The stimulus package that's being voted on by Congress today has such a long list of businesses eligible for its loans that "everybody qualifies," Sen. Pat Toomey said in a conference call with reporters on March 25.
"If you can think of a business in Pennsylvania it almost surely qualifies," Toomey (R-Zionsville) said. "The criteria is extremely broad, by design."
Individuals who made up to $75,000 last year will receive a stimulus check of $1,200 under the bill, agreed to last night in the Senate. Married couples earning up to $150,000 a year will receive $2,400 together, with a $500 check per child. Over that income level, the checks will start decreasing, with individuals earning $99,000 or more not receiving a check.
There is a minimum income threshold, and the payments will be dependent on if someone filed their taxes, according to Toomey. There is still debate on how the money will be distributed and if non-tax filers will receive payments.
The covid-19 inspired stimulus package totals about $2 trillion. The bill also contains federal support for state unemployment insurance, adding $600 a week to those checks for the next few months.
There is $130 billion in support for hospitals in the bill, according to the Washington Post.
Small businesses with up to 500 employees will be eligible for a $300 billion loan program administered by the Small Business Association.
"What it really means is the federal government is paying payroll for small businesses," Toomey said. "Even if people can't go to work they can still be on the payroll ... in hopes this is brief and they are able to go back to that company and back to that job when this is behind us."
The $500 billion for larger businesses includes about $46 billion in direct loans to specific industries, including airlines. The remainder of that money will be "used to ensure our capital markets are functioning smoothly," Toomey said, and provide a "loan facility for larger companies so they can survive when they may have little or no revenue."
Some money will be allocated directly to the states to deal with covid-19, with about $5 billion going to Pennsylvania.
The Senate is voting on the bill on Wednesday afternoon.