White House and Senate Reach Deal on Stimulus Bill
The Senate is scheduled to pass an historic $2 Trillion stimulus bill that will provide direct payments to most Americans, provide tax breaks and loans to corporations and provide additional funds to combat the Coronavirus. The Speaker of the House Nancy Pelosi and Treasury Secretary Steven Mnuchin were engaged in these Senate negotiations, so the prospects for a deal reaching enactment are more likely.
The summary of the bill with the most impact to the electronic security industry as of now is:
• $500 billion to back loans and assistance to companies. Any company receiving a loan would be subject to a ban on stock buybacks through the term of the loan, plus one year. Executive bonuses would also be limited.
• $350 billion to aid small businesses.
• Direct payments to Americans of $1,200 for each adult and $500 for each child, with income limitations.
• Unemployment insurance would be extended to four (4) months and bolstered by $600 weekly, with expanded coverage for more workers displaced by the coronavirus.