White House Package
The final numbers are still in limbo but at a minimum, the proposal would provide $850 billion in stimulus spending, split between a payroll tax cut, support for the airline industry and $250 billion in loans for small business. The core of a bill will likely be targeted federal support to impacted businesses and industries through a combination of new lending mechanisms, loan guarantees, tax exemptions or credit and direct payments.
Additional Proposals from House Democrats
Speaker Pelosi has indicated she would like to expand emergency paid leave under a third package:
-Ensuring that workers who are sick can access longer term leave if short- and medium-term leave is exhausted;Increasing the scope of allowable uses of family and medical leave;
-Expanding refundable tax credits to provide support for self-employed workers, workers in the gig economy or other workers with non-traditional employment; and
-Working to ensure that any action taken by the Administration balances the workforce needs on the frontlines of the coronavirus crisis while ensuring that first responders and health care workers have access to the paid leave that they need.
Senate Democrats’ Proposals
Sen. Schumer has released his $750 billion proposal today, which is largely focused on non-tax measures and includes $400 billion in new emergency spending.
Specifically, his proposal would:
· Address hospital and treatment capacity issues;
· Expand Unemployment Insurance and Increase Medicaid Funding;
· Ensure affordability of all COVID-19 treatment
· Provide Immediate Loan Payment Forbearance for ALL Federal Loans & Moratoriums on Evictions/Foreclosures;
· Deliver Immediate help to small businesses;
· Fund emergency child care, especially for health care workers and first responders;
· Help schools with remote learning;
· Ensure senior citizen medicine and food delivery;
· Provide assistance to keep public transportation running;
· Utilize the Defense Dept to provide personnel, equipment, supplies, and critical response capabilities to support on the nationwide response;
Both the House and Senate are trying to balance this emergency and their options – the House is in recess and can only pass things with unanimous consent (as they did with the technical corrections Sunday night). The Senate will be in DC until they pass this next bill – and then many Senators would like to recess as well. They could add several of these elements to the House bill to then send it back for another House vote. That could mean the House would come back in to session to pass before going out again.