 million. The loans would convert to grants if businesses use them to maintain employees, and they may also be used to rehire staff. Businesses, even without a personal guarantee or collateral, can receive loans as long as they were operational on Feb. 15, 2020, and will be able to apply through local and national lenders,
  • A refundable payroll tax credit for 50% of wages paid by employers to employees during the COVID-19 crisis,
  • Temporary increases to the amount of interest expense businesses are allowed to deduct on their tax returns to 50% of taxable income for 2019 and 2020,
  • Allowances to employers and self-employed individuals to defer payments of the employer share of the Social Security tax.

Read the full text of the bill.

CNN: When will you see money and benefits from the stimulus bill?

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