How COVID-19 Relief Package Would Impact Utah
PROVO, Utah — Congress has been working on a $2 trillion aid package to help Americans weather the crippling economic impact of the coronavirus crisis. What does it mean for Utah families?
Individuals who earn $75,000 or less would get direct payments of $1,200 each under the relief package. Married couples who earn up to $150,000 would receive $2,400, with an additional $500 added per child.
The check size would go down as the income goes up, tapping out at $99,000 for singles and $198,000 for couples without children.
The White House said you could start seeing those checks by April 6th.
Utahns who lose their jobs during this time will see an increase in unemployment benefits. The federal program would lengthen benefits to 39 weeks and add $600 a week, on top of what the state pays. That would include furloughed workers, freelancer workers and gig workers, like Uber drivers.
Small business owners will see a boost in federally-guaranteed loans, according to Senate Minority Leader Chuck Schumer. Those loans will be forgiven if small businesses pay their employees during the duration of this crisis.
Big businesses will also see some relief through federal loans. $425 billion will go to large businesses, with an extra $75 billion going to hard hit industries like travel and hospitality.
There will be federal oversight, however, as companies that get federal money will not be able to give CEOs bonuses, and top government officials will not be able to benefit from federal money in their personal businesses.
The massive package also includes $100 billion in assistance for hospitals and health systems across the nation.
If and when the bill passes the Senate, it will go on to the House for a vote, and then on to the president for a signature.
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