5 Key Things in the $2 Trillion Coronavirus Stimulus PackageEDITED

[elleng]

Last edited Wed Mar 25, 2020, 07:17 PM - Edit history (1)

'The largest economic stimulus measure in modern history would authorize direct payments to taxpayers and loans to small businesses, and create a $500 billion corporate bailout fund.

Here’s what’s in the package.

The government will send direct payments to taxpayers.
Lawmakers agreed to provide $1,200 in direct payments to taxpayers with incomes up to $75,000 per year before starting to phase out and ending altogether for those earning more than $99,000. Families would receive an additional $500 per child, in an attempt to create a safety net for those whose jobs and businesses are affected by the pandemic.

Unemployment benefits will grow substantially, and go to many more Americans.

Lawmakers agreed to a significant expansion of unemployment benefits that would extend jobless insurance by 13 weeks and include a four-month enhancement of benefits. At the insistence of Democrats, the program was broadened to include freelancers, furloughed employees and gig workers, such as Uber drivers.

Small businesses will receive emergency loans if they keep their workers.
The bill provides federally guaranteed loans available at community banks to small businesses that pledge not to lay off their workers. The loans would be available during an emergency period ending June 30, and would be forgiven if the employer continued to pay workers for the duration of the crisis. . .

Distressed companies can receive government bailouts — but with strings attached.
Loans for distressed companies would come from a $425 billion fund controlled by the Federal Reserve, and an additional $75 billion would be available for industry-specific loans — including to airlines and hotels. . .

Democrats successfully pressed for immediate disclosure of the recipients and stronger oversight, including installing an inspector general and congressionally appointed board to monitor it. Companies that benefit could not engage in stock buybacks while they received government assistance, and for an additional year after that.

Democrats also secured a provision ensuring that Trump family businesses — or those of any other senior government officials — cannot receive loan money through that fund, though they could potentially still benefit from other parts of the bill.

Hospitals staggering under the burden of the coronavirus would receive aid. . .

Lawmakers also agreed to increase Medicare payment increases to all hospitals and providers, the letter said.'

https://www.nytimes.com/2020/03/25/us/politics/whats-in-coronavirus-stimulus-bill.html?

Just heard, 7:15 p.m. on PBSNewsHour, the bill, still in drafting stage, is 900 pages long, so will take time for the details to be spelled out and explained.

[Butterflylady]

1. Anything about social security recipients.

[elleng]

2. I don't see anything in the article.

[Fiendish Thingy]

3. I thought I read the bill included a $200/mo boost to SS for 18 mos? Nt

[CousinIT]

4. If it does, that's good. I have family living on SS and VA

However sister and BiL don't need it. Between his VA bennies and SS they get lots of socialism and aren't hurting for money. (They're hypocrite Trumpers who whine about public benefits for OTHERS but they don't complain about it when they get it and they get a LOT of it).

That's just one case though. Many others need it. My family does not!

[jimfields33]

6. I would hope they wouldn't complain

He did his time for VA and they both paid into SS.

[Butterflylady]

5. Oh good, I'll be able to eat.

[Lord Ludd]

10. Last I heard we SS types get $1,200 each,

including those who don't pay income taxes. That's double what the 'Pugs originally proposed for non-filers.

[Chainfire]

7. The money sent to individuals

Will not be enough to make up for the massive inflation that is going to happen with a couple of trillion dollars printed out of thin air and distributed widely starts getting spent this Summer. You old folks with a few bucks in the bank for a rainy day are going to see your buying power slashed. Of course, it won't matter if you are pushing up Daises, now will it?

If we can print money like that why not do it every freaking month, from now on. After all, one of the Fed Bank Presidents said they had the ability to print an infinite amount of money. Hell, lets go ahead and print enough to pay the national debt off and just start off fresh, print me an extra hundred grand and I will pay off my mortgage; consider it a trickle up economic theory.....Print a ship load and pay off debts to China while we are on a roll. I am sure the Chinese would be happy for the cash.

Don't get me wrong, I do not begrudge the money going to workers who lost their jobs, and people who need food and lodging help, that is as it should be. But there is going to be a lot of corporate partying on our tab; I see bone us coming. Monies should be loaned to corporations, not given. After all, the definition of entrepreneurs is someone who takes risks for profits. Where is the risk if Uncle is always hanging around with the checkbook when they fuck up? If they work hard and smart they can pay us back.

[Rainbow Droid]

8. Privatized profit and socialized risk. It's the American Way.

[dugog55]

9. When Mnuchin was talking, he mentioned the $500 billion for large corporations,

then he mumbled something about an additional $4 trillion if needed. Not sure if anyone else caught this, but it is true, we as taxpayers are screwed. You just know that they will find a reason to spend most if not all of that money. And chances are it will go straight into the pockets of Conservative campaign donors.

Someone please say that I heard that wrong.