President Trump on Friday signed a $2.2 trillion coronavirus rescue package as the pandemic devastates the nation’s economy, sickens more than 103,000 Americans and killed nearly 1,700 others.
“This will deliver urgently needed relief to our nation’s families, workers and businesses and that’s what this is all about,” Trump said as he signed the largest stimulus deal in U.S. history.
Here is a breakdown of this historic bailout:
When do I get my money?
The Trump administration wants to deliver checks to Americans as quickly as possible and is aiming to have the money in bank accounts by April 6. That would require officials to work at breakneck speed — officials from the Internal Revenue Service noted that similar payments in the past have taken months. Checks issued by the George W. Bush administration in 2008, for example, took months to arrive in the mail. But Treasury Secretary Steve Mnuchin has said the payments would likely be delivered in three weeks by direct deposit into the bank accounts of people who filed electronic tax returns last year.
One-time direct payments to Americans of up to $1,200 per adult making up to $75,000 a year, and $2,400 to a married couple making up to $150,000, with $500 payments for each child 16 or under. For people with higher incomes, the payment decreases until it stops altogether for single people earning $99,000 or married people with no children who earn $198,000.
Automatic payments for any student loan held by the federal government suspended until Sept. 30. Borrowers should check with their lenders to ensure that their payment schedule has been adjusted.
Aid for more workers than are usually eligible for unemployment payments, including part-timers and those who are self-employed. Anyone who is unemployed, partly unemployed or can’t get to work because of the coronavirus would likely be eligible for payments, which vary from state to state. But the bill also adds another $600 a week to those payments to encourage people stay home and not immediately start looking for work.
Banks that do loan modifications for individuals and businesses during the crisis would not immediately have to mark their losses on balance sheets. Smaller banks with less than $10 billion in assets would get a temporary reduction in how much capital they need on hand to meet regulators’ requirements, from 9% to 8%.
• An inspector general would oversee $500 billion in loans that the Treasury Department would distribute to industries affected by the pandemic, and a new, five-person congressional committee would conduct oversight of the federal government’s spending on the COVID-19 response. Both oversight provisions were added to the Senate bill after Democrats demanded them.
• $25 billion in direct grants and up to another $25 billion in loans or loan guarantees to passenger airlines. Cargo airlines like FedEx would get $4 billion in grants and up to $4 billion in loans, and airline industry contractors could get $3 billion in grants.
• Certain airplane manufacturers could be in line for up to $17 billion in loans and loan guarantees because they are critical to maintaining national security. Most if not all of this will be targeted to Boeing.
• The auto industry can tap into a $1 billion fund through the Defense Department to invest in manufacturing to increase production of medical protective gear. The car companies can make masks and ventilators to protect health care workers and treat patients.
• Businesses controlled by President Trump and his family, including son-in-law Jared Kushner, would be banned from receiving loans or investments from programs in the bill. The rule would also apply to Vice President Mike Pence, Congress and heads of federal departments, including their children, spouses and in-laws.
• $370 billion for the Small Business Administration to help small businesses keep paying workers; banks are the primary conduit for those loans, and would earn fees for doling them out. That could provide a revenue bump for the banking industry.
• The bill would make SBA loans available to small businesses to help them cover expenses like payroll, rent, mortgages and utilities.
• Retail workers who lost their jobs because of store closures would be able to receive unemployment insurance to replace 100 percent of their pay for four months. Retailers would also be able to tap into the $450 billion in loans to companies that were hurt by coronavirus. Companies who retain their workers wold be able to get a tax break.
• An additional $150 billion for hospitals, including $100 billion in grants that can be used by nursing homes, hospitals, clinics and other providers scrambling for medical supplies such as masks, gloves and ventilators.
• $400 million for states to prepare for the 2020 election, aimed to make it easier for states to move toward voting by mail or early voting. It does not require states to participate and is more than double the $140 million in an earlier version of the bill.
• $25 million for the John F. Kennedy Center for the Performing Arts in Washington, DC, to keep the facility up and running and ensure that the federal employees who work there stay on the job.
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