Today, Congressman Jeff Van Drew announced his support of the approximately $2 trillion-dollar Coronavirus relief package passed by the Senate. This package includes direct financial assistance to individuals and businesses that are in dire need right now. Below are some of the key points:
$1200 per individual/$2400 per couple if you make less than $75k or $150k/yr respectively, and $500 per child in direct financial relief. Couples making up to $198k will qualify for some relief. Those who receive welfare or Social Security benefits will be eligible for these disbursements.
$367 billion in federally guaranteed loans for small business.
Delays employer payroll taxes for 2020 until 2021 or 2022.
Allows businesses to carry back losses from 2018, 2019 and 2020 to the previous 5 years-- allowing access to tax refunds now.
Small business loans will turn into grants if loans are used for making payroll.
$150 billion for state and local funding.
$130 billion for hospitals, doctors and community health centers.
Increases unemployment insurance to 4 months-worth of your full income if you are furloughed or have lost your job over Coronavirus. This includes self-employed individuals and independent contractors.
Increases max unemployment benefit by $600/Week.
Bans stock buybacks for companies receiving loans for the duration of the loan plus an additional one year.
“I truly believe this legislation that has passed the Senate will save our families from financial ruin and help us get the economy back on track. We still have more we need to do, but Americans can rest a little easier knowing direct financial relief is coming to them” said Congressman Van Drew. “Our office stands ready to assist those in need and we will continue to get through this crisis together.”
