March 26, 2020 12:00PM EST
Jersey City, New Jersey – Sintel Systems Global POS urged the United States House of Representatives to pass the $2 trillion Coronavirus stimulus bill that the Senate approved by a vote of 98 to zero Wednesday evening. On Friday morning the House is expected to take up the bill.
The relief package which is designed to help across the spectrum.
- Through the Small Business Administration (SBA) and banks offer loans that will conditionally turn into grants calculated at 250% of an employer’s monthly payroll. The loan will convert to a grant if the employer spends the funds on payroll. A total of $350 billion is earmarked for this part of the program and up to $10 million per employer. Sintel Systems Director of Operations commented, “Sintel Systems is fortunate that our business operations have not been affected negatively and as a larger company we can weather this storm, but as POS company we have direct insight into the small businesses that are impacted. They need the help most.”
- Direct payment of $1,200 for individuals, $2,400 for couples, and $500 for each child. The information will be obtained from the 2019 taxes or 2018 if the current one has not been filed yet. This benefit does not apply to individuals making $99,000 or couples making over $198,000 per year.
- A $600 weekly increase in unemployment insurance for up to four month. Self-employed and independent contactors will also see some benefits.