Everything to Know About How the $2 Trillion Stimulus
Helps (and Fails) Restaurants. President Donald Trump signed into law on Friday a $2 trillion novel coronavirus relief bill, an action that’s as necessary for the larger economy — over three million workers applied for jobless benefits last week — as it is for a hospitality industry decimated by mandatory shutdowns. It will be the largest measure of its kind in modern U.S. history, far surpassing the $700 billion Wall Street bailout in the wake of the 2008 financial crisis.
Did You Know?
How Restaurants Can Survive Right Now. All businesses are suffering today. One industry that is especially visible and emblematic of our economic struggles is restaurants. In many states, dining rooms are closed, and restaurants that choose to remain open are allowed to provide meals via takeout or delivery only. They’re making this shift as customers face deep financial uncertainty. To survive, restaurant owners will need to find creative solutions to survive in this new environment and adapt to customers’ plight.
Coronavirus Bill Lets Struggling Americans Tap Retirement Money. Lawmakers in Washington are making it easier for Americans struggling with the fallout from the coronavirus to draw on the trillions of dollars in their 401(k)s and other retirement accounts. For a limited time, Americans would be able to withdraw money from tax-deferred accounts without penalties under a stimulus package approved by the Senate and awaiting a vote in the House.
One provision in the bill would let investors of any age take as much as $100,000 from retirement accounts this year without paying an early withdrawal penalty. They also could avoid taxes on the withdrawal if the money is put back in the account within three years. If it can’t be returned, taxes could be paid over three years.