Coronavirus Stimulus Deal is DONE!
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Fuck, I ain't getting no check 
The folks at USPS have to have 800 years of income but United can go around with 2 days of paychecks.Real shit right here!!!
The political ideology in this country stinks. It’s not the hypocrisy that gets me going. It’s the lack of a political opposition. It almost seems contrived.
As stated, white folk can literally shit money from thin air when they want to. It’s just that when it comes to black people there’s never any funds. Man fuck white people.
I'm shocked. They actually covered freelancers, contractors, gig workers, and self-employed with the unemployment benefits. They breaking everyone off something it seems.
They throwing the dollars in front of the bank while the corporations escape with the big bags of loot through the back door.
U.S. Now Leads the World in Confirmed Cases (Published 2020)
Unemployment data set a bleak record and hospitals struggled with an influx of sick patients and lack of equipment. But the White House coronavirus response coordinator dismissed talk of shortages.
Coronavirus Live Updates: Congress Races to Pass $2 Trillion Aid Bill as Virus Shakes Society
The Senate approved a bill that promises a $1,200 payout to millions of Americans. Hospitals in New York and New Orleans struggle to cope. London is seeing a surge in patients, and the death toll in Spain passed 4,000.
RIGHT NOWU.S. unemployment numbers are expected to soar when government data is released today.
新冠病毒疫情最新消息
Here’s what you need to know:
The Senate unanimously passed a $2 trillion stimulus plan.
What the stimulus means for you.
At one New York City hospital, an ‘apocalyptic’ surge.
U.S. braces for record number of jobless claims.
The virus is spreading swiftly in New Orleans even as states try to isolate themselves.
In nations around the world, the virus threatens the fabric of society.
London hospitals are besieged by a ‘tsunami’ of patients.
ImageSenator Chuck Schumer of New York, the Democratic leader, at a news conference after the vote on Wednesday.
Senator Chuck Schumer of New York, the Democratic leader, at a news conference after the vote on Wednesday.Credit...Anna Moneymaker/The New York Times
The Senate unanimously passed a $2 trillion stimulus plan.
The Senate voted unanimously on Wednesday to approve a sweeping $2 trillion fiscal measure to shore up the U.S. economy as it weathers the devastation of the coronavirus pandemic, advancing the largest fiscal stimulus package in modern American history.
The House was expected to quickly take up the bill on Friday and pass it, sending it to President Trump for his signature.
ADVERTISEMENT
Continue reading the main story
The legislation would send direct payments of $1,200 to Americans earning up to $75,000 — which would gradually phase out for higher earners and end for those with incomes more than $99,000 — and an additional $500 per child. It would substantially expand jobless aid, providing an additional 13 weeks and a four-month enhancement of benefits, extending them for the first time to freelancers and gig workers, and adding $600 per week on top of the usual payment.
Image
Senator Mitch McConnell of Kentucky, the majority leader, after the vote.
Senator Mitch McConnell of Kentucky, the majority leader, after the vote.Credit...Anna Moneymaker/The New York Times
The measure would also provide $350 billion in federally guaranteed loans to small businesses and establish a $500 billion government lending program for distressed companies reeling from the crisis, allowing the administration to take equity stakes in airlines that received aid to help compensate taxpayers. It would also send $100 billion to hospitals on the front lines of the pandemic.
The bill was the product of intense bipartisan negotiations among Republicans, Democrats and the White House. Three senators were absent from the late-night roll call because of the virus. Senator Rand Paul, Republican of Kentucky, has contracted Covid-19, the disease caused by the virus, while two Utah Republicans, Senators Mitt Romney and Mike Lee, were in self-isolation after spending time with Mr. Paul.
ADVERTISEMENT
Continue reading the main story
Senator John Thune of South Dakota, the second-ranking Republican, also missed the vote because he wasn’t feeling well and had left Washington to return home, a spokesman said.
The Senate approved a bill that promises a $1,200 payout to millions of Americans. Hospitals in New York and New Orleans struggle to cope. London is seeing a surge in patients, and the death toll in Spain passed 4,000.
RIGHT NOWU.S. unemployment numbers are expected to soar when government data is released today.
新冠病毒疫情最新消息
Here’s what you need to know:
The Senate unanimously passed a $2 trillion stimulus plan.
What the stimulus means for you.
At one New York City hospital, an ‘apocalyptic’ surge.
U.S. braces for record number of jobless claims.
The virus is spreading swiftly in New Orleans even as states try to isolate themselves.
In nations around the world, the virus threatens the fabric of society.
London hospitals are besieged by a ‘tsunami’ of patients.
ImageSenator Chuck Schumer of New York, the Democratic leader, at a news conference after the vote on Wednesday.
Senator Chuck Schumer of New York, the Democratic leader, at a news conference after the vote on Wednesday.Credit...Anna Moneymaker/The New York Times
The Senate unanimously passed a $2 trillion stimulus plan.
The Senate voted unanimously on Wednesday to approve a sweeping $2 trillion fiscal measure to shore up the U.S. economy as it weathers the devastation of the coronavirus pandemic, advancing the largest fiscal stimulus package in modern American history.
The House was expected to quickly take up the bill on Friday and pass it, sending it to President Trump for his signature.
ADVERTISEMENT
Continue reading the main story
The legislation would send direct payments of $1,200 to Americans earning up to $75,000 — which would gradually phase out for higher earners and end for those with incomes more than $99,000 — and an additional $500 per child. It would substantially expand jobless aid, providing an additional 13 weeks and a four-month enhancement of benefits, extending them for the first time to freelancers and gig workers, and adding $600 per week on top of the usual payment.
Image
Senator Mitch McConnell of Kentucky, the majority leader, after the vote.
Senator Mitch McConnell of Kentucky, the majority leader, after the vote.Credit...Anna Moneymaker/The New York Times
The measure would also provide $350 billion in federally guaranteed loans to small businesses and establish a $500 billion government lending program for distressed companies reeling from the crisis, allowing the administration to take equity stakes in airlines that received aid to help compensate taxpayers. It would also send $100 billion to hospitals on the front lines of the pandemic.
The bill was the product of intense bipartisan negotiations among Republicans, Democrats and the White House. Three senators were absent from the late-night roll call because of the virus. Senator Rand Paul, Republican of Kentucky, has contracted Covid-19, the disease caused by the virus, while two Utah Republicans, Senators Mitt Romney and Mike Lee, were in self-isolation after spending time with Mr. Paul.
ADVERTISEMENT
Continue reading the main story
Senator John Thune of South Dakota, the second-ranking Republican, also missed the vote because he wasn’t feeling well and had left Washington to return home, a spokesman said.
Here's what was finally approved by the Senate last night... it's based on Adjusted Gross Income
$500 for each child goes away depending on income/# of children
$500 for each child goes away depending on income/# of children
- Single with 1 child with AGI > $109k
- Married with 1 child with AGI > $208k
Last edited:
What the stimulus means for you.
Image
Shopping in New York on Wednesday.
Shopping in New York on Wednesday.Credit...Jose A. Alvarado Jr. for The New York Times
The $2 trillion stimulus package passed by the Senate is not final — it still needs approval from the House and President Trump’s signature. But if it passes, here’s what it will offer Americans.
How much money will I get?
Those earning up to $75,000 will receive $1,200, plus an additional $500 per child. The amount received will gradually phase out for people making more than $75,000, with support ending at $99,000. Joint filers making less than $150,000 will receive $2,400.
When will I get the money?
