CNN reporters are reading through the draft legislation. Here’s a running list of highlights:
Under the plan as it was being negotiated, single Americans would receive $1,200, married couples would get $2,400 and parents would see $500 for each child under age 17.
However, the payments would start to phase out for individuals with adjusted gross incomes of more than $75,000, and those making more than $99,000 would not qualify at all. The thresholds are doubled for couples.
— Katie Lobosco and Tami Luhby
Student loan payments suspended
The Department of Education would suspend payments on student loan borrowers without penalty through September 30, according to the bill.
CNN reported last week that the Department of Education was planning to allow student loan borrowers to suspend payments without penalty and accruing interest for at least 60 days.
— Zachary Cohen and Katie Lobosco
REAL ID deadline delayed
Before the coronavirus pandemic swept across the US, states were preparing to issue residents “REAL ID-compliant” driver’s licenses or identification by the October 1 deadline.
— Geneva Sands
Historic boost for unemployment benefits
In addition, lawmakers want to add up to 13 weeks of extended benefits, which would be fully covered by the federal government. Currently, state unemployment checks last up to between 12 weeks and 28 weeks, depending on the state.
Plus, the deal calls for a new pandemic unemployment assistance program, which would provide jobless benefits to those who are unemployed, partially unemployed or unable to work because of the virus and don’t qualify for traditional benefits. This includes independent contractors and the self-employed, who typically don’t qualify for such assistance, and to gig economy workers, who aren’t eligible in many states. These benefits would mirror what’s available in an individual’s state.
— Tami Luhby
$500 billion lending program
The Treasury Department can provide $500 billion in loans, loan guarantees and investments.
That specifically includes $25 billion for passenger air carriers, $4 billion for cargo air carriers and $17 billion for businesses that work in national security. The rest of the funds, $454 billion, are given wide latitude to provide loans to businesses, states and municipalities.
The measure includes restrictions on businesses who receive the loans. Those businesses may not issue dividends for up to a year after the loan is no longer outstanding, and must retain 90% of employment levels as of March 24, “to the extent practicable,” through September 30. The loans also cannot last longer than five years.
There’s a specific provision in the program for direct loans to mid-sized businesses, defined as between 500 and 10,000 employees, as well as non-profit organizations, where no payments will be due for the first six months after the loan is issued.
A congressional oversight commission will monitor how the money is spent.
— Jeremy Herb
Trump businesses can’t get money
Businesses that are owned or partly owned by “the President, the Vice President, the head of an Executive department, or a Member of Congress; and the spouse, child, son-in-law, or daughter-in-law” will be barred. The provision applies to anyone with 20% or greater stake in a business.
This was a key provision for Democrats concerned that Trump would provide funds to his personal businesses in the stimulus package.
— Jeremy Herb
No money for border wall
The Defense Department will get $1.2 billion for the National Guard’s coronavirus response. Over 10,000 National Guard members to date have been activated.
An additional $1 billion is available for Defense Purchases Act purchases.
Notably, while the Pentagon will be allowed to transfer the money to other “applicable” accounts, it prohibits transferring the money to the counter-drug account, an account which has been used to fund Trump’s border wall.
— Ryan Browne
Airlines and airports get what they wanted
The package includes $32 billion in grants for wages and benefits to the decimated airline industry.
That includes $25 billion for passenger airlines, $4 billion for cargo airlines, and $3 billion for industry contractors, such as those who handle catering, baggage, ticketing, and aircraft cleaning.
In addition, another $25 billion for passenger airlines and $4 billion for cargo airlines…
Source Website What’s in the $2 trillion stimulus package