The bill would set aside $190 billion for Paycheck Protection Program loans and authorize $100 billion for loans to seasonal businesses and companies in low-income Census tracts that can show revenue reduction of more than 50%.
Employee Retention Tax Credit To encourage businesses to keep employees on their payroll, the bill provides employers refundable tax credits for wages paid to an employee during the pandemic.
It doesn’t appear that this will require much debate between Republicans and Democrats, and the income limits should be the same as the CARES Act: Individual tax filers with adjusted gross income up to $75,000 (up to $150,000 for married couples filing joint returns) received the full payment.
The $1 trillion proposed package is $2 trillion less than stimulus bill passed by the House of Representatives in May, titled Health and Economic Recovery Omnibus Emergency Solutions Act, or HEROES Act.
HEALS Act Stimulus package getty On Monday, Senate Majority Leader Mitch McConnell unveiled the HEALS Act, the Senate's counterproposal on another coronavirus stimulus package to provide relief and assistance during a worsening pandemic thats infected nearly 4.3 million Americans and killed more than 147,000.