Here are highlights from the Senate bill just passed at 2 am.
We’ll see more of what’s in the bill later today …
(I’ve been adding details as reported this wee hour — 3:48 am)
Here are the main details known at this point. Let’s start with the question of stock buybacks and Trump (and others) enriching themselves with that $500B:
First of all, Democrats said “HELL NO!” to a slush fund McConnell wanted that would have allowed corporations to engage in buybacks and other skullduggery.
There’ll be strict oversight of the $500B ala TARP. Democrats ensured this bill was geared towards helping Main Street and all of us, not McConnell’s greedy pals.
- Prevents Trump & Co + Members of Congress from drinking at the trough:
The bill bans stock buybacks for any corporation that accepts government loans during the term of their assistance plus one year.
Schumer added a provision to ban businesses owned by the president, vice president, members of Congress and the heads of federal executive departments from receiving loans or investments through the corporate liquidity program. The prohibition also applies to their children, spouses and in-laws.
The legislation creates an inspector general and oversight committee for the corporate assistance program, similar to what was done for the Troubled Asset Relief Program of a decade ago, according to the senior administration official.
thehill.com/...
This is good. The same system worked well after the 2008 crash. Reports are that Sen. Warren was responsible for the strict oversight measures for the $500B loan program included in this bill.
The danger of exempting Trump and family is that we all know he acts in his own best interests above all others. Always. Maybe that’s where the “let’s pack churches on Easter” anxiousness to end separation measures came from despite every medical expert saying that’s a horrible idea that will cost many lives.
- Cash payments (Most adults would receive direct payments of $1,200, while children would see $500 checks.)
Under the plan, people making up to $75,000 a year are expected to receive checks of $1,200. Couples making $150,000 will receive $2,400 with an additional $500 per child. The new agreement removed the phase-in provision that excluded lower-income Americans from receiving the full benefits.
The payments would decrease for those making more than $75,000, with an income cap of $99,000 per individual or $198,000 for couples.
www.nbcnews.com/…
The linked article below implies that almost everyone will get a check. We’ll know more once reporters have had time to digest the bill:
It will also give a one-time check of $1,200 to Americans who make up to $75,000. Individuals with no or little tax liability would receive the same amount, unlike the initial GOP proposal that would have given them a minimum of $600.
thehill.com/...
- Unemployment and business support: (highlight for cruise lines is mine)
The bill is also expected to include roughly $100 billion in assistance for hospitals, $350 billion in assistance to small businesses to help them meet payroll, $500 billion in aid for corporations, such as airline companies and cruise lines (cruise lines don’t pay U.S. taxes!), that have been hurt by the coronavirus outbreak.
Unemployment insurance would also be bolstered to increase payments and extend the benefit to those who typically do not qualify such as gig economy workers, furloughed employees and freelancers (i.e. self-employed).
www.nbcnews.com/...
Sounds like almost all workers in America will be taken care of between the various provisions, which also includes tax credits for employers who keep employees on the payroll. Employers don’t have to pay tax credits back.
There’s also an additional $600 a week on top of what furloughed workers get in unemployment. One would assume that servers, bellmen, and other tip based workers will be eligible as ‘furloughed workers’ to receive state unemployment + $600 a week for four months. Note that self-employed ‘freelancers’ are also covered and eligible for unemployment.
The unprecedented economic rescue package would give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small businesses to keep making payroll while workers are forced to stay home.
www.chicagotribune.com/...
STUDENT LOANS & PELL GRANTS
The bill would allow students to defer loan payments for six months and keep their Pell grants. Any interest that accrued during that time frame would be waved.
Students who have to leave school because of the coronavirus would not lose their eligibility for future Pell grants, and the bill would allow them to keep any unspent money from Pell grants or loans.
www.nbcnews.com/...
The House has yet to reconcile their concerns with this bill. If things like student debt relief and more food stamp funding before the House and Senate aren’t included, they could be before a final bill is passed and sent to the Oval Office for a signature.
Most House members are in their home districts right now. It may just take a call from Speaker Pelosi to Senate leadership in the event there are issues the House feels need to be resolved. It can be passed in the House by unanimous consent, which only requires 2 members to be present if no one from either side objects.
Once passed, the spending package will be the third round of emergency legislation that Congress has approved to combat the outbreak. Lawmakers approved an $8.3 billion bill for health agencies and a roughly $100 billion bill aimed at providing free coronavirus testing, some paid leave and unemployment benefits, as well as additional Medicaid funding and food assistance.
www.nbcnews.com/...
Speaker Pelosi will no doubt be continuing talks with Chuck Schumer today.
Dems insisted on taking care of workers and ensuring the $500 billion for businesses will have strict oversight and accountability. And also that Trump can’t gorge himself at the trough, which shouldn’t matter anyway because he’s a super rich stable genius.
Thanks to Sen. Schumer and Speaker Pelosi for having our backs.
_____
UPDATES:
- $400,000,000 to states for absentee balloting
- 2 months of student loan payment relief. The House may get their $10,000 in student debt relief added on, as well as a ban on credit reporting agencies reporting late payment
- SS, SSDI, and SSI recipients will have their $1200 directly deposited.
- Welfare recipients may have their $1200 and additional food funding added onto EBT cards.
- Other adults with SS numbers will be sent a check unless they’re over the $99k single/$198k couple limit.
HERE’S MORE ON THE CHECKS, PAYMENTS, AND WHO GETS THEM (93.6%+):
This is from 2 days ago as the bill was being negotiated and changed:
Unlike some early Senate Republican proposals, there is no minimum income (which would’ve excluded very poor people), and the check amounts don’t “phase in,” so the middle class doesn’t get more than the poor.
Senate Democrats have included among their demands a request that the bill be amended to allow cash to go more directly to these people. Some of them are addressed by the Social Security language already in the Senate GOP bill, but more could be included by allowing the benefits to be sent through EBT cards to people benefiting from welfare or food stamps, or by allowing it to be added the Supplemental Security Income checks for elderly or disabled poor people, or by allowing states to send the rebates to households whose information they have on file.
www.vox.com/…
Because IRS offices are closed, Democrats got a change so that that the requirement to file a 2019 return is no longer in the bill.
If future payments are deemed necessary as this drags on, there could be another round of checks or two.
We need to see the tweaks to the final bill before we’ll know absolutely everything about that part of the bill.
Again, thank you Speaker Pelosi and Sen. Schumer for having our backs.
Also, thanks and kudos to Elizabeth Warren for being an active participant in negotiations so this bill benefits average Americans and provides strict oversight on the $500B loan program.
Forgive me if there are any errors in this diary. I could only go by what has been reported from various news organizations. It’s been difficult to find a lot of details of certain aspects. We’ll need to see the final bill for exact details. It should be online for reporters and the public to read by sometime later today. Said to be 500 pages.