• Senate Unveils "Phase 3" COVID-19 Relief Package

    In an effort to further support American workers and businesses beyond the "Phase 2" relief package signed in to law earlier this week, the Senate has released a proposal for a larger, additional stimulus package. According to Senate Majority Leader Mitch McConnell, the proposal aims to assist workers, healthcare professionals, small businesses, and especially impacted industries.
     
    Below are some of the proposals included:
     
    American workers
    • Up to $1,200 payment to individuals who reported income less than $99,000 in 2018 (starts to phase out after $75,000 in adjusted gross income)
    • Up to $2,400 payment to married joint filers who reported income less than $198,000 in 2018 (starts to phase out after $150,000 in adjusted gross income)
    • Extra $500 payment per child in the household
    • Extends tax filing deadline to July 15
    • Waives early withdrawal penalties from retirements accounts for up to $100,000 due to COVID-19 related issues 
    Small business
    • Provides up to $300 billion in forgivable loans to employers who are maintaining payroll during the emergency
    • Loans can be used for paid sick leave, supply chain disruptions, salaries, mortgage payments, and other debt obligations
    • Easier access to unemployment insurance applications 
    Students
    • Allows Secretary of Education to defer student loan payments and allows students forced to drop out due to COVID-19 to keep their Pell grants
    • Provides flexibility to colleges and universities to continue work-study payments to their students who cannot work due to COVID-19 closures 
    Healthcare
    • Addresses supply shortages for pharmaceuticals and necessary apparatus like masks and ventilators
    • Increased COVID-19 testing, guaranteed to be free 
    Other info
    • $1 trillion in economic stimulus
    • No grants or bailouts are provided - only loans that must be paid back to the government
    • Allows Secretary of the Treasury to provide up to $200 billion in loans and loan guarantees to airlines and other businesses in highly impacted industries
    • Prohibits the use of assistance for increasing executive pay 
    The draft will likely undergo an additional proposal process and potential amendments. The Lubbock Chamber will monitor these changes and keep you and your business in the loop. We support additional measures to assist struggling businesses and impacted workers, as indicated by our letter to Senators John Cornyn and Ted Cruz. You can read that letter and add your name here

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