What's in the nearly $2 trillion U.S. Senate coronavirus stimulus?

Mar 25, 2020

This article is published in collaboration with Reuters

A lone man walks in the rain in a mostly deserted Times Square following the outbreak of Coronavirus disease (COVID-19), in the Manhattan borough of New York City, New York, U.S. Coronavirus china virus health healthcare who world health organization disease deaths pandemic epidemic worries concerns Health virus contagious contagion viruses diseases disease lab laboratory doctor health dr nurse medical medicine drugs vaccines vaccinations inoculations technology testing test medicinal biotechnology biotech biology chemistry physics microscope research influenza flu cold common cold bug risk symptomes respiratory china iran italy europe asia america south america north washing hands wash hands coughs sneezes spread spreading precaution precautions health warning covid 19 cov SARS 2019ncov wuhan sarscow wuhanpneumonia pneumonia outbreak patients unhealthy fatality mortality elderly old elder age serious death deathly deadly

The U.S.A. has been heavily affected by the pandemic. Image: REUTERS/Carlo Allegri

David Shepardson

Reporter, Reuters

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The U.S. Senate has been debating a $2 trillion emergency package, that aims to counter some of the economic damage the COVID-19 pandemic will cause.
The package includes measures such as loans for small businesses, liquidity assistance and financial aid for hospitals, as well as others.

The U.S. Senate has been negotiating a nearly $2 trillion emergency bill that aims to counter some of the economic toll of the coronavirus pandemic.

The talks were still in flux after Democrats pushed back against initial Republican drafts of the bill, and officials in both parties said final numbers would be known only after disputes are resolved.

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Below are some details under negotiation, which would need to be passed by the Republican-controlled Senate and the Democratic-controlled House of Representatives before going to President Donald Trump for his signature:

About $500 billion in direct payments to people, in two waves of checks of up to $1,200 for an individual earning up to $75,000 a year. Additional payments for families with children could push the total to $3,000 for a family of four, according to Treasury Secretary Steven Mnuchin, who has played a key role in the negotiations.
Up to $500 billion in “liquidity assistance” for distressed industries. The amount allocates up to $61 billion for passenger and cargo airlines and contractors, including $32 billion in grants and $29 billion in loans, people briefed on the matter said.

A senior administration official said there was agreement the $500 billion fund should have an inspector general as well as an oversight board, with lawmakers selecting members of the board.

U.S. Secretary of the Treasury Steven Mnuchin walks to a meeting during negotiations on a coronavirus disease (COVID-19) relief package on Capitol in Washington, U.S., March 24, 2020. Coronavirus china virus health healthcare who world health organization disease deaths pandemic epidemic worries concerns Health virus contagious contagion viruses diseases disease lab laboratory doctor health dr nurse medical medicine drugs vaccines vaccinations inoculations technology testing test medicinal biotechnology biotech biology chemistry physics microscope research influenza flu cold common cold bug risk symptomes respiratory china iran italy europe asia america south america north washing hands wash hands coughs sneezes spread spreading precaution precautions health warning covid 19 cov SARS 2019ncov wuhan sarscow wuhanpneumonia pneumonia outbreak patients unhealthy fatality mortality elderly old elder age serious death deathly deadly

U.S. Secretary of the Treasury Steven Mnuchin, walking into a meeting about COVID-19 relief package. Image: REUTERS/Al Drago

Also, the Treasury secretary would have to provide testimony to the board on transactions, and there would be restrictions on things like stock buybacks and chief executive pay at companies that received help.

Some $350 billion in loans to small businesses, according to Republican Senator Marco Rubio, chairman of the Senate Small Business Committee.
Up to $130 billion for hospitals. Republicans said on Monday they have agreed to $75 billion. Hospitals sought $100 billion, and Senate Democratic leader Chuck Schumer said on a conference call Tuesday he believed Democrats had secured $130 billion, according to a person familiar with the call.
Some $250 billion for expanding unemployment insurance. Republicans say they agreed to that in response to Democratic demands.
Over $10 billion for drug development, and $4 billion for masks, gloves, gowns and ventilators, Republican Senator Steve Daines said.
Schumer expressed confidence that Democrats had secured $150 billion for state and local governments, the person familiar with the call said.
The White House has proposed $45.8 billion for federal agencies; both Democrats and Republicans want more.
House Speaker Nancy Pelosi, a Democrat, unveiled her own lengthy, $2.5 trillion proposal on Monday. It included billions to help states conduct elections by mail.

Pelosi’s bill also would make coronavirus treatment free for patients, and raise the direct cash payments to individuals to $1,500 each instead of $1,200 as in the Senate plan.

Pelosi’s proposal has $500 billion in grants and loans for small businesses, $200 billion for state governments, $15 billion for local governments, $150 billion for hospitals, and $60 billion for schools and universities, a Democratic summary said. It has $61 billion in grants and loans for airlines, but requires air carriers receiving aid to cut their carbon emissions in half by 2050, the summary said.

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