U.S. Senate Passes $2 Trillion Bill for COVID-19 Relief
The U.S. Senate has passed a $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 COVID-19.
The elements of the bill that will impact the electronic security industry the most, according to the Electronic Security Association, are:
- $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 months and bolstered by $600 weekly, with expanded coverage for more workers displaced by the coronavirus.
For more information on how COVID-19 is affecting the security industry, go to SDM's Coronavirus Coverage Page.