Treasury Secretary Steven Mnuchin said on Wednesday that the money would arrive for most Americans within three weeks.
How will it help the unemployed?
The legislation adds 13 weeks of unemployment payments to the usual duration, which in most states is 26 weeks, and adds an extra weekly $600 on top of the usual payments for four months. It also extends benefits for the first time to freelancers and gig workers.
ADVERTISEMENT
Continue reading the main story
Will it save my job?
That’s unclear, but it will provide $350 billion in federally guaranteed loans to small businesses and establish a $500 billion government lending program for distressed companies.
Image
Shopping in New York on Wednesday.
Shopping in New York on Wednesday.Credit...Jose A. Alvarado Jr. for The New York Times
The $2 trillion stimulus package passed by the Senate is not final — it still needs approval from the House and President Trump’s signature. But if it passes, here’s what it will offer Americans.
How much money will I get?
Those earning up to $75,000 will receive $1,200, plus an additional $500 per child. The amount received will gradually phase out for people making more than $75,000, with support ending at $99,000. Joint filers making less than $150,000 will receive $2,400.
When will I get the money?
Treasury Secretary Steven Mnuchin said on Wednesday that the money would arrive for most Americans within three weeks.
How will it help the unemployed?
The legislation adds 13 weeks of unemployment payments to the usual duration, which in most states is 26 weeks, and adds an extra weekly $600 on top of the usual payments for four months. It also extends benefits for the first time to freelancers and gig workers.
ADVERTISEMENT
Continue reading the main story
Will it save my job?
That’s unclear, but it will provide $350 billion in federally guaranteed loans to small businesses and establish a $500 billion government lending program for distressed companies.
5 Key Things in the $2 Trillion Coronavirus Stimulus Package
The largest economic stimulus measure in modern history would authorize direct payments to taxpayers and loans to small businesses, and create a $500 billion corporate bailout fund.
The legislation authorizes direct payments to Americans who pay taxes.
The legislation authorizes direct payments to Americans who pay taxes.Credit...Jordan Gale for The New York Times
Catie Edmondson
By Catie Edmondson
March 25, 2020
WASHINGTON — Trump administration officials and top Democrats finalized an agreement early Wednesday morning on a roughly $2 trillion rescue package to confront the coronavirus pandemic, the largest economic stimulus measure in modern history.
After days of partisan bickering and closed-door haggling, negotiators emerged from their final huddle and announced that they had struck a deal to send relief to workers, businesses and hospitals devastated by the pandemic and the economic disruption it has caused. The Senate is expected to pass the mammoth bill later on Wednesday and send it over to the House, which is also planning to move quickly to send it to President Trump for swift enactment.
The sheer size and scope of the package would have been unthinkable only a couple of weeks ago in a deeply polarized Congress that has found it impossible in recent years to agree on major new policy initiatives.
“In effect, this is a wartime level of investment into our nation,” Senator Mitch McConnell, Republican of Kentucky and the majority leader, said on the Senate floor in announcing the deal.
ADVERTISEMENT
Continue reading the main story
Here’s what’s in the package.
The government will send direct payments to taxpayers.
Lawmakers agreed to provide $1,200 in direct payments to taxpayers with incomes up to $75,000 per year before starting to phase out and ending altogether for those earning more than $99,000. Families would receive an additional $500 per child, in an attempt to create a safety net for those whose jobs and businesses are affected by the pandemic.
Unemployment benefits will grow substantially, and go to many more Americans.
Lawmakers agreed to a significant expansion of unemployment benefits that would extend jobless insurance by 13 weeks and include a four-month enhancement of benefits. At the insistence of Democrats, the program was broadened to include freelancers, furloughed employees and gig workers, such as Uber drivers.
Thanks for reading The Times.
Subscribe to The Times
Small businesses will receive emergency loans if they keep their workers.
The bill provides federally guaranteed loans available at community banks to small businesses that pledge not to lay off their workers. The loans would be available during an emergency period ending June 30, and would be forgiven if the employer continued to pay workers for the duration of the crisis.
“There is broad general agreement that small businesses in this country will not be able to survive unless there is extraordinary assistance,” said Senator Marco Rubio, Republican of Florida and the chairman of the Small Business and Entrepreneurship Committee, who worked with Democrats to create the program. “The goal is to keep employees connected to their employers, so that people aren’t just having to stay home and aren’t just feeling the stress of being laid off, but the uncertainty of whether they’ll even have a job to go back to.”
Distressed companies can receive government bailouts — but with strings attached.
Loans for distressed companies would come from a $425 billion fund controlled by the Federal Reserve, and an additional $75 billion would be available for industry-specific loans — including to airlines and hotels.
ADVERTISEMENT
Continue reading the main story
The creation of the Federal Reserve fund was one of the chief sticking points in the negotiations, as grim memories of the 2008 Wall Street bailout — which activists in both parties came to regard as a flawed program that benefited rich corporations at the expense of American workers — hung over the negotiations. Democrats successfully pressed for immediate disclosure of the recipients and stronger oversight, including installing an inspector general and congressionally appointed board to monitor it. Companies that benefit could not engage in stock buybacks while they received government assistance, and for an additional year after that.
Democrats also secured a provision ensuring that Trump family businesses — or those of any other senior government officials — cannot receive loan money through that fund, though they could potentially still benefit from other parts of the bill.
Hospitals staggering under the burden of the coronavirus would receive aid.
The agreement includes $100 billion for hospitals and health systems across the nation, Senator Chuck Schumer, Democrat of New York and the minority leader, told Democrats in an early morning letter. It also includes billions more, he said, to furnish personal and protective equipment and increased for health care workers, testing supplies, and new construction to house patients.
Lawmakers also agreed to increase Medicare payment increases to all hospitals and providers, the letter said.
The largest economic stimulus measure in modern history would authorize direct payments to taxpayers and loans to small businesses, and create a $500 billion corporate bailout fund.
The legislation authorizes direct payments to Americans who pay taxes.
The legislation authorizes direct payments to Americans who pay taxes.Credit...Jordan Gale for The New York Times
Catie Edmondson
By Catie Edmondson
March 25, 2020
WASHINGTON — Trump administration officials and top Democrats finalized an agreement early Wednesday morning on a roughly $2 trillion rescue package to confront the coronavirus pandemic, the largest economic stimulus measure in modern history.
After days of partisan bickering and closed-door haggling, negotiators emerged from their final huddle and announced that they had struck a deal to send relief to workers, businesses and hospitals devastated by the pandemic and the economic disruption it has caused. The Senate is expected to pass the mammoth bill later on Wednesday and send it over to the House, which is also planning to move quickly to send it to President Trump for swift enactment.
The sheer size and scope of the package would have been unthinkable only a couple of weeks ago in a deeply polarized Congress that has found it impossible in recent years to agree on major new policy initiatives.
“In effect, this is a wartime level of investment into our nation,” Senator Mitch McConnell, Republican of Kentucky and the majority leader, said on the Senate floor in announcing the deal.
ADVERTISEMENT
Continue reading the main story
Here’s what’s in the package.
The government will send direct payments to taxpayers.
Lawmakers agreed to provide $1,200 in direct payments to taxpayers with incomes up to $75,000 per year before starting to phase out and ending altogether for those earning more than $99,000. Families would receive an additional $500 per child, in an attempt to create a safety net for those whose jobs and businesses are affected by the pandemic.
Unemployment benefits will grow substantially, and go to many more Americans.
