While it will take some time to sort through all the pork contained in the massive $2 trillion coronavirus legislation negotiated between the Trump administration and Congressional leaders early Wednesday, here are some of the major provisions via Bloomberg.
The bill – which still needs to be passed by the Senate and the House – provides direct help to citizens, businesses, hospitals and state and local governments. According to the report, a vote could come in the Senate as soon as today.
According to Senate Minority Leader Chuck Schumer (D-NY), checks would be cut April 6.
Key provisions via Bloomberg:
- 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, including $10 billion in SBA grants of up to $10,000 for small business costs, and $17 billion for SBA to cover six months of payments for businesses with current SBA loans.
- 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.
Unemployment insurance would be extended to four months, and increased to $600 per week. More workers will be eligible for coverage.
There will also be $30 billion in emergency education funding, $25 billion in transit funding, and $30 billion for the Disaster Relief fund.
- Any company receiving a government loan would be subject to a ban on stock buybacks through the term of the loan, plus an additional year.
- Executive bonuses will be limited.
- Steps to safeguard workers must be taken, and a tax credit will encourage employers to keep workers on the payroll.
- A ban on funds for any company controlled by President Trump or his children, as well as any owned by Vice President Mike Pence, any members of Congress, or heads of executive departments. It will extend to companies controlled by their children, spouses, or in-laws according to Bloomberg
from Zero Hedge