Covid-19 Financial Stimulus Package Explained

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Related: How Much Money Are Americans Eligible for Through the Coronavirus Stimulus Bill?

PITTSBURGH (Newsradio 1020 KDKA) - The senate approved a $2-trillion coronavirus financial stimulus package late Wednesday night. It now goes to the house for a vote.

“We have the direct payments to individuals - its $1200 dollars per person, $2400 per married couple, and then you get an extra $500 per child – that’s just for individual relief,” said Rep. Guy Reschenthaler, during an interview with the KDKA Radio Morning Show on Thursday. Rep. Reschenthaler represents Pennsylvania’s 14th District in the U.S. House of Representatives.

The rates are reduced for higher income earners, starting at $75,000 for individuals, $112,500 for head of household, and $150,000 for married couples. Ninety-percent of Americans will qualify for full or partial payments.

“For small businesses, and small businesses are defined as 500 (employees) or less,” Rep. Reschenthaler explains, “they can go out and get loans right away.”

Many of the loans are eligible for total forgiveness if those businesses keep their employees on payroll - an incentive to keep paying their workers.  

Additionally, unemployment insurance and compensation will be expanded to those that are self-employed or nonprofit employees. It also includes individuals who work in the gig economy, like an Uber driver.

You can listen to the full conversation with Rep. Reschenthaler below to learn more.

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