As I write this, the United States Congress is currently debating how to address the financial effects of the coronavirus pandemic. The bill that the Congress is working through is over 600 pages long.
I thought you’d be interested in some of the highlights that apply to you:
- If you work for a small business, there would be $300 billion in new loans available for payroll and money they would need to keep the lights on.
- The California unemployment program is backed by the federal government, and Congress is debating how to increase the number of people who can get it and how much or how long, which is particularly important right now.
- They may issue cash checks of $1,200 per adult and $500 per child for most people who make less than $200k/year.
- Student loans might get six months of interest free deferment. In other words, you wouldn’t have to pay for six months. However, there are some wrinkles around Perkins Loans or private loans (of course 👎).
In case you’re curious, big businesses would get some big benefits too. $50 billion for airlines, and $435 billion for some other big businesses.
Under the current bill, there is not an increase in SNAP or other Social Security programs.
These are just some hot take notes. Nothing is final yet, but I thought you’d be curious to know what Congress is debating right now.