Americans could start receiving relief checks within three weeks from the massive $2 trillion coronavirus stimulus plan expected to be passed and signed on Friday, and small business loans will help them remain on their companies’ payrolls, Labor Secretary Eugene Scalia said Thursday.
“That is immediate cash relief,” Scalia told Fox Business’ Maria Bartiromo. “Then, a component in this bill I think that is very good for workers are the small business loans.”
The bill provides up to $350 billion toward the loans, with companies to have them forgiven if they use them to keep their workers on the payroll, Scalia said.
The checks will come after a record-breaking 3.3 million people filed for unemployment between March 15 and March 21.
“If there has to be a pause in operations, companies get these loans, but keep paying workers so we are keeping that connection between employer and employee,” said Scalia. “When you get through this, hopefully quickly those companies and workers can get back to work.”
The bill also includes extended unemployment insurance, which will also help Americans who are out of work, said the secretary.
The stimulus plan will include immediate payments of up to $1,200 for individuals who earn less than $99,000 a year and up to $2,400 for couples, with $500 for each child included.
The aid will be based on 2019 tax returns for those who already have filed them or on 2018 information for people who have not filed returns.
The benefits taper off for people making more than $75,000, and individuals making more than $99,000 a year will not get a check. Treasury Secretary Steven Mnuchin.
The bill means that the country is “better positioned to rebound quicker,” said Scalia.
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