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Senators push for paycheck guarantee in next coronavirus response bill
Key Excerpts from Article on Website of Yahoo! Finance
Posted: May 3rd, 2020
https://finance.yahoo.com/news/senators-push-for-paycheck-gu...
A group of senators is pushing to include a paycheck guarantee for laid off or furloughed workers in the next coronavirus relief package. Under the senators proposal, businesses that see at least a 20% month-over-month drop in revenues could receive grants to help cover workers payroll and benefits for at least six months. The grants would cover benefits and up to $90,000 in wages for each furloughed or laid off employee. The grants also include up to 20% of revenue to pay rent, utilities insurance policies and maintenance. The Paycheck Security proposal would allow businesses of all sizes to receive the grants if they prove revenue losses, unless they hold more than 18 months of average payroll in cash or cash equivalents. More than 30 million Americans have filed for unemployment benefits over the past six weeks, as the coronavirus wreaks havoc on the U.S. economy. The senators argue their program would be more effective than the current coronavirus response efforts. Congress has already approved more than $2.5 trillion in coronavirus relief. As state unemployment systems strain to keep up with jobless claims and the Paycheck Protection Program has struggled with technical problems and backlash over big businesses accepting the loans. According to reports, the Justice Department has found possible fraud among businesses seeking relief in a preliminary investigation of money disbursed through PPP.) Rep. Pramila Jayapal (D-WA) has introduced a similar measure in the house, which would cover up to $100,000 in workers wages. Some Republicans have also warmed to the idea of covering company payrolls.
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