Some relevant details about the $2 Trillion Virus Rescue Bill that is expected to be passed this week:

For companies to help keep their workforce employed:

  • A tax credit for companies that retain employees even if they’ve been mandated to close or seen a significant drop-off in business.
  • Can defer some employer-side payroll tax payments until 2022.

For Businesses:

  • Write-offs for restaurants and retailers
  • Expanded deductions for companies with debt.
  • Businesses with losses can use those more liberally to offset income.

For those with monthly mortgage payments:

  • Borrowers with loans insured by government agencies such as the Federal Housing Administration and the Department of Veterans Affairs would be eligible for forbearance.
  • Consumers whose mortgages are backed by Fannie Mae and Freddie Mac would also be eligible to skip payments.

For Workers:

  • Unemployment insurance would be expanded to provide an extra $600 a week for four months on top of state benefits, which currently vary in length and amount.
  • Eligibility would be expanded to cover workers in the gig economy such as Uber drivers.
  • A funding provision to encourage states to waive a waiting period for payment of unemployment benefits.

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