WASHINGTON - A $2 trillion economic stimulus bill, designed to assist individuals and small businesses hit by the current COVID-19 Coronavirus pandemic, and also believed to be the largest bill of its kind in American history, passed the United State Senate by a vote of 96-0 early Thursday morning, and was sent to the House of Representatives for its vote, which is expected to take place on Friday.
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President Donald J. Trump has said he would sign the bill immediately upon its reaching his desk at the White House.
The bill, according to a report from Cable News Network, contains many important features designed to help both individuals, small businesses, and college students who still owe many thousands of dollars in loans, among other individuals, groups and organizations.
Individuals would receive a one-time cash payment of $1,200, while married couples would receive $2,400, with a bonus of $500 per child under 17. Those with adjusted gross incomes of $75,000 would see reduced payments, while those with $99,000 and over incomes would not receive a payment. The threshold amounts double for married couples. The payments would be received either by check from the United States Treasury Department and the Internal Revenue Service or by direct deposit in a person's bank account.
A date for the payments hasn't ben set as of yet, but indications are that although Apr. 6 has been suggested for the date, the payments would most likely occur in May.
Student loan payments would be suspended through Sept. 30, without penalties for those who still owe for their education. The Department of Education had been planning to allow payments to be suspended for 60 days in an announcement made last week.
Another important part of the bill is increased benefits for unemployed workers. Federal unemployment would be $600 a month for four months, in addition to state unemployment benefits. In addition, workers would be eligible for 13 weeks of extended benefits federally. Currently, states have between 26-28 weeks of benefits for the unemployed. Independent contractors, self-employed workers and gig economy workers, such as drivers for the ride-sharing services Lyft and Uber, for example, would benefit from a pandemic unemployment assistance fund. The fund would help out those who unemployed, partially unemployed or can't work due to the pandemic. Benefits would mirror those found in individual states.
The Treasury Department would also make available a $500 billion loan program, of which $454 billion would be available to states, municipalities and small businesses. Businesses must retain at least 90 percent of their employees from March 24 through Sept. 30. Loans can't last longer than five years, and businesses can't issue any dividends for a year after the loan is fully paid. Special provisions for mid-sized businesses, which employ between 500-10,000 people, and non-profit organizations are included.
However, current elected officials, such as President Trump, Vice President Mike Pence, any head of an Executive branch position, or any member of Congress and their immediate families, are not eligible to participate in the program.
The airline industry, which has been rocked by the pandemic, will receive $25 billion in grants to help pay wages and operating expenses, while cargo airline companies will receive $4 billion in help, via loans or guaranteed loans and $3 billion in grants for airport operations, such as baggage claims, cleaning ant ticketing, among other operations.
A $100 billion emergency fund would be created to help hospitals and health care providers with expenses and lost revenue. Approximately $65 billion of that would go to the hospitals themselves, while the rest would go to doctors, nurses and suppliers of medical equipment. Those who help treat Medicare patients will be getting a 20 percent boost in payments, while a scheduled $8 billion reduction in payments to hospitals is now cancelled.
Housing protection is also a major part of the bill. It would stop foreclosures on home buyers who are having trouble paying their mortgages by giving a 60-day forbearance on a federally-backed loan, retroactive to March 18, while tenants in who live in federally-backed mortgage loan housing can't be evicted for 120 days for failure to pay rent. Additional charges or penalties fees may not be added to the back rent.
Food banks and pantries would also receive $450 billion in assistance for distribution and to buy additional food and other supplies.
In addition, the Real ID rules, which would be required for all residents to board airplanes, has been delayed until Sept. 30, 2021. In other details of the bill, money to help pay to evacuate American citizens abroad, international disaster assistance, refugee assistance, United State diplomatic help and provide assistance for both the National Endowment for the Arts and the Kennedy Center is also provided.
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