Congress today agreed and passed an economic stimulus plan to offer assistance to millions of Americans affected by the coronavirus pandemic. The $2 trillion dollar bill includes payments to individuals, lengthened and expanded unemployment coverage, student loan changes, new retirement account rules and much more.
President Trump signed the historic $2 trillion economic recovery package into law late this afternoon, shortly after the House of Representatives approved the bill.
The legislation, which had bi-partisan support in both the Senate and the House, is known as the CARES Act and is the third aid package from Congress this month that directly addresses the growing pandemic.
“My top priority during this pandemic is getting Hudson Valley families and small businesses the help they need – quickly and efficiently.
“This bipartisan bill is unprecedented in size and scale, and is like no other stimulus or relief package ever passed by Congress. It will send direct cash payments to millions of New Yorkers, expand unemployment and forgivable small business loan programs, and get urgently needed supplies to our hospitals and clinics on the frontlines". Sean Patrick Maloney (D/NY-18).
"This is an emergency, a challenge to the conscience as well as the budget of our country, and every dollar that we spend is an investment in the lives and the livelihood of the American people," House Speaker Nancy Pelosi, D-Calif., told reporters on Thursday.
House of Representatives Minority Leader Kevin McCarthy also lauded the plan.
"This is not another day in Congress; this is a time when we have to come together to deliver results," McCarthy, R-Calif., said.
Some of the items in the package include:
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$260 Billion in Expanded Unemployment Benefits: The CARES Act includes numerous provisions to improve unemployment benefits for laid-off or furloughed New Yorkers, including providing an additional $600 per week for the next four weeks, providing an additional 13 weeks of federally funded benefits, and expanding eligibility to include New York workers in the gig economy and self-employed workers.- Direct Cash Payments to New York Individuals and Families: The CARES Act provides direct cash payments of $1,200 for individuals, plus $500 for each child, which begins to phase out at an annual income of $75,000 (through $99,000) for an individual and $150,000 for a household. These payments will provide New Yorkers with the cash they need right now and kickstart the economy.
- Nearly $200 Billion for Hospitals, Community Health Centers, and Equipment for Health Care Workers: The CARES Act provides an investment of about $200 billion in our hospitals, health systems, and health research, including expanding funding for the personal protective equipment desperately needed by our health care workers, including ventilators, masks, gowns, gloves, etc., and grants to expand telehealth medicine.
- Forgivable Loans and Disaster Grants for Small Business Owners: New York’s Small Businesses make up 99.8% of business in the state. The CARES Act provides more than $377 billion in relief for these small businesses and nonprofits, including $349 billion for forgivable loans to small businesses to pay their employees and keep them on the payroll; $17 billion for debt relief for current and new SBA borrowers; and $10 billion in immediate disaster grants.
- $4.35 billion to New York in Transportation Funds: $3.8 billion of those funds will be used for exclusively for the MTA, which has seen steep declines in ridership and expensive sanitation efforts related to COVID-19. Amtrak will receive approximately $1 billion to meet funding needs after a decline of ridership on the Northeast Corridor and long-distance routes due to COVID-19.
- Expanded Access to Food, and Support for Hudson Valley Farmers: The CARES Act expands nutrition assistance programs like SNAP, the Children Nutrition Program and The Emergency Food Assistance Program (TEFAP) by $15 billion, and provides $9.5 billion in emergency funds to support agriculture producers impacted by the pandemic.
- Increased Funds for the Department of Veterans Affairs (VA) and the National Guard: The CARES Act dedicates $19.5 billion to the VA for Personal Protective Equipment (PPE), direct medical care and telehealth medicine support. The bill also provides the National Guard with funds to support hard-hit states like New York, where approximately 2,200 members of the National Guard have already been activated to help hospitals and local governments.
- Additional Emergency Appropriations: including increased funds for the Strategic National Stockpile, which houses badly needed medical equipment and respirators; homelessness grants, education funds for students now learning remotely, childcare grants, and election grants.