The Democrats and Republicans are fighting over the stimulus deal to fight the economic destruction from shutting down the nation because of the coronavirus, but there’s no doubt they’ll get one done. There are some final details to be ironed out, but the main points seem to be set.
Individuals will get up to $1,200 in two waves of checks for people making up to $75,000. If you make more than that, you’ll get less. People with children could get up to $3,000 for a family of four.
Distressed industries, such as travel and leisure, will get up to $500 billion in liquidity assistance, including about $30 billion in grants and $30 billion in loans.
It’s likely the $500 billion, which Democrats have called a corporate slush fund, will get an Inspector General to provide oversight.
Companies that participate will have restrictions on board transactions, stock buybacks, and executive pay.
Around $350 billion will be available to lend to small businesses, and $130 billion will be available for hospitals.
The plan provides a quarter trillion dollars to expand unemployment insurance, $10 billion for drug development, and $4 billion for medical supplies.
The federal plan will provide $150 billion for local and state governments hit hard by the virus.
It’s not clear if the final deal will include Speaker Pelosi’s requirement that air carriers receiving aid cut their carbon emissions by half by 2050.