Coronavirus Relief Bill Updates

As news develops on the Coronavirus Relief package, updates will be published here frequently.

White House and Senate Leaders Reach Agreement on Coronavirus Relief Bill

3-25-2020 8:00am

Senators and Trump administration officials reached an agreement early Wednesday on a sweeping, roughly $2 trillion stimulus measure to send direct payments and jobless benefits to individuals as well as money to states and businesses devastated by the coronavirus pandemic. The bill is not final (currently being written) and is likely to change. Here are some tentative points of interest for individuals:

  • Senate will meet at noon today, procedural vote debate to begin at 1:00
    • Must pass unanimously or it will likely be delayed
  • Expected to be enacted within days
  • Biggest stimulus in modern history
  • Individuals who earn $75,000 (2018 AGI) or less would get direct payments of $1,200 each
  • Married couples earning up to $150,000 would receive $2,400
  • Additional payments would be made of $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.
  • Extend unemployment insurance by 13 weeks
    • Include a four-month enhancement of benefits
    • Likely to allow workers to maintain their full salaries if forced out of work as a result of the pandemic
  • In addition, the bill would provide a major amount of funding for hard-hit hospitals — $130 billion — as well as $150 billion for state and local governments that are cash-strapped due to their response to combat coronavirus.
  • We are waiting to see if 401k/403b hardship distribution rules will change