Trump Signs Massive Federal Coronavirus Aid Package
As reported in Roll Call, a leading provider of congressional news, legislative tracking and advocacy services, President Donald Trump signed the largest fiscal relief measure in U.S. history Friday, just hours after the House cleared the roughly $2.3 trillion package of direct aid to families, businesses, hospitals and states.
The roughly $2.3 trillion package of direct aid to families, businesses, hospitals and states is largest peacetime fiscal relief measure in U.S. history
Financial aid to businesses:
The measure would deliver almost $910 billion in direct assistance to businesses, through a mix of grants and loans.
That includes $454 billion through new emergency lending facilities at the Federal Reserve for larger companies, with states and cities also eligible;
$377 billion in loans to small businesses, much of which won’t need to be paid back if used to maintain payroll;
$61 billion in aid to airlines, more than half of it cash grants; and
$17 billion in loans to companies considered critical to national security if their continued viability is threatened.
Tax breaks for households, companies:
About $590 billion in tax breaks, including the package’s centerpiece tax rebates for individuals and families worth $292 billion. There’s also:
over $200 billion in business deductions for losses and interest expense,
$55 billion in tax credits for cash-strapped firms to avoid job cuts, and
employer payroll taxes due this year would be deferred.
The package would also suspend taxes on passenger tickets, jet fuel and other levies collected by airlines; expand deductions for charitable contributions; let savers withdraw money from retirement funds early without penalty and use health savings and flexible spending account funds for over-the-counter medical purchases without a prescription.
Money for federal agencies, hospitals, states:
Roughly $480 billion to help contain and treat the disease through supplemental appropriations, temporary increases in Medicare and Medicaid payments and funding for community health centers.
Hospitals and other health care providers would get $130 billion, with another $17 billion for veterans health care. There’s $27 billion for stockpiling medical supplies and research and development on vaccines and drug treatments.
States would get $150 billion to refill depleted coffers, while states and localities would get $31 billion for education, $25 billion for public transit systems, and $10 billion would go directly to airports.
Unemployment insurance, nutrition and housing aid:
About $300 billion would flow to laid-off workers and low-income households struggling to pay their bills.
Most of that would be for a new supercharged unemployment insurance regime that will provide an extra $600 a week in jobless aid through July 31, plus extend regular unemployment compensation by 13 weeks after state benefits are exhausted. The package also contains over $40 billion to boost food stamps and school meal programs, child care funding and rental housing assistance.