Full details are forthcoming but this is what we have been told. $250 billion has been set aside for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits and $500 billion in loans for distressed companies.
Unemployment insurance is being extended by 13 weeks and include a four-month enhancement of benefits – allowing workers to maintain their full salaries if forced out of work as a result of the pandemic.
Under the plan as it was being negotiated, individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each, with married couples earning up to $150,000 receiving $2,400 — and an additional $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.
$425 billion for the Federal Reserve to leverage for loans in order to help broad groups of distressed companies. It also provides $30 billion in emergency education funding, $25 billion in emergency transit funding
$75 billion for industry-specific loans — with far stricter oversight, in the form of an inspector general and a 5-person panel appointed by Congress. Companies that accept money must also agree to halt any stock buybacks for the length of the government assistance, plus an additional year.
$130 billion for hospitals.
$150 billion for state and local governments.
$350 billion that would establish lending programs for small businesses.