Lawmakers agreed to a significant expansion of unemployment benefits that would extend jobless insurance by 13 weeks and include a four-month enhancement of benefits. At the insistence of Democrats, the program was broadened to include freelancers, furloughed employees and gig workers, such as Uber drivers.
Thanks for reading The Times.
Subscribe to The Times
Small businesses will receive emergency loans if they keep their workers.
The bill provides federally guaranteed loans available at community banks to small businesses that pledge not to lay off their workers. The loans would be available during an emergency period ending June 30, and would be forgiven if the employer continued to pay workers for the duration of the crisis.
“There is broad general agreement that small businesses in this country will not be able to survive unless there is extraordinary assistance,” said Senator Marco Rubio, Republican of Florida and the chairman of the Small Business and Entrepreneurship Committee, who worked with Democrats to create the program. “The goal is to keep employees connected to their employers, so that people aren’t just having to stay home and aren’t just feeling the stress of being laid off, but the uncertainty of whether they’ll even have a job to go back to.”
Distressed companies can receive government bailouts — but with strings attached.
Loans for distressed companies would come from a $425 billion fund controlled by the Federal Reserve, and an additional $75 billion would be available for industry-specific loans — including to airlines and hotels.
ADVERTISEMENT
Continue reading the main story
The creation of the Federal Reserve fund was one of the chief sticking points in the negotiations, as grim memories of the 2008 Wall Street bailout — which activists in both parties came to regard as a flawed program that benefited rich corporations at the expense of American workers — hung over the negotiations. Democrats successfully pressed for immediate disclosure of the recipients and stronger oversight, including installing an inspector general and congressionally appointed board to monitor it. Companies that benefit could not engage in stock buybacks while they received government assistance, and for an additional year after that.
Democrats also secured a provision ensuring that Trump family businesses — or those of any other senior government officials — cannot receive loan money through that fund, though they could potentially still benefit from other parts of the bill.
Hospitals staggering under the burden of the coronavirus would receive aid.
The agreement includes $100 billion for hospitals and health systems across the nation, Senator Chuck Schumer, Democrat of New York and the minority leader, told Democrats in an early morning letter. It also includes billions more, he said, to furnish personal and protective equipment and increased for health care workers, testing supplies, and new construction to house patients.
Lawmakers also agreed to increase Medicare payment increases to all hospitals and providers, the letter said.
F.A.Q. on Stimulus Checks, Unemployment and the Coronavirus Bill
The Senate relief bill would send money to Americans and greatly expand unemployment coverage.
Credit...Robert Neubecker
Tara Siegel BernardRon Lieber
By Tara Siegel Bernard and Ron Lieber
March 26, 2020, 8:01 a.m. ET
The Senate unanimously passed a $2 trillion economic rescue plan on Wednesday that will offer assistance to tens of millions of American households affected by the coronavirus. Its components include stimulus payments to individuals, expanded unemployment coverage that includes the self-employed, and much more.
The House of Representatives was expected to quickly take up the bill and pass it, sending it to President Trump for his signature.
Here’s are the answers to common questions about what’s in the bill. We’ll update this article as we have more answers or if the plan changes as it moves through the legislative process.
Stimulus Payments
How large would the payments be?
Most adults would get $1,200, although some would get less. For every child age 16 or under, the payment would be an additional $500.
ADVERTISEMENT
Continue reading the main story
How many payments would there be?
Just one. Future bills could order up additional payments, though.
How do I know if I will get the full amount?
It depends on your income. Single adults with Social Security numbers who are United States residents and have an adjusted gross income of $75,000 or less would get the full amount. Married couples with no children earning $150,000 or less would receive a total of $2,400. And someone filing as head of household would get the full payment if they earn $112,500 or less.
Thanks for reading The Times.
Subscribe to The Times
Above those income figures, the payment decreases until it stops altogether for single people earning $99,000 or married people earning $198,000.
In any given family and in most instances, everyone must have a valid Social Security number. There is an exception for members of the military.
You can find your adjusted gross income on line 8b of the 2019 1040 federal tax return.
What year’s income should I be looking at?
ADVERTISEMENT
Continue reading the main story
2019. If you haven’t prepared a tax return yet, you can use your 2018 return. If you haven’t filed that yet, you can use a 2019 Social Security statement showing your income.
Latest Updates: Markets and Business
More than three million file unemployment claims, the most ever in a week.
The Fed chair says the United States may be in a recession already.
Wall Street set open lower as European stocks fall.
See more updates
Updated 12m ago
More live coverage: Global U.S. New York
What if my recent income made me ineligible, but I anticipate being eligible because of a loss of income in 2020? Do I get a payment?
The bill does not appear to help people in that circumstance, but there are many other provisions in the legislation. You may be able to file for unemployment or for one of the new loans for small business owners or sole proprietors.
Would I have to apply to receive a payment?
No. If the Internal Revenue Service already has your bank account information, it would transfer the money to you via direct deposit based on the recent income-tax figures it already has.
When would they arrive?
Treasury Secretary Steven Mnuchin said that he expected most people to get their payments within three weeks.
If my payment doesn’t come soon, how can I be sure that it wasn’t misdirected?
According to the bill, you would get a paper notice in the mail no later than a few weeks after your payment has been disbursed. That notice would contain information about where the payment ended up and in what form it was made. If you couldn’t locate the payment at that point, it would be time to contact the I.R.S. using the information on the notice.
What if I haven’t filed tax returns recently, would that affect my ability to receive a payment?
It could. File a return immediately, at least for 2018, according to the I.R.S. website. “Those without 2018 tax filings on record could potentially affect mailings of stimulus checks,” the site says.
ADVERTISEMENT
Continue reading the main story
If you’re worried about money that you owe that you cannot pay, the I.R.S. recommends consulting a tax professional who can help you request an alternative payment plan or some other resolution.
Would most people who are receiving Social Security retirement and disability payments each month also get a stimulus payment?
Yes.
Would eligible unemployed people get these stimulus payments? Veterans?
Yes and yes.
If my income tax refunds are currently being garnished because of a student loan default, would this payment be garnished as well?
No.
Unemployment Benefits
Who would be covered by the expanded program?
The new bill would wrap in far more workers than are usually eligible for unemployment benefits, including self-employed people and part-time workers. The bottom-line: Those who are unemployed, partially unemployed or who cannot work for a wide variety of coronavirus-related reasons would be more likely to receive benefits.
How much would I receive?
It depends on your state.
Benefits would be expanded in a bid to replace the average worker’s paycheck, explained Andrew Stettner, a senior fellow at the Century Foundation, a public policy research group. The average worker earns about $1,000 a week, and unemployment benefits often replace roughly 40 to 45 percent of that. The expansion would pay an extra amount to fill the gap.
Under the plan, eligible workers would get an extra $600 per week on top of their state benefit. But some states are more generous than others. According to the Century Foundation, the maximum weekly benefit in Alabama is $265, but it’s $450 in California and $681 in New Jersey.
So let’s say a worker was making $1,100 per week in New York; she’d be eligible for the maximum state unemployment benefit of $435 per week. Under the new program, she gets an additional $600 of federal pandemic unemployment compensation, for a total of $1,035, or nearly all of her original paycheck.
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Continue reading the main story
States have the option of providing the entire amount in one payment, or sending the extra portion separately. But it must all be done on the same weekly basis.
Are gig workers, freelancers and independent contractors covered in the bill?
Yes, self-employed people would be newly eligible for unemployment benefits.
