Senate Majority Leader Mitch McConnell just announced that the Senate and the Congress have reached an agreement on the amount of stimulus and where it is going to be directed. The devil is in the details but we have some of the more significant details for you. For more, see the table and the graphic below:
|How $2 Trillion is going to be spent||$B|
|State and affected localities||150|
|One-time payment for <150K families||250|
|Unemployment benefits @600/wk for 12 wks||250|
Under the plan as it was being negotiated, individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each, with married couples earning up to $150,000 receiving $2,400 — and an additional $500 per each child. The payment would scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children.
While the final bill text hasn’t been released, some of the areas have been debated behind closed doors for days. There was intense partisan debate over the $500 billion proposal to provide loans to distressed companies, with $50 billion in loans for passenger air carriers.
Companies receiving loans from the Govt. will have to promise not to buy back stocks with the money they received. Further, any amount given in grants will have to be given back to the government in the form of shares (in other words, government will own part of a company in exchange for a grant). Grant money does not have to be paid back. More will become clear once all the details emerge. Stay tuned.
 White House, Senate reach historic $2 trillion stimulus deal amid growing coronavirus fears – Mar 25, 2020, CNN.com
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