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