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Highlights of Trump-signed $2.2T economic relief package

President Donald Trump signs the coronavirus stimulus relief package in the Oval Office at the White House on Friday in Washington. (AP Photo/Evan Vucci)

President Donald Trump signs the coronavirus stimulus relief package in the Oval Office at the White House on Friday in Washington. (AP Photo/Evan Vucci)

By ALAN FRAM
Associated Press

WASHINGTON (AP) — Highlights of the $2.2 trillion legislation to help businesses, workers and a health care system staggered by the coronavirus that President Donald Trump signed into law Friday after the House voted final congressional approval.

— Loans and guarantees to businesses, state and local governments: $500 billion. Up to $50 billion for passenger airlines and $8 billion for air cargo carriers, half for paying workers. $17 billion for “businesses critical to maintaining national security.” Borrowers must have their main office sin the U.S. They cannot use the money to repurchase outstanding stock or pay dividends until one year after the borrowing is repaid, or give raises to executives earning over $425,000 annually. Must maintain employment levels of March 24, 2020, “to the extent practicable” through Sept. 30, and not cut jobs by over 10% from that level. Ineligible for loans if top Trump administration officials, members of Congress or their families have 20% control.

— Small businesses: Includes $350 billion in loans up to $10 million each for companies with 500 employees or fewer. Part of the loans can be forgiven if employers retain workers. Includes nonprofits, self-employed people and hotel and restaurant chains with up to 500 workers per location. Also $17 billion to help small businesses repay existing loans; $10 billion in grants for small businesses’ operating costs.

— Emergency unemployment insurance: $260 billion. Weekly benefit increase of $600 for four months. Extra 13 weeks of coverage for people who have exhausted existing benefits. Also covers part-time, self-employed, gig economy workers.

— Health care: $150 billion. Includes $100 billion for grants to hospitals, public and nonprofit health organizations and Medicare and Medicaid suppliers. To spur the production of needed products, gives liability protection to makers of devices like respirators. Some restrictions waived to make tele-health more accessible.

— State and local governments: $150 billion, at least $1.25 billion for the smallest states.

— Direct payments to people: One-time payments of $1,200 per adult, $2,400 per couple, $500 per child. Amounts begin phasing out at $75,000 for individuals, $150,000 per couple.

— Tax breaks: Temporarily waives penalties for virus-related early withdrawals from some retirement accounts, eases required minimum annual disbursements from those accounts. Increases deductions for charitable contributions. Employers who pay furloughed workers can get tax credits for some of those payments. Postpones business payments of payroll taxes until 2021 or 2022.

— Department of Homeland Security: $45 billion for disaster relief fund to reimburse state and local governments for medical response, community services. Extends federal deadline for people getting driver’s licenses with enhanced security features, called REAL ID, from Oct. 1, 2020, to Sept. 30, 2021.

— Schools: $31 billion. Includes money for local school systems, higher education.

— Coronavirus: $27 billion for development of vaccines and for treatments, stockpiling medical supplies.

— Transportation: Includes $25 billion for public transit systems; $10 billion for publicly owned commercial airports, $1 billion for Amtrak.

— Veterans: $20 billion, including money for treating veterans at VA facilities and setting up temporary and mobile facilities.

— Food and agriculture: $15.5 billion for food stamps; $14 billion for supporting farm income and crop prices; $8.8 billion for child nutrition. Also money for specialty crops, livestock, food banks, farmers’ markets.

— Defense: $10.5 billion, including $1.5 billion to nearly triple the 4,300 beds currently in military hospitals. Funds for states to deploy up to 20,000 members of National Guard for six months. The money cannot be used to build Trump’s proposed wall along Mexican border.

— Social programs: $3.5 billion for child care and early education; $1 billion to help municipalities deal with local economic problems. Extra money for heating, cooling aid for low-income families and Head Start.

— Governments: $5 billion in grants to help state and local governments expand health facilities, child care centers, food banks and senior services. Extra money for programs for homeless people, low-income renters and for communities to rebuild local industries including tourism and fishing.

— American Indians: $2 billion for health care, schools,

— Diplomacy: $1.1 billion, including $324 million to evacuate Americans and diplomats overseas. Also funds to help refugees, international disaster efforts aid.

— Elections: $400 million to help states prepare for 2020 elections with steps including expanded vote by mail, additional polling locations.

— Arts: $150 million for federal grants to state and local arts and humanities; $75 million for Corporation for Public Broadcasting; $25 million for Washington, D.C., Kennedy Center for the Performing Arts.

— Congress: $93 million, including $25 million for the House and $10 million for the smaller Senate for teleworking and other costs; $25 million for cleaning the Capitol and congressional office buildings.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

One comment

  1. THE U.S. PRESIDENT TRUMP SIGNED ON 27 MARCH 2020 STIMULUS PACKAGE OF 2.2 TRILLION US DOLLARS AFTER CONGRESSIONAL VOTE.
    In recognition to the scale of threat posed by COVID-19 , President Trump signed on 27 March 2020 , an unparalleled 2.2 trillion US dollar economic stimulus package to businesses , workers and health care system following approvals of the US Senate and the Congress. Readers are aware that fury of COVID-19 has begun to grow increasingly worrisome in many States of the U.S. towards second half of March 2020. The Trump Administration reportedly is doing its best to rise to the occasion. There seems to be a daily review , could be hourly , of the grim situation on a war footing. In this context , it may be apt to refer readers to this Vedic astrology writer’s predictive alerts of 11 November , 2019 through article – “ Astrological probable alerts for 2020” – published on 1 January , 2020 at wisdom-magazine.com/Articles.aspx/5176/. These predictive alerts for more care and appropriate strategy were submitted to the editor for publication last year 2019 on 11 November. While covering April to June 2020 , this writer had alerted as follows in relation to arising of war -like conditions across the world and in the U.S. as well , necessitating huge compulsive package :-
    “ PREDICTIVE CONCLUSIONS.
    4. The months of April to June , particularly May-June 2020 , look to be trending into the scene some serious landscapes. There could be some WAR OR WAR-LIKE CONDITIONS ACROSS THE WORLD , WHICH THE U.S. MAY BE CALLED UPON TO ADDRESS.
    MORE CARE AND APPROPRIATE STRATEGY MAY BE TAKEN DURING APRIL TO JUNE, PARTICULARLY MAY-JUNE IN 2020 AGAINST SPILL OR LOSS OF SUCH STUFF AS ARE KNOWN FOR REPGNANT OR REPULSIVE SMELL THROUGH AIR PASSAGE. ……………………….THE SITUATION MAY INVOLVE HUGE DEPLETION OF RESOURCES. ECONOMY MAY POSE A HUGE CONCERN DURING THE SAID PERIOD.”
    Going by news reports towards last ten days of March 2020 in the U.S. and across the world , it seems the predictive alert for more care and appropriate strategy can be viewed as meaningful and somewhere closer to the point.

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