Proposed New Bi-partisan Stimulus Package
A bi-partisan group of Congress members has agreed to a $908 billion economic stimulus package. It contains the following:
· $288 billion for small businesses through the PPP
· $160 billion to help state and local governments
· $180 billion for unemployment insurance; this consists of $300 week extra benefits and continuing UI for gig workers
· $16 billion for Covid vaccine distribution
· $82 billion for education
· $45 billion for transportation
· Rental assistance
· Child care
· Broad band
· Temporary, federal liability exemption for businesses
Majority Leader McConnell is still at $500 billion; Speaker Pelosi is at $2 trillion, and Trump’s position is unknown. But communications are happening.
If no action occurs, UI benefits for over 12 million Americans ends after Christmas; evictions and foreclosures are back on, same with payments for student loans. Many other CARES Act provisions expire as well.
This is being characterized as an interim measure with the expectation that the Biden team will have further and different proposals in the new Congress after January 20. It is essential that Congress pass a stimulus measure now; too many people and businesses are hurting very badly and too many protections expire later this month.
Lucien Wulsin
December 1, 2020