Dear Commons Community,
The main news today will the the $2 trillion coronavirus stimulus package that will be approved today by both houses of Congress and is expected to be approved by the President. Senator Chuck Schumer was on the cable channels this morning explaining some of the details of the stimulus as follows.
- Sliding scale grant of $1,200. per adult; $500. per child with a total family cap of $3,400. This will be tied to income. Anyone making over $90,000. will not qualify;
- Unemployment will be extended to four months from its current three months;
- $130 billion for hospitals;
- $150 billion for state and local governments;
- $350 billion for small businesses;
- $500 billion for corporations.
A provision in the bill prohibits businesses controlled by the president, vice president, members of Congress, and heads of executive departments from receiving loans or investments from U.S. Treasury programs. The prohibition also applies to their children, spouses, and in-laws, according to a summary from the office of Senate Minority Leader Chuck Schumer (D-N.Y.).
The measure was added in the portion of the bill aimed at helping distressed industries with at least $450 billion in loans. The massive fund would be controlled by the Treasury Department and could include bailouts to hotels, casinos, cruise lines, and the oil and gas industry. Since earlier drafts of the legislation included virtually no restrictions on how the money would be distributed, Democrats feared it would allow properties owned directly by Trump or his family to receive bailouts.
This all sounds very good and should ease some of the economic stress caused by the coronavirus pandemic.