Tag: economic relief bill

GOP Loves To Bail Out Corporations, Not Workers

The Senate managed to come together to pass an unprecedented $2 trillion coronavirus relief package, but not before a small group of Republican senators reminded us of the narrow-minded condescension their party directs toward the working poor. Trumpism holds its own malicious — indeed, dangerous — strains of contempt, but the malevolent disdain the broader GOP holds for the less affluent has been among its hallmarks for generations, since long before Donald J. Trump became president.

Earlier this week, before the Senate approved the aid package, four GOP senators — Lindsey Graham and Tim Scott of South Carolina, Ben Sasse of Nebraska and Rick Scott of Florida — insisted that the unemployment benefits in the bill were too generous and would encourage those lazy, low-income folk not to work. They ultimately relented but had threatened to hold up the entire desperately needed deal if their demands to reduce unemployment checks were not met.

In a Wednesday interview with Fox News host Sean Hannity, Graham called the bill “Bernie Sanders on steroids.” Following up on Twitter, Graham insisted, “Only in Senator @BernieSanders world does it make sense to pay people more NOT to work than TO work. I am all for making peoples salaries whole. However, I am not for increasing people’s salary through the unemployment insurance system.” Continue reading.

House passes $2 trillion coronavirus relief bill, with Trump to sign quickly

The Hill logoThe House on Friday passed a historic $2 trillion coronavirus relief package, overcoming eleventh-hour hurdles erected by a GOP lawmaker that sent furious lawmakers across the country racing back to Washington to move the emergency legislation to President Trump‘s desk.

The enormous package, approved by the Senate late Wednesday night, provides hundreds of billions of dollars for the industries, small businesses, unemployed workers and health care providers hit hardest by the coronavirus pandemic, which has devastated economies around the world.

Trump has said he’ll sign the bill immediately. Continue reading.

Lobbying blitz yields wins for airlines, corporations, banks, unions

The Hill logoA lobbying blitz on the Senate-passed $2 trillion economic relief package yielded wins for airlines, corporations, banks, unions, hospitals and a slew of other special interests who pressed lawmakers for targeted relief and protections.

The lobbying push by airlines was especially intense, with CEOs calling senators directly and warning of bankruptcy.

One Democratic senator who requested anonymity to discuss the behind-the-scenes frenzy said airlines usually send their lobbyists to speak to staffers to ask for legislative provisions. In this case, one CEO called personally to warn his company would be in “big trouble” without a direct grant. Continue reading.

Rep. Dean Phillips Applauds Passage of CARES Act Stimulus Package

Phillips helped secure key oversight provision of a Congressional Oversight Commission

WASHINGTON, DC– Today, Congressman Dean Phillips applauded House passage of the $2.2 trillion CARES Act, which was subsequently signed into law by the President hours later. Phillips flew to Washington to ensure his presence in the event of a recorded vote, but the bill was ultimately voice voted for quick passage. The Senate passed the bill late Wednesday on a 96-0 recorded vote.

The legislation provides immediate support for our country’s most vulnerable and impacted populations, healthcare system, and small businesses. The package is the third in a series of bills passed by Congress and signed into law by President Trump to respond to the growing coronavirus epidemic.

Congressman Phillips advocated for greater oversight and accountability over a $500 billion Treasury Department fund for large businesses and state and local governments, and introduced a bill, the COVID-19 Congressional Oversight Panel (COP) Act, that ultimately was included in the final legislation. The mechanism creates a five-person Congressional Oversight Commission and Special Inspector General to increase transparency, prevent corruption and ensure taxpayer dollars are used efficiently and effectively. Continue reading “Rep. Dean Phillips Applauds Passage of CARES Act Stimulus Package”

Stimulus aims to lend to small business on good-faith pledge

The idea is to help small businesses retain workers while the economy largely shuts down

The stimulus package passed in the Senate on Wednesday and headed for the House includes $349 billion for providing small businesses forgivable loans to bridge the economic shutdown caused by the coronavirus.