Benefit amounts would be calculated based on previous income, using a formula from the Disaster Unemployment Assistance program, according to a congressional aide.
Self-employed workers would also be eligible for the additional $600 weekly benefit provided by the federal government.
What if I’m a part-time worker who lost their job because of a coronavirus reason, but my state doesn’t cover part-time workers. Would I still be eligible?
Yes. Part-time workers would be eligible for benefits, but the benefit amount and how long benefits would last depend on your state. They would also be eligible for the additional $600 weekly benefit.
What if I’ve been diagnosed with Covid-19 or I need to care for a family member who has?
If you’ve been diagnosed, are experiencing symptoms or are seeking a diagnosis — and you’re unemployed, partially unemployed or cannot work as a result — you would be covered. The same goes if you must care for a member of your family or household who has received a diagnosis.
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What if my child’s school or day care shut down?
If you rely on a school, day care or another facility to care for a child, elderly parent or another household member so that you can work — and that facility has been shut down because of coronavirus — you would be eligible.
What if I’ve been advised by a health care provider to quarantine myself because of exposure to coronavirus? And what about broader orders to stay home?
People who must self-quarantine would be covered. The legislation also says that individuals who are unable to get to work because of a quarantine imposed as a result of the outbreak would also be eligible.
I was about to start a new job and now can’t get there because of an outbreak.
You’d be eligible for benefits. You would also be covered if you were immediately laid off from a new job and did not have a sufficient work history to qualify for benefits under normal circumstances.
I had to quit my job as a direct result of coronavirus. Would I be eligible to apply for benefits?
It depends. Let’s say your employer didn’t lay you off but you had to quit because of a quarantine recommended by a health care provider, or because your child’s day care closed and you’re the primary caregiver. Situations like that are covered.
But this provision wasn’t intended to cover people who quit (or want to quit) because they fear that continuing to work puts them at risk of contracting coronavirus, according to congressional aides.
My employer shut down my workplace because of coronavirus. Would I be eligible?
Yes. If you are unemployed, partially unemployed or unable to work because your employer closed down, you would be covered under the bill.
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Continue reading the main story
The breadwinner of my household has died as a result of coronavirus. I relied on that person for income, and I’m not working. Would that be covered?
Yes.
Who would the bill leave out?
Workers who are able to work from home, and those receiving paid sick leave or paid family leave would not be covered. New entrants to the work force who cannot find jobs would also be ineligible.
How long would the payments last?
Many states already provide 26 weeks of benefits, though some states have trimmed that back while others provide a sliding scale tied to unemployment levels.
The bill would provide all eligible workers with an additional 13 weeks. So participants in states with 26 weeks would be eligible for a total of 39 weeks. The total amount cannot exceed 39 weeks, but it may be shorter in certain states.
The extra $600 payment would last for up to four months, covering weeks of unemployment ending July 31.
How long would the broader program last?
Expanded coverage would be available to workers who were newly eligible for unemployment benefits for weeks starting on Jan. 27, 2020 and through Dec. 31, 2020.
My unemployment recently ran out — could I sign up again?
Yes. If you’ve exhausted your benefits, eligible workers could generally reapply. But how much you would get and for how long would depend on the state where you worked. Everyone would get at least another 13 weeks, along with the extra $600 payment.
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Continue reading the main story
Would this income disqualify me from any other programs?
Maybe. The additional $600 benefit would count as income when determining eligibility for means-tested programs, except for Medicaid and the Children’s Health Insurance Program, known as CHIP.
How long would I need to wait for benefits?
States have been incentivized to waive the one-week waiting period, but it’s unclear how long it would take to process claims — especially with state offices so strained by a flood of claims.
The Senate relief bill would send money to Americans and greatly expand unemployment coverage.
Credit...Robert Neubecker
Tara Siegel BernardRon Lieber
By Tara Siegel Bernard and Ron Lieber
March 26, 2020, 8:01 a.m. ET
The Senate unanimously passed a $2 trillion economic rescue plan on Wednesday that will offer assistance to tens of millions of American households affected by the coronavirus. Its components include stimulus payments to individuals, expanded unemployment coverage that includes the self-employed, and much more.
The House of Representatives was expected to quickly take up the bill and pass it, sending it to President Trump for his signature.
Here’s are the answers to common questions about what’s in the bill. We’ll update this article as we have more answers or if the plan changes as it moves through the legislative process.
Stimulus Payments
How large would the payments be?
Most adults would get $1,200, although some would get less. For every child age 16 or under, the payment would be an additional $500.
ADVERTISEMENT
Continue reading the main story
How many payments would there be?
Just one. Future bills could order up additional payments, though.
How do I know if I will get the full amount?
It depends on your income. Single adults with Social Security numbers who are United States residents and have an adjusted gross income of $75,000 or less would get the full amount. Married couples with no children earning $150,000 or less would receive a total of $2,400. And someone filing as head of household would get the full payment if they earn $112,500 or less.
Thanks for reading The Times.
Subscribe to The Times
Above those income figures, the payment decreases until it stops altogether for single people earning $99,000 or married people earning $198,000.
In any given family and in most instances, everyone must have a valid Social Security number. There is an exception for members of the military.
You can find your adjusted gross income on line 8b of the 2019 1040 federal tax return.
What year’s income should I be looking at?
ADVERTISEMENT
Continue reading the main story
2019. If you haven’t prepared a tax return yet, you can use your 2018 return. If you haven’t filed that yet, you can use a 2019 Social Security statement showing your income.
Latest Updates: Markets and Business
More than three million file unemployment claims, the most ever in a week.
The Fed chair says the United States may be in a recession already.
Wall Street set open lower as European stocks fall.
See more updates
Updated 12m ago
More live coverage: Global U.S. New York
What if my recent income made me ineligible, but I anticipate being eligible because of a loss of income in 2020? Do I get a payment?
The bill does not appear to help people in that circumstance, but there are many other provisions in the legislation. You may be able to file for unemployment or for one of the new loans for small business owners or sole proprietors.
Would I have to apply to receive a payment?
No. If the Internal Revenue Service already has your bank account information, it would transfer the money to you via direct deposit based on the recent income-tax figures it already has.
When would they arrive?
Treasury Secretary Steven Mnuchin said that he expected most people to get their payments within three weeks.
If my payment doesn’t come soon, how can I be sure that it wasn’t misdirected?
According to the bill, you would get a paper notice in the mail no later than a few weeks after your payment has been disbursed. That notice would contain information about where the payment ended up and in what form it was made. If you couldn’t locate the payment at that point, it would be time to contact the I.R.S. using the information on the notice.
What if I haven’t filed tax returns recently, would that affect my ability to receive a payment?
It could. File a return immediately, at least for 2018, according to the I.R.S. website. “Those without 2018 tax filings on record could potentially affect mailings of stimulus checks,” the site says.
ADVERTISEMENT
Continue reading the main story
If you’re worried about money that you owe that you cannot pay, the I.R.S. recommends consulting a tax professional who can help you request an alternative payment plan or some other resolution.
Would most people who are receiving Social Security retirement and disability payments each month also get a stimulus payment?
Yes.
Would eligible unemployed people get these stimulus payments? Veterans?
Yes and yes.
If my income tax refunds are currently being garnished because of a student loan default, would this payment be garnished as well?
No.
Unemployment Benefits
Who would be covered by the expanded program?
The new bill would wrap in far more workers than are usually eligible for unemployment benefits, including self-employed people and part-time workers. The bottom-line: Those who are unemployed, partially unemployed or who cannot work for a wide variety of coronavirus-related reasons would be more likely to receive benefits.
