Updated: Congress passes phase three stimulus package
Updated: Congress passes phase three stimulus package
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The U.S. Senate unanimously passed H.R. 748, the Coronavirus Aid, Relief and Economic Security (CARES) economic rescue package, March 26. The 880-page bill is the third stimulus package aimed at addressing the economic disruption caused by the COVID-19 outbreak. The House convened at 9 a.m. Friday, March 27, to consider the bill, with CNN reporting that the plan is to pass the bill by voice vote, which would allow the House to avoid forcing all its members to return to Washington for a recorded roll call vote.
News outlets began reporting shortly after 1:30 p.m. March 27 that the House voted in favor of the bill, which President Trump has said he would sign immediately upon receiving the legislation.
The $2 trillion bill has provisions that include direct payment to individuals, suspension of student loan payments and an extension of unemployment benefits, including to those individuals who don’t typically qualify for traditional benefits, such as independent contractors and the self-employed. Benefits to businesses include $500 billion in loans, loan guarantees and investments. Of those funds, $25 billion are earmarked for passenger air carriers, $4 billion for cargo air carriers and $17 billion for businesses that work in national security. The remaining $454 billion in loans can go to businesses, states and municipalities, tough the term must not exceed five years.
The legislation places restrictions on businesses that receive the loans: They may not issue dividends for up to a year after the loan is no longer outstanding and must keep their employment levels at 90 percent as of March 24, "to the extent practicable," through Sept. 30.
A provision for direct loans to midsized businesses with 500 to 10,000 employees and nonprofits stipulates that no payments will be due for the first six months after the loan is issued.
The Institute of Scrap Recycling Industries (ISRI), Washington, says it does not expect further changes to the proposed legislation because the U.S. Senate left town following the vote and a Senate vote would be necessary if Congress were to make any changes to the proposed legislation. ISRI says House Majority Leader Steny Hoyer is instructing members to pass this bill immediately despite concerns about certain provisions being left in or left out.
Once the bill has been passed by the House of Representatives and is signed by the president, federal agencies will immediately begin implementing the new law. In the meantime, several federal agencies already have begun or completed guidance, ISRI says.
Sen. Mitch McConnell also has indicated the Senate is considering a phase four stimulus package, according to the association.
ISRI says the legislation would provide a $367 billion program for small businesses to help them maintain payroll while workers are forced to stay at home. Salaries of furloughed workers also would be replaced for four months with help from the legislation. Those furloughed workers would get whatever a state usually provides in unemployment, plus a $600 per week add-on.
Small businesses with 500 or fewer employees or that meet the Small Business Administration (SBA) size standards also could receive loans under CARES. Applications can be summited to the SBA at https://disasterloan.sba.gov/ela.
ISRI members are invited to reach out to the association’s Chief Lobbyist Billy Johnson at [email protected] or 202-662-8548.
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Source: Recycling Today
Updated: Congress passes phase three stimulus package
<![CDATA[The U.S. Senate unanimously passed H.R. 748, the Coronavirus Aid, Relief and Economic Security (CARES) economic rescue package, March 26. The 880-page bill is the third stimulus package aimed at addressing the economic disruption caused by the COVID-19 outbreak. The House convened at 9 a.m. Friday, March 27, to consider the bill, with CNN reporting that the plan is to pass the bill by voice vote, which would allow the House to avoid forcing all its members to return to Washington for a recorded roll call vote. News outlets began reporting shortly after 1:30 p.m. March 27 that the House voted in favor of the bill, which President Trump has said he would sign immediately upon receiving the legislation. The $2 trillion bill has provisions that include direct payment to individuals, suspension of student loan payments and an extension of unemployment benefits, including to those individuals who don’t typically qualify for traditional benefits, such as independent contractors and the self-employed. Benefits to businesses include $500 billion in loans, loan guarantees and investments. Of those funds, $25 billion are earmarked for passenger air carriers, $4 billion for cargo air carriers and $17 billion for businesses that work in national security. The remaining…