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Where it Stands

By Patrick Van Roy On March 25th, 2020

Exact details of all the provisions in the historic bill are yet to be revealed, but major parts have been leaked. Here’s what the rescue package provisions:

  • $250 billion will be set aside for direct payments to Americans, reports CNN.
  • From this sum, direct payments of $1,200 will be given to adult Americans who make $75,000 or less in adjusted gross income. Another $500 will also be given for each child in a family.
  • Another $250 billion will be used to bolster unemployment benefits. Unemployment insurance will be extended to four months, reports Bloomberg. Weekly benefits will rise by $600 as well and more types of workers will be covered under the unemployment insurance scheme.
  • $130 billion will go to the hardest-hit hospitals.
  • Cash-strapped state and local governments will also be able to draw from a $150 billion pot set aside for them.
  • $350 billion will be made available as loans to small businesses.
  • Another $500 billion will be available for loans to “distressed companies.”
  • 10%, or $50 billion of that amount, will go to the airlines.

But along with the money being made available, Senate Democrats won significant concessions from the White House and Senate Republicans in the form of restraints on corporations and oversight of the funds. Specifically:

  • Companies that receive a government loan will not be allowed to buy back stock during the time the loan is outstanding and until one year after it is paid back, reports Bloomberg.
  • Those companies will also have to limit executive bonuses.
  • The terms of the loans would also need to be made public by the Treasury.
  • The deal also excludes companies owned by President Trump or his family from accessing the loans.
  • Companies owned by Vice President Mike Pence, any member of Congress, or a head of any executive department are also banned from receiving loans.

While the Senate has agreed on the package, it still needs to be voted on, which is expected to happen later today. Then the stimulus package will be sent to the House where it must pass before it can be signed into law by the president.

33 Responses to “Where it Stands”

  1. Trump’s hotel business in some cases were doing very badly before the virus

    I would think it good that senior federal officials not benefit from this package.

  2. Also…

    many of the businesses with the Trump brand out front have long been owned by others.

    I imagine those businesses won’t be excluded in what is likely to be a finely crafted wording that looks better than it really is?

  3. If Trump had just put everything into a blind trust like he was supposed to then this wouldn’t be an issue.

  4. Good job President Pelosi

  5. On the face of it it looks immediately sufficient although I’d still wonder what happens to American workers, their families and homes when the unemployment provision expires. I’d think that the financial effect of this is going to last longer than some 39 weeks.

    Good job President Pelosi

    Yes Frank, the Dem stipulations were legitimate, appropriate & correct.

  6. something for everyone in the package, good result .
    free money , spend it wisely
    USA is a debt country , what’s another couple of trillion

  7. Whatever Corona may or may not be, it pales into insignificance against the greater priority of on-going immigration:

    https://freewestmedia.com/2020/03/22/germany-still-welcomes-asylum-seekers-despite-covid-19/

    The Federal Ministry of the Interior told Berlin weekly Junge Freiheit that here are exceptions for goods traffic and commuters… and for asylum seekers.

    Germany has been manning its borders with France, Switzerland and Luxembourg since the beginning of the week. No other EU member can enter the country without good reason, but asylum seekers are still welcome.

    And, of course, Sweden…..

    https://europe.infowars.com/sweden-announces-travel-ban-asylum-seekers-exempt/

    “EU Member States have supported a call from the Commission to take measures to temporarily halt unnecessary trips to the EU,” the Swedish government explained in an statement.

    “The purpose is to mitigate the effects of the coronavirus. The coronavirus is an international concern that requires coordinated action. The Government has therefore decided to heed the call and issue a temporary entry ban in line with the Commission’s recommendations.”

    A variety of exemptions are in place, enabling passage for health care professionals, personnel transporting goods, aid workers, as well as “persons in need of international protection or who have other humanitarian reasons.”

    “The right to asylum is not affected by the decision,” the government’s statement makes clear.

    and the UK…..

    https://www.breitbart.com/europe/2020/03/23/uk-charities-demand-government-support-illegal-migrants-through-pandemic/

    The Migrants’ Rights Network and over 50 other “charities” have penned an open letter demanding state support and accommodation for between 800,000 and 1.2 million illegal migrants through the coronavirus pandemic.

    One of the illegal migrants the open letters concerns spoke to the left-wing Guardian newspaper about his situation, complaining that “Every place where we got support is closed now.”

    The 30-year-old Eritrean, who remains in the country despite his asylum claim having been rejected as bogus, said a friend “gave me a bike because I have no money for bus fares,” and claimed he was “cycling round everywhere looking for food… I’m not worried about coronavirus, I will accept whatever comes into my life with the virus. But I am worried that I will die from hunger.”

  8. kurt, on March 25th, 2020 at 4:44 PM Said:

    something for everyone in the package, good result .
    free money , spend it wisely
    USA is a debt country , what’s another couple of trillion

    Good comment – it says everything 🙂

  9. Kurt

    I don’t know what we’re supposed to spend it on in a lock down situation. I tried to get my Cadillac washed today but everyone is closed. Oh the humanity! What am I supposed to do, wash the damned thing meself! 🙂

  10. Buy a nice dinner from a good takeout restaurant

  11. The White House and Senate leaders reached a deal in the middle of the night for a massive stimulus package to bolster the economy during the Coronavirus outbreak.

