The rule would also apply to Vice President Mike Pence, Congress and heads of federal departments, including their children, spouses and in-laws. ![]() Businesses controlled by President Trump and his family, including son-in-law Jared Kushner, would be banned from receiving loans or investments from programs in the bill.The car companies can make masks and ventilators to protect health care workers and treat patients. The auto industry can tap into a $1 billion fund through the Defense Department to invest in manufacturing to increase production of medical protective gear.Most if not all of this will be targeted to Boeing. Certain airplane manufacturers could be in line for up to $17 billion in loans and loan guarantees because they are critical to maintaining national security.Cargo airlines like FedEx would get $4 billion in grants and up to $4 billion in loans, and airline industry contractors could get $3 billion in grants. $25 billion in direct grants and up to another $25 billion in loans or loan guarantees to passenger airlines.Both oversight provisions were added to the Senate bill after Democrats demanded them. An inspector general would oversee $500 billion in loans that the Treasury Department would distribute to industries affected by the pandemic, and a new, five-person congressional committee would conduct oversight of the federal government’s spending on the COVID-19 response.Smaller banks with less than $10 billion in assets would get a temporary reduction in how much capital they need on hand to meet regulators’ requirements, from 9% to 8%. Banksīanks that do loan modifications for individuals and businesses during the crisis would not immediately have to mark their losses on balance sheets. But the bill also adds another $600 a week to those payments to encourage people stay home and not immediately start looking for work. Anyone who is unemployed, partly unemployed or can’t get to work because of the coronavirus would likely be eligible for payments, which vary from state to state. UnemploymentĪid for more workers than are usually eligible for unemployment payments, including part-timers and those who are self-employed. Borrowers should check with their lenders to ensure that their payment schedule has been adjusted. Student loansĪutomatic payments for any student loan held by the federal government suspended until Sept. For people with higher incomes, the payment decreases until it stops altogether for single people earning $99,000 or married people with no children who earn $198,000. One-time direct payments to Americans of up to $1,200 per adult making up to $75,000 a year, and $2,400 to a married couple making up to $150,000, with $500 payments for each child 16 or under. But Treasury Secretary Steve Mnuchin has said the payments would likely be delivered in three weeks by direct deposit into the bank accounts of people who filed electronic tax returns last year. Bush administration in 2008, for example, took months to arrive in the mail. That would require officials to work at breakneck speed - officials from the Internal Revenue Service noted that similar payments in the past have taken months. The Trump administration wants to deliver checks to Americans as quickly as possible and is aiming to have the money in bank accounts by April 6. Here is a breakdown of this historic bailout: When do I get my money? “This will deliver urgently needed relief to our nation’s families, workers and businesses and that’s what this is all about,” Trump said as he signed the largest stimulus deal in U.S. President Trump on Friday signed a $2.2 trillion coronavirus rescue package as the pandemic devastates the nation’s economy, sickens more than 103,000 Americans and killed nearly 1,700 others. I'm 24 and went bankrupt after an international vacation - here's how it happenedĪugust saw an unexpected rise in US job openings, the Labor Department reports ![]() Hey, Congress: End outrages like $3.3 billion for furniture instead of indulging in palace intrigue NYC students earn big increase on state math tests, slight jump in reading in Adams' first full school year
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