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Summary of US Senate Coronavirus
Stimulus Package – March 26, 2020
 


   



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SUMMARY OF COVID PHASE 3 UNEMPLOYMENT INSURANCE AND TAX PROVISIONS
 
March 24, 2020
 
Title II - Assistance for American Workers, Families and Businesses
Subtitle A - Unemployment Insurance
Sec. 2101. Short Title.
 
Relief for Workers Affected By Coronavirus Act
 
Sec. 2102. Pandemic Unemployment Assistance.
This provision would create a new program modeled on Disaster Unemployment Assistance that would provide unemployment benefits to individuals who do not qualify for regular unemployment compensation and are unable to work because of the COVID-19 public healthemergency. Pandemic Unemployment Assistance will cover self-employed workers (including gig workers and independent contractors), part-time workers, and those with limited work histories. The changes made in sections 2104 and 2107 to increase the size of regular unemployment benefits and make them available for additional weeks will also apply to benefits received through the Pandemic Unemployment Assistance program. Pandemic Unemployment Assistance will be state-administered but fully federally funded. Except as otherwise provided in this section, federal regulations for Disaster Unemployment Assistance will apply to Pandemic Unemployment Assistance.
The program is effective through December 31, 2020.
 
Sec. 2103. Emergency Unemployment Relief for Governmental Entities and Nonprofit Organizations.
This provision would reduce the amount by which nonprofits, Indian Tribes, and governmental entities are required to reimburse states for benefits paid to their workers who claim unemployment insurance by 50 percent through December 31, 2020. This provision would also allow the Secretary of Labor to issue guidance to states to provide flexibility for employers in making reimbursement payments.
 
Sec. 2104. Emergency Increase in Unemployment Compensation.
This provision would add an additional $600 in Federal Pandemic Unemployment
Compensation to every weekly unemployment benefit, effective until July 31, 2020. This $600 benefit will be taxable (like regular unemployment benefits), but it will be disregarded in determining Medicaid or CHIP eligibility.
 
Sec. 2105. Temporary Full Federal Funding of the First Week of Compensable Regular Unemployment for States with No Waiting Week.
This provision would allow states to enter into an agreement with the federal government to receive full reimbursement for the total amount of unemployment compensation paid to individuals for their first week of unemployment, provided that the state does not have a waiting week between applying for and receiving benefits, effective until December 31, 2020.
 
Sec. 2106. Emergency State Staffing Flexibility.
This provision would allow states to waive personnel standards through December 31, 2020 to expedite hiring of new staff to process unemployment claims, including by allowing the hiring of independent contractors to process claims.
 
Sec. 2107. Pandemic Emergency Unemployment Compensation.
This provision would make an additional 13 weeks of federally-funded unemployment compensation for individuals who have exhausted their state unemployment benefits available immediately through December 31, 2020.
 
Sec. 2108. Temporary Financing of Short-Time Compensation in States with Programs in Law.
This provision would provide 100 percent federal reimbursement to states for payments made under qualifying short-time compensation programs (also known as work sharing programs) through December 31, 2020.
 
Sec. 2109. Temporary Financing of Short-Time Compensation Agreements.
This provision would permit states without formal short-time compensation laws to enter into agreements with the Department of Labor to enact a short-time compensation plan and receive a 50 percent federal reimbursement for payments through December 31, 2020.
 
Sec. 2110. Grants for Short-Time Compensation Programs.
This provision would create a grant program through which the federal government can provide grants to states for the purpose of implementing or improving a short-time compensation program.
 
Sec. 2111. Assistance and Guidance in Implementing Programs.
This provision would direct the Department of Labor to build on existing guidance to assist states in developing their work sharing programs.
 
Sec. 2112. Waiver of the 7-Day Waiting Period for Benefits Under the Railroad
Unemployment Insurance Act.
This provision would eliminate the waiting week between applying for and receiving Railroad Unemployment Insurance benefits through December 31, 2020
.
Sec. 2113. Enhanced Benefits under the Railroad Unemployment Insurance Act.
This provision would provide an additional $1200 payment to individuals receiving railroad unemployment benefits for each two-week registration period during which the individual receives benefits through July 31, 2020.
 
