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$2 trillion federal stimulus package includes help for convenience services

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March 26, 2020

Last night, the U.S. Senate passed a $2 trillion stimulus package designed to ease the economic impact of COVID-19 and deliver vital aid to workers, small businesses, corporations and health care providers under strain from coronavirus. 

The provisions in this bill, which now moves to the US House of Representatives for a final vote before heading to the President's desk for signature into law, contains provisions that are expected to help the convenience services industry, according to the National Automatic Merchandising Association.

Last week, NAMA's president and CEO, Carla Balakgie, sent a letter to President Trump, Senate, and House members urging the industry's operators weren't overlooked in the stimulus package. 

NAMA noted the provisions in the bill that could benefit convenience service operators:

• One-time direct deposits up to $1,200 to Americans, $2,400 for couples, and $3,000 for family of four. The payments will be phased out based on income levels. 
• $367 billion to make payroll while workers are forced to stay home through small business loans. Companies with 500 or fewer employees could tap up to $10 million to help keep employees on the payroll while absent due to the virus. 
• Eight weeks of assistance for qualifying employers who maintain payroll. Those meeting requirements would have costs such as utilities, mortgage interest and rent forgiven. 
• $600 per week would be added to normal state unemployment benefits for up to four months with an extra 13 weeks of benefits — adding up to 39 weeks of regular unemployment insurance through the end of 2020. 
• A refundable payroll tax credit for 50% of wages paid by employers to employees during the COVID-19 crisis.
• $150 billion for state and local governments, with $8 billion set aside for tribal governments. 

For the latest updates on how the coronavirus is affecting the vending industry, click here.