Link to Senate bill for emergency assistance (round 2)

[dflprincess]

My representative, Dean Phillips (D-MN-03), just posted this on his twitter feed, asking for input. Anyone inclined to read through it could let their Reps/Senators know what they think.

https://www.finance.senate.gov/imo/media/doc/Coronavirus%20Tax%20Relief%20Legislative%20Text.pdf

[Wounded Bear]

1. I think I'm screwed...

sounds a lot like you had to file taxes. I haven't done that in several years. My SS check is below the minimum.

I just skimmed it, though.

[dflprincess]

2. I also just skimmed it

it looks like a lot more help for businesses than individuals though I should read in more carefully; maybe tomorrow when I call into a couple very boring meetings that I would daydream through if I were in the office

There appears to be a clause deferring employers' share of the payroll tax. I did comment to Dean (my rep) that I was very leery about any Republican suggestion to mess with FICA.

[Roland99]

3. Early details ------------

https://www.npr.org/2020/03/19/818253789/congress-awaits-gop-relief-plan-as-first-lawmakers-test-positive-for-coronavirus

The bill includes cash payments of as much as $1,200 per person and $2,400 per married couple. Individuals with an adjusted gross income of less than $75,000, and $150,000 for joint filers, would receive the full payment. People earning over that amount would see their payments reduced by $5 for each $100 in income over that amount. The benefit completely phases out for individuals earning over $99,000 and married couples making more than $198,000.

People with incomes under $2,500 would be eligible for $600, or $1,200 for a married couple.

Small-business loans

Businesses with fewer than 500 employees could apply for fee-free loans of up to $10 million that could help cover payroll, employee salaries, mortgages, rent and some other debt obligations. Businesses that retain their employees and payroll levels between March 1, 2020, and June 30, 2020, would have any of that money used for payments on preexisting debt and payroll forgiven.

[dflprincess]

4. Thank you for the additional link.

Much easier to read!