Congress Passes Legislation To Provide Individuals, Small Businesses With Financial Support
Individuals Will Receive Up To $1,200 Plus $500 Per Child | Bill Includes $350 Billion To Aid Small Businesses In Keeping Employees On Payroll
WASHINGTON, D.C. – The U.S. House of Representatives today passed legislation to help combat the coronavirus, as well as provide economic aid to individuals and families. With U.S. Congressman Brian Mast’s (FL-18) support the bill includes direct payments to individuals of up to $1,200 plus $500 per child. The bill also includes $350 billion in aid to small businesses to keep employees on their payroll.
Rep. Mast spoke on the House Floor earlier today in favor of the legislation:
Mr. Speaker, I would rather die than see my country stumble or fall. And by God, I mean that, and I don’t think I’m the only one in this body that feels this way. And, I have worried that as a result of a virus that was born in a disgusting market in Wuhan, China—that was hidden from the world—that our country may stumble. But I can tell you that that worry has subsided quickly for me as I looked around my own community and realized again that Americans are a salty group of tough S.O.B.s that are defeated by absolutely nothing, and this isn’t going to defeat us either. There are parts of this bill that I don’t like, but I am proud that when Americans wake up tomorrow they’re going to continue to know that we wake up here not as victims but as people with a greater opportunity than anybody across the world—fifty stars, thirteen red and white stripes. We get to decide for ourselves if today is better than yesterday, this week is better than next week, this month is better than last month and next year and so on. Nobody else gets to decide that for us. That hasn’t changed, and it will never change.
The bill includes:
Financial Relief For Families
- $1,200 recovery checks for individuals and $2,400 for married couples who file jointly.
- Couples will also receive an additional $500 for each child.
- Individuals with no income - or only Social Security income - are also eligible.
- Eligibility for recovery checks is reduced starting at $75,000 in income for individuals and $150,000 in for joint filers.
- For those without children, individuals with income exceeding $99,000 and joint filers with income exceeding $198,000 are ineligible. The income cap is slightly higher for those with children.
Assistance For Small Businesses
- Federally guaranteed loans via the Paycheck Protection Program to provide eight weeks of cash-flow assistance to small businesses who maintain their payroll during this emergency.
- If employers maintain their payroll, the loans would be forgiven.
- Loans can be used to cover payroll costs, paid sick leave, supply chain disruptions, employee salaries, health insurance premiums, mortgage payments and other debt obligations.
- Eligible businesses must have less than 500 employees. Sole proprietors, independent contractors and self-employed individuals are also eligible.
- Loans will be available up to $10 million or 2.5 times the average monthly payroll of the business. Loans will be offered at an interest rate of 4%.
- Small business debt relief by requiring the Small Business Administration to pay all principal, interest and fees on all existing SBA loan products for six months.
- Expanded eligibility for SBA Economic Injury Disaster Loans to maintain payroll, provide paid sick leave and to pay other debts.
- The SBA and Treasury will be issuing additional guidance in the coming days.
Full details on the legislation, which has already passed the Senate and will now be signed by the President, can be found here. 18th District families or small business who have questions about how the legislation will impact them are encouraged to contact Rep. Mast at 202-225-3026.