Under the bill, the Small Business Administration would provide the loans through its existing 7(a) program in amounts equal to two and a half months of payroll, with a maximum of $10 million. As long as the borrower uses the loan to cover payroll, interest on debt, rent or utilities, the loans would be forgiven. Details of the package are here.

The idea is to help small businesses retain workers while the economy largely shuts down to fight the spread of the COVID-19 disease caused by the coronavirus. That would allow companies to reopen quickly once the contagion countermeasures are lifted, while keeping the employees financially stable. Continue reading.

Pelosi vows quick House passage of Senate stimulus Friday

The Hill logoSpeaker Nancy Pelosi (D-Calif.) said Thursday that the House will move quickly on Friday to approve the Senate’s massive, $2 trillion coronavirus relief package through the lower chamber and on to President Trump, who has vowed to sign it immediately.

While a number of House lawmakers — conservatives and liberals alike — are grumbling about both the process and content of the mammoth stimulus bill, Pelosi predicted smooth sailing through the lower chamber with broad support from both parties.

“I feel certain that we will have a strong bipartisan vote,” she told reporters in the Capitol. Continue reading.

7 things to know about the coronavirus stimulus package

The Hill logoCongress is racing to pass a $2 trillion package as the rapid spread of the coronavirus has upended day-to-day life in the United States.

The bill, which passed by the Senate late Wednesday, marks an unprecedented attempt by the federal government to revive the economy and prevent a deep recession. By comparison, the 2008 Troubled Asset Relief Program (TARP) was $700 billion.

The legislation would have a far-reaching impact while it tries to pump money toward workers, small businesses and industries that have been impacted by the recent economic downturn. Continue reading.

Calculate how much you’ll get from the $1,200 (or more) coronavirus checks

Washington Post logoOver 80 percent of American adults will receive a payment

The U.S. government is about to send checks — or direct deposits — to most Americans to help people survive financially as much of the economy shuts down in an effort to slow the spread of the novel coronavirus.

Bipartisan legislation passed by the Senate on Wednesday evening — which still must be passed by the House — would provide $1,200 payments to adults with annual incomes up to $75,000, plus another $500 per child. Some Americans earning more than $75,000 would also receive money if they meet certain qualifications outlined below. For most Americans, the money is likely to arrive in April via direct deposit. Mailed checks may take longer.

Use the calculator below to see how much you would receive. Under that, see answers to frequently asked questions. Continue reading.  Free article

 

Senate rejects GOP attempt to change unemployment benefits in coronavirus stimulus bill

The Hill logoThe Senate rejected an attempt by four Republican senators to change boosted unemployment benefits included in a mammoth coronavirus stimulus package.

Senators voted 48-48 on an amendment that would cap unemployment benefits at 100 percent of an individual’s salary before they were laid off. Sixty votes were required for the amendment to pass.
GOP Sens. Ben Sasse (Neb.), Rick Scott (Fla.), Tim Scott (S.C.) and Lindsey Graham (S.C.) pushed for the changes to the coronavirus aid bill over concerns that the agreement struck by Senate Majority Leader Mitch McConnell (R-Ky.), Senate Minority Leader Charles Schumer (D-N.Y.) and Treasury Secretary Steven Mnuchin would “incentivize” individuals not to return to work.  Continue reading.

The $2 trillion relief bill is massive, but it won’t prevent a recession

Washington Post logoA $2.2 trillion relief package for the U.S. economy — the biggest in history — probably won’t be enough.

The Senate just passed a $2.2 trillion relief package for the economy — the biggest in U.S. history — by a unanimous vote. The House is expected to approve it soon, and President Trump is eager to sign it.

The good news is that the majority of the money will go to laid-off workers, small-business owners, hospitals, and state and local governments. The bad news is that it won’t be enough to stop a recession. And it’s an open question whether the nation can avoid an economic depression, the likes of which haven’t been seen since the 1930s.

“By any measure, this is a huge stimulus package. One thing that it cannot stop is the recession that is coming,” said James McCann, senior global economist at Aberdeen Standard Investments. Continue reading.