Published: Thu, March 26, 2020
Health Care | By Cedric Leonard

Trump's Businesses Won't Get To Use Coronavirus Stimulus Funds, Democrats Say

Trump's Businesses Won't Get To Use Coronavirus Stimulus Funds, Democrats Say

The four Republican senators, however, saw the provision as a key sticking point, with Graham saying at a news conference earlier in the day that "this bill pays you more not to work than if you were working". Here's a glimpse into what the deal will offer.

The package is worth around $2 trillion, which would make it more expensive than the 2008 bank bailout and the 2009 stimulus combined.

"This must be fixed immediately, either by amending the Senate deal to increase SNAP and/or immediately passing a stand-alone bill that does so".

The payments would be scaled down by income and phased out entirely at $99,000 for singles and $198,000 for couples without children. Married couples earning up to $150,000 will receive $2,400 and an additional $500 per each child. Those with no or little tax liability would receive the same check as others.

Earlier this week, Democrats delayed negotiations because they wanted to include more conditions on the loan fund for corporations, more money for hospitals and more generous unemployment benefits.

The historic deal was called "the largest rescue package in American history" by Senate Minority Leader Chuck Schumer.

The bill includes $500 billion for large corporations as the US grapples with a major economic freefall putting it on the verge of a full-blown recession as well as a $367 billion loan program for small businesses and $150 billion for assistance to state and local governments. They also would have to limit executive bonuses and take steps to protect workers.

The terms of the loans would also need to be made public by the Treasury.

Loss of smell could be a symptom of COVID-19
In a previous study , human coronaviruses were identified in the nasal secretions of one of the 24 anosmia patients studied. In South Korea, some 30% of patients testing positive report lost smell as their main symptom in an otherwise mild illness.

10%, or $50 billion of that amount, will go to the airlines.

Companies that receive a government loan will not be allowed to buy back stock during the time the loan is outstanding and until one year after it is paid back, reports Bloomberg. Loans to President Trump's businesses and those of members of Congress, other officials and their families are banned.

Hospitals and health systems across the country are expected to get $130 billion in emergency grants, while billions more would be spent on medical and personal protective equipment.

$150 billion to state and local governments to address spending shortages related to the coronavirus pandemic.

Much of the funding in the massive bill was aimed at tightening the nation's safety net by providing relief to businesses that have been forced to make huge job cuts in recent weeks, as well as cash assistance and enhanced unemployment benefits for Americans facing financial calamity.

Bernie Sanders on Wednesday lambasted Republican senators who had objected to provisions in the $2 trillion coronavirus stimulus package that they said would incentivize unemployment, accusing them of fixating on minor perks for workers amid a crisis.

"In order to protect the safety of Members and staff and prevent further spread of Covid-19 through Members' travel, the Republican Leader and I expect that the House vote on final passage will be done by voice vote", Mr Hoyer wrote in a letter to colleagues.

Pelosi said in a Tuesday interview that she hopes to pass the bill via unanimous consent, a procedure that does not require the lawmakers' physical presence.

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