How much would I receive?
It depends on your state.
Benefits would be expanded in a bid to replace the average worker’s paycheck, explained Andrew Stettner, a senior fellow at the Century Foundation, a public policy research group. The average worker earns about $1,000 a week, and unemployment benefits often replace roughly 40 to 45 percent of that. The expansion would pay an extra amount to fill the gap.
Under the plan, eligible workers would get an extra $600 per week on top of their state benefit. But some states are more generous than others. According to the Century Foundation, the maximum weekly benefit in Alabama is $265, but it’s $450 in California and $681 in New Jersey.
So let’s say a worker was making $1,100 per week in New York; she’d be eligible for the maximum state unemployment benefit of $435 per week. Under the new program, she gets an additional $600 of federal pandemic unemployment compensation, for a total of $1,035, or nearly all of her original paycheck.
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States have the option of providing the entire amount in one payment, or sending the extra portion separately. But it must all be done on the same weekly basis.
Are gig workers, freelancers and independent contractors covered in the bill?
Yes, self-employed people would be newly eligible for unemployment benefits.
Benefit amounts would be calculated based on previous income, using a formula from the Disaster Unemployment Assistance program, according to a congressional aide.
Self-employed workers would also be eligible for the additional $600 weekly benefit provided by the federal government.
What if I’m a part-time worker who lost their job because of a coronavirus reason, but my state doesn’t cover part-time workers. Would I still be eligible?
Yes. Part-time workers would be eligible for benefits, but the benefit amount and how long benefits would last depend on your state. They would also be eligible for the additional $600 weekly benefit.
What if I’ve been diagnosed with Covid-19 or I need to care for a family member who has?
If you’ve been diagnosed, are experiencing symptoms or are seeking a diagnosis — and you’re unemployed, partially unemployed or cannot work as a result — you would be covered. The same goes if you must care for a member of your family or household who has received a diagnosis.
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What if my child’s school or day care shut down?
If you rely on a school, day care or another facility to care for a child, elderly parent or another household member so that you can work — and that facility has been shut down because of coronavirus — you would be eligible.
What if I’ve been advised by a health care provider to quarantine myself because of exposure to coronavirus? And what about broader orders to stay home?
People who must self-quarantine would be covered. The legislation also says that individuals who are unable to get to work because of a quarantine imposed as a result of the outbreak would also be eligible.
I was about to start a new job and now can’t get there because of an outbreak.
You’d be eligible for benefits. You would also be covered if you were immediately laid off from a new job and did not have a sufficient work history to qualify for benefits under normal circumstances.
I had to quit my job as a direct result of coronavirus. Would I be eligible to apply for benefits?
It depends. Let’s say your employer didn’t lay you off but you had to quit because of a quarantine recommended by a health care provider, or because your child’s day care closed and you’re the primary caregiver. Situations like that are covered.
But this provision wasn’t intended to cover people who quit (or want to quit) because they fear that continuing to work puts them at risk of contracting coronavirus, according to congressional aides.
My employer shut down my workplace because of coronavirus. Would I be eligible?
Yes. If you are unemployed, partially unemployed or unable to work because your employer closed down, you would be covered under the bill.
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The breadwinner of my household has died as a result of coronavirus. I relied on that person for income, and I’m not working. Would that be covered?
Yes.
Who would the bill leave out?
Workers who are able to work from home, and those receiving paid sick leave or paid family leave would not be covered. New entrants to the work force who cannot find jobs would also be ineligible.
How long would the payments last?
Many states already provide 26 weeks of benefits, though some states have trimmed that back while others provide a sliding scale tied to unemployment levels.
The bill would provide all eligible workers with an additional 13 weeks. So participants in states with 26 weeks would be eligible for a total of 39 weeks. The total amount cannot exceed 39 weeks, but it may be shorter in certain states.
The extra $600 payment would last for up to four months, covering weeks of unemployment ending July 31.
How long would the broader program last?
Expanded coverage would be available to workers who were newly eligible for unemployment benefits for weeks starting on Jan. 27, 2020 and through Dec. 31, 2020.
My unemployment recently ran out — could I sign up again?
Yes. If you’ve exhausted your benefits, eligible workers could generally reapply. But how much you would get and for how long would depend on the state where you worked. Everyone would get at least another 13 weeks, along with the extra $600 payment.
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Would this income disqualify me from any other programs?
Maybe. The additional $600 benefit would count as income when determining eligibility for means-tested programs, except for Medicaid and the Children’s Health Insurance Program, known as CHIP.
How long would I need to wait for benefits?
States have been incentivized to waive the one-week waiting period, but it’s unclear how long it would take to process claims — especially with state offices so strained by a flood of claims.
don’t worry, you will. The Democrats will take care of you... since they aren’t the same.
Fuck, I ain't getting no check
A $2 Trillion Lifeline Will Help, but More May Be Needed
The bill moving through Congress is more than twice as large as the stimulus package passed in 2009, but it will soothe a shutdown economy for only a few months.
Lawmakers reached an agreement on a $2 trillion stimulus package. That may not actually be large enough, given the enormous economic challenge the United States faces today.
Lawmakers reached an agreement on a $2 trillion stimulus package. That may not actually be large enough, given the enormous economic challenge the United States faces today.Credit...Anna Moneymaker/The New York Times
Jim Tankersley
By Jim Tankersley
Published March 25, 2020
Updated March 26, 2020, 12:14 a.m. ET
640
WASHINGTON — If you want to shut down an economy to fight a pandemic without driving millions of people and businesses into bankruptcy, you need the government to cut some checks. The coronavirus response deal that the Senate passed late Wednesday will get a lot of checks into the mail, but it will soothe only a few months of financial pain.
If the outbreak and the disruptions continue through summer, lawmakers will need to spend even more.
The bill, a compromise between the Trump administration and Republican and Democratic leaders in Congress, includes loans and grants for corporations and small businesses, increased unemployment benefits for workers laid off or working fewer hours amid the outbreak, and direct payments to low- and middle-income individuals and families. Negotiators estimate its cost at $2 trillion.
Taken together, those measures form a novel, temporary expansion of the federal government’s role in the economy: It will be essentially paying millions of Americans not to work, and thousands of businesses not to shut down even if they have no customers, in order to slow the spread of the pandemic. Its cost is more than double the roughly $800 billion stimulus package that Congress passed in 2009 to ease the Great Recession. Yet it still may not be large enough, given the enormous economic challenge the United States faces today.
ADVERTISEMENT
Continue reading the main story
The economy, which has been shuttered to control the spread of the virus, does not need a jolt to get moving again. The government is just trying to tide people and firms over until it is safe to start back up.
Viewed through that particular set of circumstances, the deal was not economic stimulus at all. It was a series of survival payments. And those payments will only last a few months.
Thanks for reading The Times.
Subscribe to The Times
How quickly those payments find their way to households and businesses will be critical. Prospects for swift passage dimmed on Wednesday afternoon, when three Republican senators raised concerns over the generosity of the enhanced unemployment benefits. In a best-case scenario where Mr. Trump signed the law on Thursday, people close to the negotiations said, dollars could flow to small businesses as soon as next week. Many business have little time to spare: The typical small business carries only enough cash to last for 12 days without new revenues, according to research from the JPMorgan Chase Institute.
Latest Updates: Markets and Business
More than three million file unemployment claims, the most ever in a week.
The Fed chair says the United States may be in a recession already.
