The stimulus is here and it’s big, reported to be right at a cool trillion dollars. And from that trillion most Americans will receive payments of $1200 from Uncle Sam:
Senate GOP direct cash plan:
—$1,200 check per person
—Phases out starting $75K income
—Lowered $5 for each extra $100
—Add $500 per child
—No $ for incomes $99,000+
—Based on 2018 tax return— Sahil Kapur (@sahilkapur) March 19, 2020
Here’s more…
DC EXAMINER – Senate Republicans on Thursday announced a $1 trillion stimulus plan to combat the economic damage caused by the effort to control the coronavirus.
The measure includes a plan to send $1,200 checks to individuals and $2,400 to couples earning below a certain income to help them survive the economic impact and layoffs caused by the coronavirus.
It also would provide a cash infusion for small businesses, the airline industry, and healthcare providers scrambling to test and treat patients afflicted with the virus.
“This legislation takes bold action on four major priorities that are extremely urgent and very necessary,” Senate Majority Leader Mitch McConnell, a Kentucky Republican, said before introducing the measure Thursday.
Direct Cash Payments…
The cash payments are aimed at middle- and low-income earners.
Individuals who earn less than $75,000 would be eligible for a $1,200 check, while couples under the $150,000 threshold would receive $2,400. Families would also receive an additional $500 for each child. Those earning more would receive a reduced stipend.
The amount is higher than the $1,000 initially proposed by Treasury Secretary Steven Mnuchin and may be an effort to win the necessary support from Senate Minority Leader Chuck Schumer, a New York Democrat, who said $1,000 wasn’t enough.
Small business loans, airlines and “other eligible businesses”…
To prop up small business employment, the proposal includes $300 billion worth of Small Business Administration loans that would convert to grants to the extent that businesses could show the money was used to maintain payroll.
The Republican bill also includes assistance for industries directly threatened by the pandemic, including $50 billion in loans for passenger airlines, $8 billion for cargo airlines, and $150 billion for “other eligible businesses,” which likely includes the cruise ship and hotel industries.
It’s a ton of money and I have no clue how we’ll ever pay for it – along with all the other billions were spending on this coronavirus crisis. But I understand the need for at least some of this money, especially since it’s the government shutting so much stuff down and putting people out of work. And because of that very fact, I’ve no doubt it will pass with flying colors. Almost every Democrat will assuredly vote for it and I expect most Republicans to vote for it too.
If you want to read the full legislative text, it’s here:
Legislative text of the Senate Republican plan: https://t.co/vm90KcpmEk
— Sahil Kapur (@sahilkapur) March 19, 2020