Senate reaches a Stimulus Package deal

Direct Payments:

For individuals the package provides direct payments to lower- and middle-income Americans of $1,200 for each adult, as well as $500 for each child. Unemployment insurance would be extended to four months, the benefits would be bolstered by $600 weekly and eligibility would be expanded to cover more workers.

The bill provides a tax credit for companies who retain employees even if they’ve been mandated to close or seen a significant drop-off in business. Student loan borrowers who get assistance from their employers on paying those back don’t have to pay income tax on the aid.

  • Democrats demanded and won a series of restraints on corporations that would benefit from loans or investments from the Treasury Department, as well as an oversight mechanism for who gets money.
  • No stock buybacks.
  • limit executive bonuses.
  • Democrats won language that would bar any business owned by Trump or his family from getting loans from Treasury. Businesses owned by members of Congress, heads of executive departments and Vice President Mike Pence also would be blocked.
  • The Bill still needs to go the House for approval.

Bloomberg News:

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