Your relief money from the government is now officially in the works. President Trump signed the $2 trillion coronavirus stimulus measure at the White House late Friday afternoon, reports the Hill. He was able to do so after the House approved the bill via a rare voice vote, despite some last-minute drama on Capitol Hill. In terms of the money: You'll get a one-time sum of up to $1,200 (depending on income). "I want to thank Democrats and Republicans for coming together," said Trump. If you've gotten a tax refund via direct deposit in the last two years, that's how the money will arrive, notes NBC News. Otherwise, it will come via check. The money should arrive "within three weeks," according to Treasury Secretary Steven Mnuchin.
As for the rest of the money:
- The package includes $50 billion in tax credits for businesses that keep employees on payroll and will cover 50% of those workers’ paychecks. Companies can also defer payment of the 6.2% Social Security tax, giving them an incentive to put off layoffs at a time when ordinary business has come to a halt, per the AP.
- Also included is $454 billion in seed money that will allow the Federal Reserve to make roughly $4.5 trillion in loans to larger industries.
- Read the full AP story for more details.
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