U.S. Senate Slated to Pass $2 Trillion COVID-19 Aid Bill

March 25, 2020

It is widely predicted that the US Senate will pass legislation later today to inject approximately $2 trillion into the economy.  The sweeping bill is aimed at aiding employees and employers impacted by COVID-19 and is projected to include: 

  • Expanded Unemployment Benefits – The Senate bill could include up to four months expanded unemployment (UI) benefits at higher rate than the state’s maximum benefit rate, which is $362 per week).  
  • Checks to Americans – The one-time checks are for Americans who make up to $75,000. 
  • Business-Relief Provisions – Employee retention tax credits to incentivize businesses to keep workers on payroll during the COVID-19 crisis.
  • Liquidity Aid – Up to $500 billion for a major corporate liquidity program through the Federal Reserve.

 We are monitoring this legislation closely and will send a full analysis when it is available.  In the meantime, please do not hesitate to contact Wendy Block with any questions at wblock@michamber.com