Background
President Donald Trump signed into law a $2 trillion economic stimulus package designed to provide badly needed financial relief and supplies to the American public and the healthcare industry in the wake of the coronavirus pandemic. The massive stimulus package is the largest in US history.
Summary
The stimulus package is intended to provide relief for many individuals, families, small businesses, and healthcare providers that have been stretched thin from the impacts of COVID-19.
The aid package will provide Americans with financial help in hopes of seeing a return on investment by reinvesting that money into local businesses impacted by the strict travel bans.
The stimulus potentially makes hundreds of billions of dollars available to companies that need the help to maintain their payrolls through the crisis.
What is the direct impact for individuals, families, small businesses, and the healthcare system?
- Relief checks sent directly to individuals and families
- Expansion of unemployment benefits, including an increase in unemployment assistance in every state by $600 a week for up to four months
- More aid to hard-hit hospitals and healthcare providers
- Financial assistance for small businesses
- $500 billion in loans for distressed companies
- A new category for Independent Contractors and “Gig Workers,” along with creation of an Unemployment Insurance program for this group that did not previously have this benefit
Employer Next Steps
Employers should feel free to share with their employees our Coronavirus Stimulus Direct Payments FAQ.
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This content is provided with the understanding that HR Knowledge is not rendering legal advice. While every effort is made to provide current information, the law changes regularly and laws may vary depending on the state or municipality. The material is made available for informational purposes only and is not a substitute for legal advice or your professional judgment. You should review applicable laws in your jurisdiction and consult experienced counsel for legal advice. If you have any questions regarding this content, please contact HR Knowledge at 508.339.1300 or email us.
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