Type of Intervention: Stimulus
Sectors Involved: Finance
Level of Jurisdiction: Federal
Lead People/Agency: President, Legislature
Overview: Trump signs bill that provides USD$2.2 trillion stimulus to help combat the economic impacts of COVID-19. The seven main groups who will see the largest impacts are individuals, small businesses, big corporations, hospitals and public health, federal safety net, state and local governments, and education.
The legislation will deliver one-time direct payments of $1,200 to most taxpayers and substantially enhance unemployment benefits, while broadening eligibility. The tax return filing deadline was also delayed.
The measure also creates a $500bn lending program for businesses, cities and states and a $367bn fund for small businesses. A variety of business tax relief measures are granted as part of the stimulus package, as are emergency grants, forgivable loans, and payroll tax credits.
Hospitals and other healthcare workers also see funding, with the package providing about $117bn for hospitals. Airlines also get loans and grants for wages and benefits.
Over $300bn goes to state and local governments for programs, including specific response measures.
The Defense Department also gets $1.2bn to fund the U.S. military response, including support for activated National Guard members.
Policies are also enacted to support college students, including temporary student loan payment relief.
Additional funding is also provided to a range of international development programs.