Wall Street set open lower as European stocks fall.
See more updates
Updated 12m ago
More live coverage: Global U.S. New York
“Already balance sheets are running red,” a group of nearly 900 economists, including several Nobel Prize winners, wrote this week in a letter urging quick congressional action. “Businesses that fail during this necessary stoppage time will see the jobs that they provided disappear. With them, much of the productive capacity of the economy will be destroyed.”
The speed of payments to households will also depend in large part on whether individuals have bank accounts: The Treasury Department is expected to begin directly depositing checks within a few weeks of the bill’s passing, but mailed payments will take one or two weeks longer, Republican Senate aides said Wednesday.
ADVERTISEMENT
Continue reading the main story
Mr. Trump said Tuesday that he hoped the economy will be “reopened” by Easter, in two and a half weeks. Public health experts and a wide range of economists say that is both unlikely and inadvisable. The country still lacks widespread testing for the virus, and confirmed infections and deaths continue to climb rapidly.
The extraordinary measures that mayors and governors have taken to restrict economic activity, which at their most extreme include shutting down all nonessential businesses and ordering people to shelter in the homes, are unlikely to show success in “bending the curve” of the virus for at least another week. If they prove effective, and the infection rate slows dramatically, activity could be back to normal — or at least something that reasonably resembles it — within a few months for many businesses and workers.
ImageA nearly empty Fifth Avenue in New York City on Tuesday afternoon.
A nearly empty Fifth Avenue in New York City on Tuesday afternoon.Credit...Bryan Derballa for The New York Times
If the measures do not prove effective, or if they are relaxed under orders from Mr. Trump or defied en masse, experts warn the crisis could stretch much longer, under the growing cloud of a recession. That’s why it’s hard to say if the congressional deal will be enough to keep families from going hungry and businesses from going under.
On Wednesday, Treasury Secretary Steven Mnuchin suggested that the package Congress was expected to pass would be more than enough money to get the economy over the hump.
“I would say we’ve anticipated three months,” Mr. Mnuchin said, referring to the amount of time the economy might need extra support. “Hopefully we won’t need this for three months. Hopefully this war will be won quicker, but we expect that this is a significant amount of money if needed to cover the economy.”
Still, economists hailed the emerging agreement as a good start — one that works on multiple fronts to keep money flowing through the parts of the economy that have been suddenly rendered inactive.
ADVERTISEMENT
Continue reading the main story
“The response looks to be proportionate to the extent of the problem,” said Justin Wolfers, a University of Michigan economist who has pushed for a large fiscal response to sustain the economy through the virus shutdown. But, he said, “we have no idea what the extent of the problem is.”
The bill includes $350 billion in loans for small businesses to help bridge their expenses for up to 10 weeks. Firms would not need to repay up to eight weeks of the loans if they refrain from laying off employees, or move by June to rehire employees they have already laid off. Supporters of the measure say those loans, if rapidly deployed, could help thousands of firms survive, at least temporarily.
“It is incredibly important that policymakers credibly convince business owners that these conditional loans will indeed be forgiven and that firms’ owners will be treated equitably,” said Stan Veuger, an economist at the conservative American Enterprise Institute. But, he said, “I am skeptical that the size of the package is large enough to cover the entire shutdown-slowdown period.”
The bill also includes $500 billion in aid to airlines and other large corporations that have been hurt by a cratering of consumer demand amid the crisis. Much of the money would be used to backstop loans and other assistance that the Federal Reserve said it plans to extend to companies.
Those programs are in part meant to encourage companies to keep workers on their payrolls. Even if workers are furloughed without pay, the government will essentially step in and assume paying their salaries while the workers continue to be covered by any health insurance provided by their employers.
For workers who lose their jobs, the bill supplies expanded unemployment benefits for up to four months. For many, those payments will match or even exceed the wages they were earning before the outbreak.
Image
The bill also includes $500 billion in aid to airlines and other large corporations that have been hurt by a cratering of consumer demand.
The bill also includes $500 billion in aid to airlines and other large corporations that have been hurt by a cratering of consumer demand. Credit...Nick Oxford/Reuters
The bill also includes a $1,200 payment for each adult — and $500 per child — in households that earn up to $75,000 per year for individuals or $150,000 for couples. The assistance phases out for people who earn more.
ADVERTISEMENT
Continue reading the main story
Neither Republicans nor Democrats love the bill, which was the product of frenzied negotiations punctuated by often bitter partisan anger. Some liberal groups denounced it as a slush fund for corporations. Some conservatives warned that the large amount of borrowed money it would plow into the economy could stoke rampant inflation.
Business groups celebrated it as a late but necessary intervention, and so did many lawmakers and policy advocates.
“Nothing is perfect around here,” Senator Rob Portman, Republican of Ohio, said in a Tuesday speech on the Senate floor. “But if you make perfect the enemy of the good, you’re going to hurt more people, more small businesses will shut, more people will be out on their own and there will be more and more people who will be infected with this virus who otherwise could have been saved.”
Jacob Leibenluft, a senior fellow at the liberal Center for American Progress, said Congress “will need much more over the coming months, but the crucial thing the bill appears to do is begin providing relief to families and communities through channels that can get it out quickly, like expanded unemployment insurance, direct payments and state aid.”
Policy experts and business lobbyists have been warning for days that congressional failure to reach a deal was causing more companies to shutter and workers to lose their jobs. Some said on Tuesday that lawmakers needed to be ready to start work on another plan to avoid any additional losses if the outbreak effects stretch into summer and fall.
“Much of the small business community is facing an extinction-level event,” said John Lettieri, the chief of the Economic Innovation Group think tank in Washington, who pushed heavily for a package of small business loans in the agreement. “Will this bill help? Absolutely. But the lending capacity needed to prevent mass closures and layoffs could be four or five times larger than what is being provided.”
“Congress,” Mr. Lettieri said, “needs to be prepared now for how quickly these resources are going to evaporate.”
The bill moving through Congress is more than twice as large as the stimulus package passed in 2009, but it will soothe a shutdown economy for only a few months.
Lawmakers reached an agreement on a $2 trillion stimulus package. That may not actually be large enough, given the enormous economic challenge the United States faces today.
Lawmakers reached an agreement on a $2 trillion stimulus package. That may not actually be large enough, given the enormous economic challenge the United States faces today.Credit...Anna Moneymaker/The New York Times
Jim Tankersley
By Jim Tankersley
Published March 25, 2020
Updated March 26, 2020, 12:14 a.m. ET
640
WASHINGTON — If you want to shut down an economy to fight a pandemic without driving millions of people and businesses into bankruptcy, you need the government to cut some checks. The coronavirus response deal that the Senate passed late Wednesday will get a lot of checks into the mail, but it will soothe only a few months of financial pain.
If the outbreak and the disruptions continue through summer, lawmakers will need to spend even more.
The bill, a compromise between the Trump administration and Republican and Democratic leaders in Congress, includes loans and grants for corporations and small businesses, increased unemployment benefits for workers laid off or working fewer hours amid the outbreak, and direct payments to low- and middle-income individuals and families. Negotiators estimate its cost at $2 trillion.
Taken together, those measures form a novel, temporary expansion of the federal government’s role in the economy: It will be essentially paying millions of Americans not to work, and thousands of businesses not to shut down even if they have no customers, in order to slow the spread of the pandemic. Its cost is more than double the roughly $800 billion stimulus package that Congress passed in 2009 to ease the Great Recession. Yet it still may not be large enough, given the enormous economic challenge the United States faces today.
