It has been months since the last Covid stim package….McConnell wanted to wait until after the election and the hope that Trump would win re-election…..that plan did not work out….so now the gutless GOP has a plan for more funds to help out during the pandemic….but who will they help the most?
Senate Majority Leader Mitch McConnell (R-Ky.) is issuing an outline of the latest COVID-19 relief plan.
The legislation would provide additional funding for coronavirus liability relief, unemployment assistance, and the Paycheck Protection Program under small businesses.
But here is what is in this newest plan to save the nation from economic ruin during the pandemic…
- It would set enhanced federal unemployment insurance at 70% of a worker’s previous wages, replacing the $600 per week which states stopped paying out this week.
- The GOP would set the benefit at a sum of $200 per week on top of what recipients would normally receive from states through September, slashing what they got from April through July. In October, the 70% replacement would take effect up to a maximum of $500 per week.
- The proposal would send direct payments of $1,200 and $2,400 to individuals and couples, respectively. It would set the same qualifications as the checks approved in March: the payments started to phase out at an average of $75,000 in income per person, and individuals or couples making an average of $99,000 or more did not receive one. It would offer an additional $500 per dependent of any age.
- The legislation would shield entities such as businesses, doctors and schools from lawsuits, except for cases of “gross negligence” or “willful misconduct.”
- It would set aside $190 billion for Paycheck Protection Program loans. The bill would allow small businesses with fewer than 300 employees that have seen revenue fall by more than 50% to apply for a second round of aid. It would also authorize $100 billion for loans to seasonal businesses and companies in low-income Census tracts that can show revenue reduction of more than 50%.
- The bill provides $105 billion to help schools reopen in the fall. Roughly $30 billion of that amount would go to colleges, according to Senate Health, Education, Labor, and Pensions Chairman Lamar Alexander, R-Tenn. Most of the money would go to schools physically reopening to help them with the costs associated with safely restarting.
- It includes $16 billion to help states boost Covid-19 testing capacity, according to Senate Appropriations Committee Chairman Richard Shelby, R-Ala.
- Shelby said it would put $26 billion toward the development of Covid-19 vaccines and therapeutics.
- The plan includes 100% deductability of business meals, according to Sen. Tim Scott, R-S.C.
- It includes several tax credits, including an enhanced employee retention credit and a credit for expenses such as upgrades to workplaces and testing that help businesses operate safely.
- The bill also authorizes an unrelated $1.75 billion for construction of a new FBI headquarters building in downtown Washington D.C., a short walk from President Donald Trump’s hotel. His company worried plans to demolish the FBI’s current home, the J. Edgar Hoover Building, and move headquarters to the suburbs could allow a competitor hotel to move downtown, according to The Washington Post.
Now the president-elect has done what I thought he would do….jumped on the bandwagon for this stim plan…..
President-elect Joe Biden swung behind a bipartisan COVID-19 relief effort Wednesday and his top Capitol Hill allies cut their demands for a $2 trillion-plus measure by more than half in hopes of breaking a monthslong logjam and delivering much-sought aid as the congressional session speeds to a close. Biden said the developing aid package “wouldn’t be the answer, but it would be the immediate help for a lot of things,” the AP reports. He wants a relief bill to pass Congress now, with more aid to come next year. Biden’s remarks followed an announcement by House Speaker Nancy Pelosi and Senate Democrat leader Chuck Schumer of New York in support of an almost $1 trillion approach as the “basis” for discussions. The announcement appeared aimed at budging Senate Majority Leader Mitch McConnell who so far has been unwilling to abandon a $550 billion Senate GOP plan that has failed twice this fall.
The Democrats embraced a $908 billion approach from moderate Sens. Joe Manchin and Susan Collins among others. It would establish a $300 per week jobless benefit, send $160 billion to help state and local governments, boost schools and universities, revive popular “paycheck protection” subsidies for businesses, and bail out transit systems and airlines. “In the spirit of compromise we believe the bipartisan framework introduced by Senators yesterday should be used as the basis for immediate bipartisan, bicameral negotiations,” Pelosi and Schumer said. McConnell wouldn’t respond when asked about the Democratic statement. His top deputy, Sen. John Thune, said GOP leaders might agree to merging the bipartisan proposal with McConnell’s bill.
What will this do to help the average person?
Just who will this save from economic ruin?
Of course I have an answer for my reader…..
Senate Majority Leader Mitch McConnell on Tuesday began circulating a coronavirus relief proposal whose contents offer so little assistance to the tens of millions of jobless, hungry, and eviction-prone Americans that critics warned the Kentucky Republican is actively working to ensure the U.S. economy remains mired in deep recession as Biden administration takes charge next month.
Described as a “targeted” relief proposal, McConnell’s plan is heavily geared toward providing corporations with immunity from coronavirus-related lawsuits; the offer includes a liability shield that Public Citizen’s Remington Gregg described as “breathtakingly broad.” The Kentucky Republican’s plan also contains a 100% tax deduction for business meals.
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