Bipartisan Deal Reached on Phase 3 Relief Package
Around 1:00 a.m. (today), Senate leaders and the Trump administration clinched a bipartisan deal on a nearly $2 trillion emergency relief package in response to the coronavirus pandemic.
The IRA and other stakeholders are still fighting to ensure that the definition of business (500 or less employees per legal entity) is included in this Phase 3 relief package. Final text of the legislation is expected to be released later this morning.
What is expected in the bipartisan deal:
- $150 billion for a state and local fund
- $130 billion for hospitals, and beefed up unemployment insurance that will give Americans four months-worth of their income if they are furloughed or lose their job due to the coronavirus crisis, according to Sen. Schumer.
- direct payments to qualified individuals and families with checks of up to $1,200 and $2,400, based on income. $500 per child
- $367 billion in federally guaranteed loans for small businesses.
- $500 billion for loans to larger industries
Senate Majority Leader Mitch McConnell vowed that the Senate will pass the bill later Wednesday. Speaker Nancy Pelosi — who is working from Washington while most of the House members are home in their districts for recess — said she hopes to pass the Senate bill via unanimous consent of the chamber, an expedited process to get the massive emergency package to President Donald Trump’s desk for signature before the end of the week. Such an agreement would allow swift passage and keep worried lawmakers away from the Capitol, where the virus is already spreading and infecting a number of lawmakers.
We are close to getting this restaurant relief package passed!
Send a note to Illinois' congressional leaders to keep the pressure on to pass a Phase 3 package that guarantees small businesses and their employees receive the most possible relief.