Sentate Republicans Unveiled a $1 Trillion Relief Package

Status: being debated Friday 3/20/20

Proposed:

• Up to $1,200 to taxpayers who earn less than $99,000 a year
• Provide loans to small businesses
• Tax cuts to large corporations
• Waive a 10% withdrawal penalty for Americans who take out up to $100,000 from qualified retirement accounts for coronavirus-related purposes
  • ex. diagnosed with coronavirus
  • spouse or dependent diagnosed with COVID-19
  • who experience “adverse financial consequences” as a result of being quarantined, furloughed, laid off or havin gwork hours reduced
  • been unable to work due to lack of child care due to COVID-19 or
  • lost their business because of COVID-19
• Waiving contribution limits for taxpayers who withdraw money from retirement accounts, allowing them to re-contribute teh funds they took out to an eligible retirement plan over the next three years