ADVERTISEMENT
Continue reading the main story
The economy, which has been shuttered to control the spread of the virus, does not need a jolt to get moving again. The government is just trying to tide people and firms over until it is safe to start back up.
Viewed through that particular set of circumstances, the deal was not economic stimulus at all. It was a series of survival payments. And those payments will only last a few months.
Thanks for reading The Times.
Subscribe to The Times
How quickly those payments find their way to households and businesses will be critical. Prospects for swift passage dimmed on Wednesday afternoon, when three Republican senators raised concerns over the generosity of the enhanced unemployment benefits. In a best-case scenario where Mr. Trump signed the law on Thursday, people close to the negotiations said, dollars could flow to small businesses as soon as next week. Many business have little time to spare: The typical small business carries only enough cash to last for 12 days without new revenues, according to research from the JPMorgan Chase Institute.
Latest Updates: Markets and Business
More than three million file unemployment claims, the most ever in a week.
The Fed chair says the United States may be in a recession already.
Wall Street set open lower as European stocks fall.
See more updates
Updated 12m ago
More live coverage: Global U.S. New York
“Already balance sheets are running red,” a group of nearly 900 economists, including several Nobel Prize winners, wrote this week in a letter urging quick congressional action. “Businesses that fail during this necessary stoppage time will see the jobs that they provided disappear. With them, much of the productive capacity of the economy will be destroyed.”
The speed of payments to households will also depend in large part on whether individuals have bank accounts: The Treasury Department is expected to begin directly depositing checks within a few weeks of the bill’s passing, but mailed payments will take one or two weeks longer, Republican Senate aides said Wednesday.
ADVERTISEMENT
Continue reading the main story
Mr. Trump said Tuesday that he hoped the economy will be “reopened” by Easter, in two and a half weeks. Public health experts and a wide range of economists say that is both unlikely and inadvisable. The country still lacks widespread testing for the virus, and confirmed infections and deaths continue to climb rapidly.
The extraordinary measures that mayors and governors have taken to restrict economic activity, which at their most extreme include shutting down all nonessential businesses and ordering people to shelter in the homes, are unlikely to show success in “bending the curve” of the virus for at least another week. If they prove effective, and the infection rate slows dramatically, activity could be back to normal — or at least something that reasonably resembles it — within a few months for many businesses and workers.
ImageA nearly empty Fifth Avenue in New York City on Tuesday afternoon.
A nearly empty Fifth Avenue in New York City on Tuesday afternoon.Credit...Bryan Derballa for The New York Times
If the measures do not prove effective, or if they are relaxed under orders from Mr. Trump or defied en masse, experts warn the crisis could stretch much longer, under the growing cloud of a recession. That’s why it’s hard to say if the congressional deal will be enough to keep families from going hungry and businesses from going under.
On Wednesday, Treasury Secretary Steven Mnuchin suggested that the package Congress was expected to pass would be more than enough money to get the economy over the hump.
“I would say we’ve anticipated three months,” Mr. Mnuchin said, referring to the amount of time the economy might need extra support. “Hopefully we won’t need this for three months. Hopefully this war will be won quicker, but we expect that this is a significant amount of money if needed to cover the economy.”
Still, economists hailed the emerging agreement as a good start — one that works on multiple fronts to keep money flowing through the parts of the economy that have been suddenly rendered inactive.
ADVERTISEMENT
Continue reading the main story
“The response looks to be proportionate to the extent of the problem,” said Justin Wolfers, a University of Michigan economist who has pushed for a large fiscal response to sustain the economy through the virus shutdown. But, he said, “we have no idea what the extent of the problem is.”
The bill includes $350 billion in loans for small businesses to help bridge their expenses for up to 10 weeks. Firms would not need to repay up to eight weeks of the loans if they refrain from laying off employees, or move by June to rehire employees they have already laid off. Supporters of the measure say those loans, if rapidly deployed, could help thousands of firms survive, at least temporarily.
“It is incredibly important that policymakers credibly convince business owners that these conditional loans will indeed be forgiven and that firms’ owners will be treated equitably,” said Stan Veuger, an economist at the conservative American Enterprise Institute. But, he said, “I am skeptical that the size of the package is large enough to cover the entire shutdown-slowdown period.”
The bill also includes $500 billion in aid to airlines and other large corporations that have been hurt by a cratering of consumer demand amid the crisis. Much of the money would be used to backstop loans and other assistance that the Federal Reserve said it plans to extend to companies.
Those programs are in part meant to encourage companies to keep workers on their payrolls. Even if workers are furloughed without pay, the government will essentially step in and assume paying their salaries while the workers continue to be covered by any health insurance provided by their employers.
For workers who lose their jobs, the bill supplies expanded unemployment benefits for up to four months. For many, those payments will match or even exceed the wages they were earning before the outbreak.
Image
The bill also includes $500 billion in aid to airlines and other large corporations that have been hurt by a cratering of consumer demand.
The bill also includes $500 billion in aid to airlines and other large corporations that have been hurt by a cratering of consumer demand. Credit...Nick Oxford/Reuters
The bill also includes a $1,200 payment for each adult — and $500 per child — in households that earn up to $75,000 per year for individuals or $150,000 for couples. The assistance phases out for people who earn more.
ADVERTISEMENT
Continue reading the main story
Neither Republicans nor Democrats love the bill, which was the product of frenzied negotiations punctuated by often bitter partisan anger. Some liberal groups denounced it as a slush fund for corporations. Some conservatives warned that the large amount of borrowed money it would plow into the economy could stoke rampant inflation.
Business groups celebrated it as a late but necessary intervention, and so did many lawmakers and policy advocates.
“Nothing is perfect around here,” Senator Rob Portman, Republican of Ohio, said in a Tuesday speech on the Senate floor. “But if you make perfect the enemy of the good, you’re going to hurt more people, more small businesses will shut, more people will be out on their own and there will be more and more people who will be infected with this virus who otherwise could have been saved.”
Jacob Leibenluft, a senior fellow at the liberal Center for American Progress, said Congress “will need much more over the coming months, but the crucial thing the bill appears to do is begin providing relief to families and communities through channels that can get it out quickly, like expanded unemployment insurance, direct payments and state aid.”
Policy experts and business lobbyists have been warning for days that congressional failure to reach a deal was causing more companies to shutter and workers to lose their jobs. Some said on Tuesday that lawmakers needed to be ready to start work on another plan to avoid any additional losses if the outbreak effects stretch into summer and fall.
“Much of the small business community is facing an extinction-level event,” said John Lettieri, the chief of the Economic Innovation Group think tank in Washington, who pushed heavily for a package of small business loans in the agreement. “Will this bill help? Absolutely. But the lending capacity needed to prevent mass closures and layoffs could be four or five times larger than what is being provided.”
“Congress,” Mr. Lettieri said, “needs to be prepared now for how quickly these resources are going to evaporate.”
Cuomo slams $2T stimulus package as ‘terrible’ for New York
By Ebony Bowden and Bernadette HoganMarch 25, 2020 | 8:24pm
Enlarge Image
Andrew Cuomo
Andrew CuomoHans Pennink
Sign up for our special edition newsletter to get a daily update on the coronavirus pandemic.
MORE ON:
CORONAVIRUS IN NY
3-week-old infant on LI is youngest US coronavirus patient
These NYC streets will close to traffic during coronavirus shutdown
US death toll from coronavirus passes 1,000
Combatting coronavirus abroad sparks privacy concerns
WASHINGTON — Gov. Andrew Cuomo issued a stinging rebuke of the Senate’s $2 trillion coronavirus stimulus package on Wednesday, saying the hard-hit Empire State had been shortchanged.
