Governor Raimondo Updates, March 25, 2020

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GOVERNOR RAIMONDO UPDATES MARCH 25:

The Federal Government and Congress reached a $2 trillion economic stimulus package that is expected to provide Rhode Island with $1.25 billion in aid. The unprecedented stimulus will provide much needed cash for the state budget and will include rebate checks. The legislation also includes hospital funding relief and $10 billion in Community Development Block Grant funds to help municipalities.

The package calls for rebate checks to individuals with income of $75,000 or less in 2018 to receive checks for $1,200, with amount of income to receive any payment capped at $99,000 and no money for anyone exceeding that threshold. For married couples making up to $150,000, the amount will be $2,400 with an additional $500 per child.

A key component is a small business loan forgiveness program which provides $10 billion for the U.S. Small Business Administration to make emergency grants of up to $10,000 to cover small business operating costs, as well as loan forgiveness if they retain their workers. The key is keeping the employees on the payroll – we will provide specifics as soon as they become available.

Further, the package also includes unemployment benefits for individuals who do not typically qualify for benefits. This includes sole proprietors, 1099 independent contractors and others who are included in the expansion and will increase the maximum unemployment benefit by $600 a week.  Businesses will remain eligible for tax credits to keep employees on the payroll for the duration of the crisis.

 

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