House passes $2 trillion emergency spending bill to combat economic impact of coronavirus, sending measure to Trump for enactment. The House of Representatives on Friday overwhelmingly approved a more than $2 trillion package to combat the coronavirus pandemic and send economic relief to workers and businesses squeezed by restrictions meant to stop the outbreak’s spread.
“This bill is not only a rescue package, it is a commitment… that your government and the people whom you’ve elected to serve will do everything we can to limit the harm and hardship you face, both now and the foreseeable future,” House GOP Leader Kevin McCarthy, R-Calif., said prior to the vote.
The CARES Act
Paycheck Protection Program (SBA 7(a) Covered Loans) and Loan Forgiveness. The CARES Act passed by the Senate and expected to be passed by the House, and signed by the President, creates a new loan product within the Small Business Administration’s 7(a) Loan Program called “Paycheck Protection Loans”.
Did You Know?
Cleaning produce in the age of coronavirus. While there’s no evidence or documented cases of COVID-19 that suggest the virus can be transmitted through food, experts told USA TODAY that there still is a chance to get sick if you pick up an item someone infected has sneezed or coughed on.
Will you have to pay taxes on your coronavirus check? Many people are skeptical about financial relief and worry that there could be a hidden catch involved in accepting that payment. The IRS is a popular villain, and one often-expressed concern is whether people will have to pay taxes on their $1,200.