Details of the Coronavirus Stimulus Bill negotiated between the Senate and White House early this morning are now coming to light. Here’s what we know.
“Ladies and gentlemen, we are done,” White House legislative affairs director Eric Ueland said right before 1 a.m. on Thursday, March 25, 2020, after leaving Senate Majority Leader Mitch McConnell’s office following negotiations that have gone around the clock since last Friday.
“We have a deal.”
The full details of the coronavirus stimulus bill have not been released, but components of the deal are starting to trickle out and include the following:
- Provides individuals with an adjusted gross income of $75,000 or less in 2018 a check for $1,200;
- Provides married couples earning up to $150,000 a check for $2,400;
- Provides most children a check for $500;
- Creates a $500 billion lending program for distressed companies;
- Provides for $350 billion in loans, loan guarantees, and grants to help small business cover costs of interruption, meet payroll costs and avoid layoffs; and
- Allows for $250 billion in unemployment insurance benefits.
This stimulus bill would be the third part of a multi-pronged legislative response to the coronavirus.
The Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020, (H.R. 6074) was Congress’ initial response to the coronavirus, an $8.3 billion emergency funding bill designed to treat and prevent the spread of coronavirus, COVID-19.
Funding from this initial phase went to the Department of Health and Human Services to develop vaccines and testing kits for local communities, to state and local health departments to be used for staffing increases and additional laboratory equipment, and to the federal government to aid in the international containment of the virus.
The second phase of legislative response, the Families First Coronavirus Response Act (H.R. 6201), focused on targeted relief for both individuals and businesses, as well as an expansion of coverage for COVID-19 testing. H.R. 6201 includes two (2) weeks of qualified sick leave wages for those employees who must self-quarantine or seek treatment due to the virus, employer tax credits for paid sick and paid family and medical leave, guaranteed coverage of testing by public and private payers and additional health provisions regarding Medicare and Medicaid.
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