The Senate finally passed the small business bailout after a delay by Democrats who wanted to add their special interest items. The original ask was for $250 billion, but the final amount ballooned up to $500 billion after all of the add-ons from Democrats that have nothing to do with small businesses.
This is the fourth coronavirus relief package. After passing unanimously in the Senate, it now moves to the House for a vote on Thursday.
The aim of this relief began with a focus on small businesses but then spread to funds for struggling hospitals and coronavirus testing. The Democrats wanted even more for Food Stamps and state governments (see below).
Here’s what’s in the aid package:
-$310 billion for additional Paycheck Protection Program loans because the $349 billion in aid ran out quickly.
-$10 billion for Economic Injury Disaster Loan grants for up to $10,000 that small business owners can get from the SBA website. The loan does not have to be paid back if it is used to maintain payroll, cover paid sick leave, and service other debt obligations.
-Hospitals and health care providers get $75 billion.
-$25 billion for coronavirus testing
-$1 billion to cover testing costs for the uninsured and $825 million to community health centers and rural health clinics
-$1 billion to the CDC
-$1.8 billion to the National Institutes of Health (NIH) to develop testing
-$1 billion to the Biomedical Advanced Research and Development Authority for testing and supplies
Two things that Pelosi and Schumer didn’t get in this relief package:
-A 15% increase in the amount of money that 37 million Food Stamp recipients get every month
-$150 billion for state and local governments
Schumer has already announced there will be another package for the items he wants for states and local governments…
“As soon as it passes the House, we’ll advance CARES 2—which must be transformative and far-reaching.”
Mark Levin says, no way!
This is nuts. If you care about the future viability of our country, you’ll join me in strongly opposing Schumer or anyone from any party driving this nation and your children’s future into the dirt. No, there cannot be anything like this kind of money printing again. Period. https://t.co/C659miQ7Ax
— Mark R. Levin (@marklevinshow) April 21, 2020