Loan Officer | NMLS #834554
Branch NMLS #1607863
Posted On March 31, 2020
The coronavirus or Covid-19 pandemic has caused a global economic slowdown and American businesses and taxpayers are feeling the impact. Closures at the state and local level have impacted businesses like gyms and restaurants as they are forced to temporarily close their doors to encourage social distancing. Travel, sports, and events industries are all experiencing hardship from slowdowns and shutdowns as many Americans postpone travel, national sports leagues delay seasons, and gatherings of 10 or more are discouraged.
Last week, the White House and the Senate agreed to a $2 trillion stimulus plan to bring relief to those experiencing financial hardship and on Friday the House approved the measure. Part of the stimulus plan includes direct payment to consumers, depending on their income.
What the $2 trillion stimulus plan means for Americans:
Student Loan Payments Suspended
Unemployment Benefit Boosts
Additional assistance and loan programs will also be available to businesses impacted by Covid-19 slowdowns and closures including airlines. The Treasury Department will provide $500 billion in loans to impacted businesses. Hospitals will receive billions to replenish supplies, mitigate the cost of treating uninsured patients and continue to fight against the pandemic. The Emergency Food Assistance Program will also receive funding to continue to supply food banks.