Coronavirus Relief Bill Hammered Out

Later today the Senate will vote on the $2 trillion coronavirus relief bill that was finally agreed to early this morning. The bill is expected to pass the Senate by a wide margin. The bill reportedly has the following provisions:

Under the plan, people making up to $75,000 a year are expected to receive checks for $1,200. Couples making up to $150,000 would receive $2,400, with an additional $500 per child. The new agreement removed the phased-in provision that would have excluded lower-income Americans from receiving the full benefit.

The payments would decrease for those making more than $75,000, with an income cap of $99,000 per individual or $198,000 for couples.

The bill is also expected to include roughly $100 billion in assistance for hospitals; $350 billion in assistance to small businesses; $500 billion in aid for corporations, including airline companies and cruise lines, that have been hurt by the outbreak; and about $150 billion for state and local stimulus funds.

Unemployment insurance would also be significantly bolstered for four months by increasing payments and extending the benefit to those who typically do not qualify, such as gig economy workers, furloughed employees and freelancers. Specifically, the bill would increase the maximum unemployment benefit that a state gives to a person by $600 per week and according to [Minority Leader Sen. Chuck] Schumer, 'ensures that laid-off workers, on average, will receive their full pay for four months.'"

The bill establishes controls over hundreds of billions in loans to businesses, conditions that were lacking in the original Republican proposal which would have given plutocrat Treasury Secretary Steve Mnuchin and demagogue Donald "Moron Vector" Trump control over how the funds were allocated. Significantly, the bill prohibits not only Trump and his family members from getting a dime in funding, but also bars cabinet members, Senators and members of the House and their families from benefitting from the funding.

Once the bill is passed, it moves to the House, where Speaker Nancy Pelosi is working on options to speed passage, including the preferred path of unanimous consent.