Sec. 2114. Extended Unemployment Benefits under the Railroad Unemployment InsuranceAct.
The provision would extend the availability of Railroad Unemployment Insurance benefits by 13 weeks through December 31, 2020.
 
Sec. 2115. Funding for the DOL Office of the Inspector General for Oversight of
Unemployment Provisions. The provision would provide $25,000,000 for the DOL Office of the Inspector General to oversee programs authorized in the subtitle.
Sec. 2116. Implementation.

The Paperwork Reduction Act will not apply to the provisions of this subtitle. The Secretary of Labor may issue guidance necessary to carry out the provisions of this subtitle.
 
Subtitle B - Individual Provisions
 
Sec. 2201. Recovery Rebates for Individuals.
This provision would provide $1,200 for singles and heads of households ($2,400 for married couples filing joints returns). The provision also provides $500 per qualifying child dependent under age 17 (using the rules under the Child Tax Credit). A family of four would receive $3,400.
Rebates phase out at a 5% rate above adjusted gross incomes of $75,000 (single)/ $122,500 (head of household)/ $150,000 (joint). There is no income floor or phase-in – all recipients will receive the same amounts, provided they are under the phaseout threshold.
Tax filers must provide Social Security Numbers (SSN) for each family member claiming a rebate (adoption taxpayer identification numbers accepted for adopted children). An exception on SSN is made for spouses of active military members. The rebates are fully available to residents of U.S. Territories, including Puerto Rico.
The rebates will be paid out as advance refunds (in the form of checks or direct deposit) on the basis of taxpayers’ filed tax year 2019 returns (or tax year 2018, if a 2019 return has not yet been filed). Nonfilers generally need to file a tax return in order to claim a rebate, although IRS may coordinate with other federal agencies in some instances to get checks out.
The provision is estimated to reduce revenues by $292.4 billion over 10 years.
 
Sec. 2202. Special Rules for Use of Retirement Funds.
This provision would waive the additional 10 percent tax on early distributions from IRAs and defined contribution plans (such as 401(k) plans) in the case of coronavirus-related distributions. A coronavirus-related distribution may be made between January 1 and December 31, 2020, by an individual who is (or whose family) is infected with the coronavirus or who is economically harmed by the coronavirus. Distributions are limited to $100,000, and may be re-contributed to the plan or IRA. Employers are permitted to amend defined contribution plans to provide for these distributions. Additionally, defined contribution plans
are permitted to allow plan loans up to $100,000 and repayment of existing plan loans is extended for employees who are affected by the coronavirus.
This provision is estimated to reduce revenues by $2.6 billion over 10 years.
 
Sec. 2203. Temporary Waiver of Required Minimum Distribution Rules for Certain Retirement Plans and Accounts.
This provision would waive required minimum distributions that are required to be made in 2020 from defined contribution plans (such as 401(k) plans) and IRAs. The waiver includes required minimum distributions that are due by April 1, 2020, because the account owner turned 70 ½ in 2019.
This provision is estimated to reduce revenues by $4.5 billion over 10 years.
 
Sec. 2204. Partial Above-the-line Deduction for Charitable Contributions During 2020.
This provision would provide a $300 above-the-line deduction for cash contributions generally to public charities in 2020.
This provision is estimated to reduce revenues by $1.5 billion over 10 years.
Sec. 2205. Modification of Limitations on Charitable Contributions During 2020.
This provision would increase the limitation on charitable deductions from 60% to 100% of modified income for cash contributions generally to public charities in 2020. It would also increase the limitation for food contributions by corporations from 15% to 25% of modified income.
This provision is estimated to reduce revenues by $1.1 billion over 10 years.
 
Sec. 2206. Exclusion for Certain Employer Payments of Student Loans.
Under current law, an employee may exclude $5,250 from income for an employer sponsored educational assistance program. The provision would expand the definition of expenses to include an employer paying student loan debt. The provision is effective for student loan payment made before January 1, 2021.
 
Subtitle C - Business Provisions
Sec. 2301. Employee Retention Credit for Employers Subject to Closure or Experiencing Economic Hardship Due to COVID-19.   [ Continue Reading ]( [link removed] )  
 

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