The Relief Bill Known as the CORNOAVIRUS AID, RELIEF and ECONOMIC SECURITY (CARES) ACT is on Its Way.
Earlier this week on Tuesday, Senator Mitch McConnell said, “I believe we are on the 5-yard line”, today with the CARES ACT bill being passed through the senate on a 96-0 vote, I believe we are inches away from this emergency relief being signed. The Senators have called this an emergency action because of the urgent need to combat this unforeseen coronavirus. President Trump has done a great job with his National Emergency declaration as well as the other measures he took to increase testing and PPE supply however only a stimulus bill would help the economy rebound and continue the fight against the Wuhan Virus
This bill aims to provide relief to the millions of affect Americans who have had to be locked up in their own house not being able to go to work even if they wanted to.
This Bill allocated 1.275 trillion dollars to specific avenues to combat the economical and health-related destructions that the Wuhan Virus (aka. Coronavirus, COVID-19, Chinese Virus) has caused. These allocations are as follows:
- $500 Billion Grant to hard-hit industries and corporation such as airlines
- $350 Billion for Small-Business Loans
- $250 Billion for what the bill calls expanded unemployment, commonly referred to as a stimulus check
- $130 Billion to the hospitals and vital health systems
- $45 Billion for Federal Emergency Management Agency (FEMA)
Millions of Americans will directly receive a portion of the $250 Billion allocations and indirectly from the stimulus that many companies will receive. Adults making up to $75,000 a year will get a one-time payment of $1200 and married people will be able to receive $2400 if they together make up to $150,000. Additionally, married couples will get $500 per child.
2.2 TRILLION DOLLARS OF RELIEF
The CARES act is being reported as a 2 Trillion dollar stimulus bill and the White House estimates it will be around $2.2 Trillion because the other $700-900 Billion will be allocated as a relief fund in various ways. After all, the Wuhan Virus is a developing situation. The additional money has a lot of restrictions so that it can’t be used for unrelated purposes or for political opportunism such as the bill addition that House Speaker Pelosi tried to force in. One of her proposals was a $400 million grant so that states implemented voting by mail and took away basic voter ID requirements. The Emergency Relief was initially supposed to be signed over the weekend however Pelosi and other Democrats attempted to add additions that weren’t specifically related to the emergency such as large funds for museums and liberal art institutions during this crisis. Both sides did come to a compromise in which the Republican majority was able to negotiate for smaller grants such as $75 million for the National Endowment for the Humanities, $25 million for Washington’s Kennedy Center for the Performing Arts, and $13 million for Howard University. The later being a coronavirus treatment center, an important research hospital, and a significant part of the Washington DC’s health care infrastructure.
The Republican Senator Marco Rubio authored most of the small business loans portion of the bill which does put some restrictions on what qualifies and the wording disqualifies the organization Planned Parenthood that aborts over one-third of a million babies a year.
The Democrats claimed that they stalled the bill because it gave corporations free money. The $500 billion fund will be used to make sure that these large industries such as the airlines can remain functional and retain hundreds of employees through this Wuhan Virus situation. Companies such as Boeing are as important to many workers as it is to the national interest because Boeing builds planes for the US military. What many on the left call “free money” is the same type of allocation that some liberal institutions will receive, basically it is a grant that is given with the instructions that the company use the funds to help the US economy and support its employees and cover its financial loses.
There are a lot of incentives that the Republicans included such as a tax credit that will provide could potentially be around $50 billion in total to companies that hold on their employees and at least cover half of the employees’ salaries. Employers can waive the social security payroll tax.
Next Step: Passing in the House
After the Senate voted 96-0, the next step is a house vote and then the bill will be on President Trump’s desk and he said he will sign it to help the US Recover. This relief bill is something that will help heal the damage that the Wuhan Virus has caused as well as fight the virus. It has taken the senate longer than it should have for an emergency bill because many other nations such as Germany have already committed over 1.1 trillion dollars. While Italy, Spain, and France are already rolling out their financial stimulus programs. The US might also follow suit with suspending some mortgage payments as Italy did or other stimulus packages Soon since this Wuhan virus at the moment has not hit its peak on the curve yet. Hopefully, there will be continued bi-partisanship in the US Senate so that we don’t have delays such as the one the democrats caused over this bill.
Sources https://apnews.com/edd230801c0e181169915e67b1fd64c6 https://www.documentcloud.org/documents/6819239-FINAL-FINAL-CARES-ACT.html