I can hardly believe it’s Friday. I feel as though the week just began. Although, some of you may feel as though it would never end. Showing we are all experiencing this crisis from different lenses and serves as a reminder to be mindful of how each other may be impacted both personally and professionally by what’s happening.
Well – today is a big news day. The $2 trillion emergency spending bill was just signed. Now we’ll find out that the devil really is in the details.
Here’s what we THINK we know at the emergency spending bill:
- Approved Stimulus checks
- Single Americans will receive $1,200, married couples will get $2,400, and parents will see $500 for each child under age 17.
- Payments will start to phase out for individuals with adjusted gross incomes of more than $75,000, and those making more than $99,000 will not qualify at all.
- As I understand it, they are basing payments on the adjusted gross income on your 2019 returns, and if not filed, your 2018 returns. I’m getting a bit of conflicting advice on this one.
- $367 billion approved as SBA loan resources available to small businesses. Read more here.
- Expanded unemployment benefits to boost the maximum benefit by $600 per week. The benefit extends to independent contractors and self-employed.
- $150 billion for state and local governments.
- $130 billion for hospitals.
- $500 billion in loans for larger industries, including $25 billion for passenger airlines; $4 billion for carriers; $3 billion for aviation contractors and $17 billion for “businesses critical to maintaining national security.
- Creation of an oversight board and inspector general to oversee loans to large companies.
- Measure prohibiting companies owned by President Trump and his family from receiving federal relief.
- $25 million for the John F. Kennedy Center for the Performing Arts.
- $400 million for election security grants.
- FYI – don’t hold me to any of the numbers as I believe they are all still in flux.
Here’s what we DO know:
Families First Coronavirus Response Act is in effect April 1st. If you’ve been ignoring this one, please pay attention now. If you have active employees next Wednesday, they may be on April 1st or subsequently become eligible. Read more here.
Here’s what we DO NOT know:
- Families First Coronavirus Response Act is in effect April 1st. If you’ve been ignoring this one, please pay attention now. If you have active employees next Wednesday, they may be on April 1st or subsequently become eligible. Read more here.
- Stimulus checks have no timeline as of now, and I won’t hazard to guess. Although there was some mention of three weeks. Don’t hold your breath.
- We don’t know yet how to deal with the under 50 employee FFCRA exemption, but I wouldn’t necessarily take that as you shouldn’t comply.
- We don’t know when the additional $600 will begin for UI, and we don’t know exactly how far retroactively they will consider. I’ve heard mention of mid-February, but have nothing concrete.
- Final thoughts for the week:
After a few extremely long weeks, I want to thank you all for reaching out, trusting me as a resource, and allowing me to walk along your side during this incredibly difficult time.
Please take time this weekend to breathe deeply, be good to yourself and those you love, and rest for the next leg of this journey.
Christine Frazer, SPHR, SHRM-SCP