NOW: Prepping extended segment for tonight about what exactly is in the 880-page megabill the Senate passed.
And who benefits.
And how long it takes to get the $.
SO, let me tweet out some good facts on this.
And who benefits.
And how long it takes to get the $.
SO, let me tweet out some good facts on this.
UNEMPLOYMENT HELP in the bill:
- $600 more per week per person
- For 13 weeks more than now
- When does that start? It may depend on the states, each has to stand up its process/method.
- But it will be 1 week faster than usual. Feds paying for that.
- $600 more per week per person
- For 13 weeks more than now
- When does that start? It may depend on the states, each has to stand up its process/method.
- But it will be 1 week faster than usual. Feds paying for that.
DIRECT PAYMENT - THOSE $1200 checks in the bill:
- $1200 per adult plus $500 per child
- For singles, no kids making less than $75K
- For singles with kids making less than $112,500
- For married couples, making less than $150K
- $1200 per adult plus $500 per child
- For singles, no kids making less than $75K
- For singles with kids making less than $112,500
- For married couples, making less than $150K
THE $1200 CHECKS, more:
- These go to, essentially, anyone with a tax ID.
- That includes those on Social Security.
- NOT taxable.
- They are, though, technically refundable tax credits on *next year's* taxes, given in advance.
- That still means you owe nothing new. Just get $.
- These go to, essentially, anyone with a tax ID.
- That includes those on Social Security.
- NOT taxable.
- They are, though, technically refundable tax credits on *next year's* taxes, given in advance.
- That still means you owe nothing new. Just get $.
NOW, the small business "paycheck protection" loans:
- These are rather sweeping and remarkable.
- For any business < 500 workers
- Incl. freelancers, contractors
- Can borrow up to 250% monthly payroll.
- If used for only payroll + lease, it becomes a grant. (No pay back. None.)
- These are rather sweeping and remarkable.
- For any business < 500 workers
- Incl. freelancers, contractors
- Can borrow up to 250% monthly payroll.
- If used for only payroll + lease, it becomes a grant. (No pay back. None.)
SMALL BUSINESS MONEY, more:
- When will these businesses get the money? Am told it is not yet clear. Banks need to get ready to process and then the money has to move through the system.
- Sources say will be fast as poss., but one said they *do not think before April 1*
- When will these businesses get the money? Am told it is not yet clear. Banks need to get ready to process and then the money has to move through the system.
- Sources say will be fast as poss., but one said they *do not think before April 1*
CORPORATE LOANS:
- Pot of $454 billion for most corporations for loans
- To get the loans, they must agree to keep 90% of workers through the fall
- No stock buybacks
- Execs (over $425K) can't get a raise and some (over $3M) would see compensation cut.
- Pot of $454 billion for most corporations for loans
- To get the loans, they must agree to keep 90% of workers through the fall
- No stock buybacks
- Execs (over $425K) can't get a raise and some (over $3M) would see compensation cut.
CORP LOANS more:
- Mnuchin has incredible discretion here, gives the loans, decides the interest rates (w/in some limit)
- But he must report all transactions w/in 72 hours and list companies receiving help.
- And there will be an IG and oversight board.
- Mnuchin has incredible discretion here, gives the loans, decides the interest rates (w/in some limit)
- But he must report all transactions w/in 72 hours and list companies receiving help.
- And there will be an IG and oversight board.