“It would be really terrible for the state of New York,” Cuomo said at his daily press conference, claiming New York State would receive just under $4 billion in funding from the huge package.
Cuomo said the figure was a paltry sum compared to the estimated $15 billion in lost revenue New York budget officials estimate will hit the state budget.
The governor said, “$3.8 billion sounds like a lot of money, but we’re looking at a revenue shortfall of $9, $10, $15 billion dollars.”
The governor’s office revised that figure to $3.1 billion on Wednesday afternoon — Cuomo communications director Dani Lever claiming the state of New York, which is facing more than 30,000 cases, had been left behind.
“As a percent of our total state budget — 1.9 percent — it is the second lowest amount in the nation,” she said.
“Literally 48 states get a higher percentage in funding than New York State. For example, South Dakota gets 17.9 percent.”
Both Cuomo and White House officials have sounded the alarm over worsening conditions in New York, with 60 percent of all new U.S. COVID-19 cases now coming from the Big Apple.
SEE ALSO
Trump sticks to Easter reopening despite skepticism
Senate Minority Leader Chuck Schumer (D. NY) touted the package as a major win for New York after days of marathon negotiations with Treasury Secretary Steven Mnuchin ended with a deal in the early hours of Wednesday morning.
Schumer estimated New York would receive more than $40 billion worth of federal funding, but that includes $15 billion in unemployment insurance and $15 billion in direct checks for taxpayers — money that all Americans will get — plus a $3.8 billion bailout of the MTA, and tens of billions of dollars in hospital funding.
“This is a dramatic and significant shot in the arm for New York in a time of great need,” Schumer said on a conference call with reporters on Wednesday afternoon.
“When you add all that up, New York does much better than any other state,” he claimed.
But Cuomo said a direct relief fund for state and local governments ravaged by the virus — which Schumer said would deliver “at least $5.8 billion to New York” — was not enough.
“This is drop in the bucket in terms of needs,” Cuomo said before endorsing the behemoth bailout proposed by House Speaker Nancy Pelosi which Cuomo said would make $17 billion available for New York.
“We are frugal and we are efficient. I am telling you, these numbers don’t work. I told the House members we really need their help.”
President Trump on Tuesday declared he wants the economy back up and running by Easter Sunday on April 12 but Cuomo earlier warned the peak of infections in New York may still be 21 days away.
By Ebony Bowden and Bernadette HoganMarch 25, 2020 | 8:24pm
Enlarge Image
Andrew Cuomo
Andrew CuomoHans Pennink
Sign up for our special edition newsletter to get a daily update on the coronavirus pandemic.
MORE ON:
CORONAVIRUS IN NY
3-week-old infant on LI is youngest US coronavirus patient
These NYC streets will close to traffic during coronavirus shutdown
US death toll from coronavirus passes 1,000
Combatting coronavirus abroad sparks privacy concerns
WASHINGTON — Gov. Andrew Cuomo issued a stinging rebuke of the Senate’s $2 trillion coronavirus stimulus package on Wednesday, saying the hard-hit Empire State had been shortchanged.
“It would be really terrible for the state of New York,” Cuomo said at his daily press conference, claiming New York State would receive just under $4 billion in funding from the huge package.
Cuomo said the figure was a paltry sum compared to the estimated $15 billion in lost revenue New York budget officials estimate will hit the state budget.
The governor said, “$3.8 billion sounds like a lot of money, but we’re looking at a revenue shortfall of $9, $10, $15 billion dollars.”
The governor’s office revised that figure to $3.1 billion on Wednesday afternoon — Cuomo communications director Dani Lever claiming the state of New York, which is facing more than 30,000 cases, had been left behind.
“As a percent of our total state budget — 1.9 percent — it is the second lowest amount in the nation,” she said.
“Literally 48 states get a higher percentage in funding than New York State. For example, South Dakota gets 17.9 percent.”
Both Cuomo and White House officials have sounded the alarm over worsening conditions in New York, with 60 percent of all new U.S. COVID-19 cases now coming from the Big Apple.
SEE ALSO
Trump sticks to Easter reopening despite skepticism
Senate Minority Leader Chuck Schumer (D. NY) touted the package as a major win for New York after days of marathon negotiations with Treasury Secretary Steven Mnuchin ended with a deal in the early hours of Wednesday morning.
Schumer estimated New York would receive more than $40 billion worth of federal funding, but that includes $15 billion in unemployment insurance and $15 billion in direct checks for taxpayers — money that all Americans will get — plus a $3.8 billion bailout of the MTA, and tens of billions of dollars in hospital funding.
“This is a dramatic and significant shot in the arm for New York in a time of great need,” Schumer said on a conference call with reporters on Wednesday afternoon.
“When you add all that up, New York does much better than any other state,” he claimed.
But Cuomo said a direct relief fund for state and local governments ravaged by the virus — which Schumer said would deliver “at least $5.8 billion to New York” — was not enough.
“This is drop in the bucket in terms of needs,” Cuomo said before endorsing the behemoth bailout proposed by House Speaker Nancy Pelosi which Cuomo said would make $17 billion available for New York.
“We are frugal and we are efficient. I am telling you, these numbers don’t work. I told the House members we really need their help.”
President Trump on Tuesday declared he wants the economy back up and running by Easter Sunday on April 12 but Cuomo earlier warned the peak of infections in New York may still be 21 days away.
Some of you niggas are so smart, yet still can’t detect sarcasm yo save your own lives 
don’t worry, you will. The Democrats will take care of you... since they aren’t the same.
Imagine what wiping out Student Loan debt would do to the economy. All that extra disposable income in the pockets of Americans....
C’mon brotha, that wasn’t sarcasm, that was hurt. This isn’t your first post on this.Some of you niggas are so smart, yet still can’t detect sarcasm yo save your own lives
the Democrats proved what I and others have stated and that is they are all about maintaining the white power structure. Not to mention with extended unemployment, many will never go back to work or will likely be workers without any benefits for another 1-2 generations. What group of people will be negatively effected most by this?
UNEMPLOYMENT BONUSES WILL TAKE AT LEAST 3 WEEKS AT MINUMUM... (direct deposit)
They got a ton of work to do
They got a ton of work to do
^^^C’mon brotha, that wasn’t sarcasm, that was hurt. This isn’t your first post on this.
the Democrats proved what I and others have stated and that is they are all about maintaining the white power structure. Not to mention with extended unemployment, many will never go back to work or will likely be workers without any benefits for another 1-2 generations. What group of people will be negatively effected most by this?
Classic example of psychological projecton
For those who care to read the details, here is the actual final bill
www.axios.com
www.axios.com
Senate passes $2 trillion coronavirus stimulus bill
Trump has said he would sign the package "immediately."
www.axios.com
Read: The $2 trillion coronavirus stimulus bill
The bill will have an an immediate and lasting impact on Americans across the country.
www.axios.com
I thought the Democrats put that in the bill because they are all about the people? 
the American debt slave pact was just extended but, yeah, both sides aren’t the same
the American debt slave pact was just extended but, yeah, both sides aren’t the same
Ignore....I thought the Democrats put that in the bill because they are all about the people?
the American debt slave pact was just extended but, yeah, both sides aren’t the same
Man I'm bout to get the trap back up on it's feet. 
