Federal Spotlight: Trump Signs Phase II of Coronavirus Relief Package; Third Phase Coming
March 19, 2020
President Trump signed the Families First Coronavirus Response Act last night as Congress approved the bipartisan measure aimed to provide relief to the American public. H.R. 6201 passed the House Monday evening 363-40 while the Senate voted in favor of the measure yesterday 90-8. The bill expands unemployment compensation, paid sick leave and paid family and medical leave for individuals affected by the virus. Private sector employers with 500 or fewer employees will be affected by these measures. There are some exemptions for companies that have fewer than 50 employees. Read the U.S. Chamber of Commerce summary of the bill. As the coronavirus (COVID-19) continues to impact the economy and the stock market, President Trump’s administration signaled they are seeking up to at least $1 trillion in direct stimulus for the U.S. economy from Congress. According to CNBC, the package could include $500 billion to $550 billion in direct payments or tax cuts, $200 billion to $300 billion in small business assistance and $50 billion to $100 billion in airline and industry relief. Senate Majority Leader Mitch McConnell (R-KY) has stated the Senate will not adjourn until they approve a phase three economic stimulus bill. Read more from CNN.