    The package will reportedly contain aid for both workers and businesses. Hospitals will also receive significant funding.

    But Speaker Pelosi has no urgency whatsoever because she doesn’t care about the American people suffering.

    Pelosi delayed the vote on the Senate’s stimulus bill until Thursday because the Democrats have to review the provisions in order to make their decision.

    “House Democrats will now review the final provisions and legislative text of the agreement to determine a course of action,” Pelosi said.

    According to reports, the House was only in session for 3 minutes Wednesday morning and gaveled out.

    “Senior sources say House won’t meet again later today,” Fox News’ Chad Pergram said.

  12. I’ve been doing that Phantom. I’m trying to support non chain restaurants. One is offering 50% off cards for when (and if) they reopen. It’s a win-win.

    On line school is not going well for my granddaughter. The site keeps crashing. My wife and I have a new respect for home-schoolers.

  13. Doing a lot of that

    Early lunch was a pizza from a local place

  14. Even chain places like Dunkin are owned by local small businessmen

    I am supporting them

  15. Patrick,

    You expect them to vote and pass a $2 trillion stimulus package without reading the thing?

  16. Phantom, on March 25th, 2020 at 5:17 PM Said:
    Doing a lot of that
    Early lunch was a pizza from a local place

    You might wish to start eating healthy stuff?

    😏

  17. The voice of perfection speaks

  18. Says Mr Perfection himself.

    😏

  19. lol the effrontery charles, what next, gonna have to wipe yer own backside # shock horror 🙂

    in other stunning news uk

    About 400,000 people volunteer in the UK to help the NHS cope with vulnerable people

    wow, we are a benevolent nation , by and large ..

  20. Senate Democrats won significant concessions …

    – Companies that receive a government loan will not be allowed to buy back stock during the time the loan is outstanding and until one year after it is paid back, reports Bloomberg.
    – Those companies will also have to limit executive bonuses.
    – The terms of the loans would also need to be made public by the Treasury.
    – The deal also excludes companies owned by President Trump or his family from accessing the loans.
    – Companies owned by Vice President Mike Pence, any member of Congress, or a head of any executive department are also banned from receiving loans.

    They are not “concessions”. They are reasonable conditions. Enabling corporate graft and white collar welfare is not a priority right now. People are suffering and worried. The pinstripes can share the load.

  21. After two weeks of lock down you’ll have the cleanest Caddi in Texas Charles.

    As for home schoolers, my wife’s a primary school teacher and she sent this vid to me:

    https://twitter.com/FionaMulvaney1/status/1241416329921527810

  22. They are not “concessions”. They are reasonable conditions.

    Contrast these with the toxins that Dems were attempting to load into legislation, as shown by Patrick yesterday

  23. Pete Moore

    “They are not “concessions”. They are reasonable conditions. Enabling corporate graft and white collar welfare is not a priority right now. People are suffering and worried. The pinstripes can share the load.” Very well stated. I totally agree.

  24. I totally agree

    Me too. That’s the third time this week I’ve agreed with Pete!!!

  25. me too
    in contrast to dear patrick , who must be shaking his head lately and muttering
    “Monica, they don’t get it , they just don’t get it ” lol

  26. no Kurt I don’t mutter or sulk or even shake my head I understand that the majority of you are just typical leftists…. in other words not very bright.

  27. Actually there is minimal leftist presence on this site

    People may have different positions but I see very little that is truly left at any time here

  28. “you are just typical leftists…. in other words not very bright”

    oh dear, its going well is it pat ? lol

    they just don’t get it Monica 🙂

  29. Seamus since Friday when she derailed the first bill she has known what’s in and has tried to add a bunch of christmas in march bullshit to it.

    The reason for the delay is not to read it, but to gather her flock to add everything she can again. This Bill will not pass Thursday they will reject it, stuff it full of crap and send it back to the Senate….

  30. They are not “concessions”. They are reasonable conditions.

    They are reasonable conditions won by the Democrats. If the bill had passed without changes it would have been another crony-capitalist bean feast, just like the 2018 tax cut which was predictably splurged on dividends and share buy-backs and bonuses.

  31. – Kennedy Center: $25,000,000

    – National Endowment for the Humanities (whatever the fuck that is) $75,000,000

    – Migration and Refugee Assistance (illegal aliens) $350,000,000

    – Raise for Congress

    Congress is an organized crime syndicate

  32. Those things would have zero to do with addressing the crisis and those who proposed it should be condemned by all

  33. Patrick

    Just for the record, do you agree that the bill was improved by the “reasonable conditions” or are you with the GOP crony-capitalist groupies, i.e. the prohibition on share buy-backs is a commie outrage and there should have been no restrictions whatsoever on fat-cat bonuses? I’m asking because I cannot recall you ever criticising those things, like as in ever ever ever.