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coronavirus stimulus package
American Middle Class

LAWMAKERS AGREED ON $2 TRILLION CORONAVIRUS STIMULUS DEAL

  • The coronavirus stimulus package passed the Senate yesterday, but the House still needs to vote on it.  The House Speaker, Nancy Pelosi, and her democratic colleagues introduced their Covid-19 stimulus package a couple of days ago.  

  • Republicans and the Trump administration acquiesced on the Pandemic Response Accountability Committee to calm down democratic senators’ nerves. The sole responsibility of the Committee is to overlook how the proposed $500 billion funds for businesses will be spent.

  • The ball is on House Speaker’s, Nancy Pelosi, court.  Republicans and the Trump administration already agreed on all provisions in the package.  However, the package that the Senate passed omitted many significant mandates that the House wanted to see in it.  

  • Visit the Financial Middle-Class homepage for more stories

The coronavirus stimulus package passed the Senate yesterday, but the House still needs to vote on it.  The House Speaker, Nancy Pelosi, and her democratic colleagues introduced their Covid-19 stimulus package a couple of days ago.  

The House’s package has more serious mandates, such as a reduction of carbon emission for airlines that are begging for government bailouts in the form of cash grants and forgivable loans.

Republicans and the Trump administration agreed on what will be the most substantial rescue package in American history.  Without palpable oversight, American taxpayers might end up bailing out careless corporations once again with no needed changes in their operations.

 The Pandemic Response Accountability Committee

Republicans and the Trump administration acquiesced on the Pandemic Response Accountability Committee to calm down democratic senators’ nerves. The sole responsibility of the Committee is to overlook how the proposed $500 billion funds for businesses will be spent.

Who Gets What?

The terms of the coronavirus stimulus package are not public yet, but well-discussed options are out there:

Direct payment to Americans

According to general information, the package will allocate $250 billion for direct cash to individuals and families. Direct cash payments will be up to $1,200 for individuals, $2,400 for married couples, and $500 per child, reduced if an individual makes more than $75,000 or a couple makes more than $150,000. 

Up the Unemployment Insurance Duration

Another $250 billion will set aside to allow people who lost their job, including self-employed individuals. To claim up to 4 months of unemployment insurance.

Cash Grants & Loans to Multi-national corporations

Airlines, hospitals, and defense contractors are all begged for needed resources to battle the Covid-19 pandemic.  Republicans and the Trump administration want to give them access to up to $500 billion in the form of cash grants and loans.   What strings to attach or not attach is what might hold the coronavirus stimulus package in the House.

Small Business Loans

Another $350 billion will go towards helping small businesses keep their employees, fund their inventories, and pay their vendors.  The terms of the stimulus package are not final, but it’s unclear whether or not small businesses will have access to cash grants, just like the multi-national corporations.

And Everything Else

The rest of the money will go to state and local governments to buy medical equipment such as ventilators and masks.

So, What Now

The ball is on House Speaker’s, Nancy Pelosi, court.  Republicans and the Trump administration already agreed on all provisions in the package.  However, the package that the Senate passed omitted many significant mandates that the House wanted to see in it.   Expect President Trump to be [extra] nice to the House Speaker for the next couple days.

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