Today's federal response to the COVID-19 pandemic included initiatives from Congress, the White House and various federal agencies. Below is a synopsis of today's actions.
Congress
Yesterday evening, Senate Majority Leader McConnell unveiled the Senate Republicans’ “phase three” COVID-19 package, the trillion-dollar Coronavirus Aid, Relief, and Economic Security (CARES) Act
- Read the text of Senate Republicans’ “phase three” COVID-19 response package here, and a press release from Majority Leader McConnell here
- Major Highlights
- Families and Individuals
- “Recovery Checks” to individuals and families of up to $1,200 (individuals) / $2,400 (couples) / $500 per child
- Eligibility reduced starting at $75,000 for individuals and $150,000 for joint filers; capped out at $99,000 / $198,000 (2018 income)
- Healthcare Sector
- Addresses supply shortages for drugs and critical equipment; expands coronavirus testing and speeds development of new vaccines and treatment; increases Medicare payments to hospitals
- Business Provisions
- Allows for loans and loan guarantees – but not grants or direct payments – to passenger air carriers ($50 billion), cargo air carriers ($8 billion), and other affected industries ($150 billion)
- Provides $300 billion for small businesses
- Cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain payroll during the emergency; if employers maintain their payroll, loans would be forgiven
- Expands allowable uses for 7(a) loans to permit payroll support, including paid sick leave, supply chain disruptions, employee salaries, mortgage payments, and other debt obligations
- Other business tax provisions
- Delays estimated tax payments for corporations until October 15 and delays payment of employer payroll taxes; makes a variety of tax changes to reduce burdens on U.S. businesses
- Modifies paid leave requirements
- More detailed information from committees:
- Late Thursday evening, Senate Democratic Leader Schumer (D-NY) and House Speaker Pelosi (D-CA) issued a press release on the CARES Act, laying down their own markers for a “Workers First” approach in addition to a “Marshall Plan” for health care infrastructure
- Today, in response to the GOP proposal, Senate Finance Committee Ranking Member Wyden (D-OR) and Small Business Committee Ranking Member Cardin (D-MD) introduced legislation to provide assistance to small businesses in the form of rebate checks, employee retention payroll tax credits, and a delay for estimated tax payments; read more here
- Negotiations with the administration and Senate Democrats (who are coordinating with House Democrats) are ongoing and will continue through the weekend, with a desire to have Congress vote on the package as early as Monday
- Leader McConnell has said he wants an “agreement in principle” by tonight with the goal of voting on final passage sometime Monday
- As mentioned yesterday, talks of a “phase four” have already begun
President’s Schedule Today
11:45AM Members of the Coronavirus Task Force held a press briefing
1:30PM THE PRESIDENT had lunch with the Secretary of State
3:45PM THE PRESIDENT participates in a phone call with small business owners on COVID-19 response
White House / Agency Activity
Department of Homeland Security / Customs and Border Protection
Department of Defense
Department of the Treasury
- Today, Treasury Secretary Mnuchin announced that that Tax Day will be moved from April 15 to July 15, with no interest or penalties; Treasury previously delayed payment deadlines, but not filing deadlines
Office of Management and Budget
White House
- On Thursday, the White House indicated that June’s G7 summit would be held via videoconference rather than in-person at Camp David, allowing the governments to focus resources on the coronavirus response
Department of Education
State / Local Activity
Given the plethora of state and local actions, we recommend MultiState’s COVID-19 Policy Tracker as a comprehensive tool to monitor the response
[View source.]
