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What’s in the $2 Trillion Coronavirus Stimulus Package the House Just Passed?
Posted
March 25, 2020
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1:06Now PlayingThe House passed the massive spending plan on a voice vote. The economic aid measure is to be sent quickly to Trump for his signature later in the day.
House leaders thwarted Republican Thomas Massie of Kentucky’s effort to force a roll call. Leaders ensured that a quorum of more than half of the House’s members were present and refused to support Massie’s request for a recorded vote. A roll call would have taken much longer than usual because members would have entered the chamber only 30 at a time, to maintain social distancing.
The bill was passed after more than three hours of House debate.
Here are some of the provisions.
Big Businesses: About $500 billion can be used to back loans and assistance to companies, including $50 billion for loans to U.S. airlines, as well as state and local governments.
Small Businesses: More than $350 billion to aid small businesses.
Hospitals: A $150 billion boost for hospitals and other health-care providers for equipment and supplies.
Individuals: Direct payments to lower- and middle-income Americans of $1,200 for each adult, as well as $500 for each child. Senate Minority Leader Chuck Schumer said checks would be cut April 6.
Unemployed: Unemployment insurance extension to four months, bolstered by $600 weekly. Eligibility would be expanded to cover more workers.
Restrictions on Business Aid: Any company receiving a government loan would be subject to a ban on stock buybacks through the term of the loan plus one additional year. They also would have to limit executive bonuses and take steps to protect workers.
Transparency: The Treasury Department would have to disclose the terms of loans or other aid to companies, and a new Treasury inspector general would oversee the lending program.
Democrats: Won language that would bar any business owned by President Donald Trump or his family from getting loans from Treasury. Businesses owned by members of Congress, heads of executive departments and Vice President Mike Pence also would be blocked.
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