To paraphrase the infamous late Illinois U.S. Sen. Everett Dirksen, “a billion here, a billion there, pretty soon, you’re talking real money.”
U.S. Sen. Charles Schumer (D-NY) formally announced, today, the expected passage of the latest COVID-19 emergency package he directly negotiated, delivering $40 billion+ dollars to the state, city, and its citizens.
In reaching an agreement, the Senate will help New York address the coronavirus crisis, support local communities, and most importantly put workers first, said Schumer.
“This is not a moment of celebration but rather one of necessity,” said Schumer.“The more than $40 billion dollars of additional help on the way to New York is essential to save lives, preserve paychecks, support small businesses, ensure public transit and much more.”
Among the measures in the relief package includes $15 billion out of $260 billion nationally for what Schumer termed ‘Unemployment Insurance (UI) on Steroids.’ It includes for the first time that non-traditional employees like freelancers and gig workers will now be eligible for unemployment.
Additionally, the extended and expanded UI program under the agreement increases the maximum unemployment benefit amount by $600 per week above one’s base unemployment compensation benefit and ensures that workers who are laid-off or out of work, on average, will receive their full pay for four months, a full quarter. It also includes and $2,400 for couples.
Other highlights of the spending plan that Schumer hammered out with the Trump Administration and U.S. Senate Majority Leader Mitch McConnell (R-KY) include:
· 4 months of more unemployment insurance instead of 3 months.
· $55 billion increase in the Schumer Marshall Plan for our Health Care System.
· $150 billion for a state and local Coronavirus Relief fund.
· $10 billion for SBA [Small Business Administration] emergency grants of up to $10,000 to provide immediate relief for operating costs once a small business or non-profit has applied for an Economic Injury Disaster Loan.
· $17 billion for SBA to cover 6 months of payments for small businesses with existing SBA loans.
· $30 billion in emergency education funding and $25 billion in emergency transit funding.
· $30 billion for the Disaster Relief Fund to provide financial assistance to state and local governments, as well as private nonprofits providing critical and essential services.
· Make rent, mortgage and utility costs eligible for SBA loan forgiveness.
· Ban stock buybacks for the term of the government assistance plus 1 year on any company receiving a government loan from the bill.
· Establish robust worker protections attached to all federal loans for businesses.
· Create real-time public reporting of Treasury transactions under the Act, including terms of loans, investments or other assistance to corporations.
· Add a retention tax credit for employers to encourage businesses to keep workers on payroll during the crisis.
· Provide income tax exclusion for individuals who are receiving student loan repayment assistance from their employer.
· Eliminated $3 billion bailout for big oil.
· Eliminated “secret bailout” provision that would have allowed bailouts to corporations to be concealed for 6 months.
· Saved hundreds of thousands of airline industry jobs and prohibited airlines from stock buybacks and CEO bonuses.
