House passes $2 trillion emergency relief package
March 27, 2020
The U.S. House of Representatives has passed a $2 trillion relief package to help Americans, small businesses and industries affected by COVID-19 pandemic.
The bill, which passed the Senate earlier this week and the House on Friday, March 27, is now awaiting President Donald Trump’s signature. It is expected to be signed as soon as this weekend.
Once signed into law, nearly all Americans will receive some level of direct financial assistance. The relief package provides individuals with an adjusted gross income up to $75,000 ($150,000 for married couples) a $1,200 payment ($2,400 for married couples). Individuals or families within these thresholds will receive an additional $500 per child. The IRS is expected to distribute the funds via direct deposit for households where they have the information and will mail checks to others in the next few weeks.
The Owner-Operator Independent Drivers Association is keeping its more than 160,000 members apprised of the relief package situation.
“Congress has enacted one of the largest pieces of legislation in modern history, providing over $2 trillion in response to the ongoing COVID-19 emergency, including billions for small businesses and independent contractors,” OOIDA wrote in a Call to Action email to its members.
In addition to helping individuals, the legislation provides relief to small businesses. Specifically, the relief package legislation:
- Provides $350 billion in loans through the Small Business Administration for small businesses and sole proprietors to keep their businesses afloat. If employers maintain their payroll, nearly all of the loan would be forgiven.
- Expands the SBA’s Economic Injury Disaster Loan program to allow sole proprietors and independent contractors to apply and provides $10 billion through this program for grants to small businesses and sole proprietors to meet expenses.
- Allows employers and self-employed individuals to defer the employer share of Social Security taxes.
“The government still needs to set up these programs, and we don’t know who exactly will qualify for loans and grants or how to apply,” OOIDA wrote. We will be closely monitoring this information and will provide it to you as soon as possible.”