March 26, 2020

President Trump Is Providing Immediate Economic Relief for Americans Impacted by the Coronavirus

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As the latest economic data makes clear, millions of American workers have been impacted by the coronavirus. That’s why President Trump has taken – and continues to take – concrete actions to provide immediate economic relief.

A $2.2 trillion economic relief package passed the Senate and currently awaits a vote in the House. “I encourage the House to pass this vital legislation and send the bill to my desk for signature without delay,” President Trump said yesterday. “I will sign it immediately.” The legislation provides:

  • $300 billion in direct cash payments available for every American citizen earning less than $99,000 per year.
     
  • $250 billion in expanded unemployment benefits. The average worker who has lost his or her job will receive 100% of their salary for up to four full months. Unlike normal unemployment benefits, independent contractors and self-employed workers will be eligible.
     
  • $350 billion in job retention loans for small businesses, with loan forgiveness available for businesses that continue paying their workers.
     
  • $500 billion in support for the hardest hit industries, with a ban on corporate stock buybacks.

In addition, the Trump administration has taken a series of actions to provide economic relief to Americans impacted by the coronavirus:

  • President Trump signed legislation that provides paid sick and family leave for workers experiencing coronavirus-related employment interruptions.
     
  • The Trump Administration directed federal student loan lenders to allow borrowers to waive interest and payments without penalty for 60 days. 
     
  • The Trump Administration directed the Department of Housing and Urban Development (HUD) to provide immediate relief to renters and homeowners by suspending all foreclosures and evictions.
     
  • President Trump directed the Small Business Administration to issue low-interest loans to small businesses affected by the coronavirus.
     
  • President Trump signed legislation providing funding and flexibility for emergency nutritional aid for senior citizens, women, children, and low-income families.
     
  • The Department of Labor announced up to $100 million in dislocated worker grants in response to the coronavirus national health emergency.

Learn more about the Trump Administration's timeline of action against the coronavirus here.

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