Senate Passes $2 Trillion Coronavirus Relief Bill

On one hand, great. On another, wait, what?

Senate unanimously passes $2T coronavirus stimulus package

The Senate unanimously passed an approximately $2.2 trillion stimulus package late Wednesday night in an effort to jumpstart an economy decimated by the coronavirus pandemic.

The bill provides aid for workers, small business and industries impacted in recent weeks by the virus.

Senate Majority Leader Mitch McConnell (R-Ky.) compared the efforts by Congress to combat the coronavirus to being on a “war-time footing.”

“This is not even a stimulus package. It is emergency relief. Emergency relief. That’s what this is,” McConnell said Wednesday afternoon ahead of the vote. (snip)

The wide-reaching bill includes a $1,200 one-time check for individuals who make up to $75,000. That amount would scale down until it reached an annual income threshold of $99,000, where it would phase out altogether.

It also provides $377 billion in small business aid, would defer federal student loan payments through Sept. 30, 2020, and would prevent money given under the bill to the Pentagon to be transferred to the border wall.

Americans are being encouraged to “social distance” and some states have enacted wide-ranging orders to try to prevent the spread of the disease. To help address those changes, the bill also provides $100 billion for hospitals and $200 billion for other “domestic priorities,” including child care and assistance for seniors. (snip)

The unemployment provision wasn’t the only issue still being ironed out on Wednesday. Appropriators disclosed on Wednesday afternoon that they had agreed to include more than $15 billion in new Supplemental Nutrition Assistance Program (SNAP) funding, which was a huge priority for House Democrats.

Negotiators also worked through the night Tuesday to finalize the language on the hundreds of billions in aid for impacted industries. The 700-plus page bill includes a $500 corporate liquidity fund to corporations; $25 billion would be set aside for U.S. airlines, $4 billion for air cargo carriers and $17 billion for other distressed companies related to critical national security.

As far as deferring student loans, how will they pay them in September, when no one is working and making money? Heck, how do people pay their mortgages and car payments?

The bill now heads to the House, where lawmakers will try to pass the bill on Friday. Leadership wants to pass the bill without having to bring all members back to Washington, D.C., meaning they could either pass it by consent or a voice vote.

House Majority Leader Steny Hoyer (D-Md.) announced on Wednesday night that they would try to pass it by voice vote on Friday.

On the plus side, it will be hard for the House to add all sorts of Modern Socialist pork if they are doing this with quite a few if not most not actually in the House chambers. Anyhow, who qualifies for the check?

(Fox News) People who file their taxes as individuals are eligible for payments up to $1,200, but that decreases for people who earn more than $75,000 a year. The bill says that the payment is reduced by five percent of every dollar above that mark, or $50 for every $1,000 above $75,000. (snip)

Payments, according to the bill, will be made “as rapidly as possible” and no later than Dec. 31, 2020. They will be made via direct deposit to an account that the person has authorized for tax refunds or federal payments on or after Jan. 1, 2018.

Notice will be sent to the person’s last known address within 15 days of payment informing them of the method and amount of payment. A phone number will also be provided so people can call the IRS in the event they did not receive it.

What of the people who have not provided an account? A goodly chunk in my business end up owing, because of several factors. The IRS doesn’t have my bank account. So, now what? And people may not get this money till December 31? It’s not even April yet. People are hurting.

None of this will matter if people aren’t working. And $1200 will last a couple weeks, tops.