Analysis of COVID-19 Stimulus Bill

I received a legislative update and analysis from the Dallas Regional Mobility Coalition (a board that I serve on) on the stimulus package passed by the federal government. A section by section breakdown is linked here: SECTION BY SECTION ANALYSIS COVID-19 STIMULUS BILL

Summary:

“Today Congress approved and the President signed the $2 Trillion Stimulus Package.  The federal government has passed a $2 trillion stimulus package — the largest in American history —  aiming to implement the bill’s provisions within weeks. The deal includes $250 billion for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits, and $500 billion in loans for distressed companies.

The plan would more than double the $800 billion appropriated in 2009 to prevent the so-called Great Recession from spiraling into depression. Under the deal, the federal government would begin cutting checks to American taxpayers at a rate of $1,200 per adult and $500 per child, with payments phasing out at individual incomes above $75,000. The package also includes a $150 billion coronavirus relief fund for state and local governments, offers up $55 billion to boost hospitals, and includes additional tens of billions of dollars in emergency funding for schools and transit.

Unemployment insurance would be extended from six months to more than nine months. For those who lose their jobs due to the coronavirus, they would receive an additional $600 per week on their unemployment check. Currently the maximum benefit in Texas is $521 per week.

Businesses with fewer than 500 employees would be eligible for $300 billion in business interruption loans from the Small Business Administration. The loans are capped at $10 million per business and would be forgiven if the business meets certain conditions, such as not laying off their workers. The loans can be used to pay staff and make mortgage and utility payments. The package also includes $10 billion for small business emergency grants of up to $10,000 to cover operating costs. And it includes $17 billion for the SBA to cover six months of payments for small businesses with existing loans.

For large businesses, the stimulus package provides $500 billion in secured loans to affected business. Airlines would receive at least $25 billion of that, and $17 billion would be set aside for companies deemed critical to national security. The remaining $454 billion would be available to other affected industries.”

Stay safe, healthy, and take care of each other.

Keely Briggs

Denton City Council Member – District 2