Senate Republicans Release “Phase Three” COVID-19 Stimulus Proposal
On March 19, Senate Majority Leader Mitch McConnell (R-KY) released an economic stimulus bill to fight the coronavirus’s fallout, the Coronavirus Aid, Relief, and Economic Security Act. The proposed plan includes four priorities: direct financial help for the American people; relief for small businesses and their employees; steps to stabilize the economy and protect jobs; and more support for health care professionals and patients who are fighting the coronavirus pandemic. Among the direct help for individuals is $1,200 for individuals who make up to $75,000. It also includes an additional $500 for a child. The bill would delay the deadline to file 2019 taxes from April 15 to July 15 of this year.
The draft bill also includes $208 billion in loans for major industries that have been impacted by the coronavirus, including up to $50 billion for airlines, $8 billion for cargo air carriers and $150 billion for “other eligible entities.” The package sets aside $300 billion for small businesses. Under the loan structure, the loans would be forgiven if the businesses maintain their payroll. They could also use the loan to cover things like paid sick leave and mortgage payments. Find the full bill here.
President Trump Signs Families First Coronavirus Response Act
On March 18, President Trump signed into law the Families First Coronavirus Response Act, an economic relief bill that provides paid sick and family leave for U.S. workers impacted by the illness, expands unemployment assistance, includes nutrition assistance and increases resources for testing. The Senate approved the bill the same day, 90-8, before forwarding it to the president’s desk. Find the final bill here.
Read more in McGuireWoods Consulting’s Washington Healthcare Update.