Thursday, March 26, 2020

Where things stand


  • The Senate finally passed its $2 trillion coronavirus stimulus bill late Wednesday night — putting the largest spending package in the country’s history on a cruise course to the president’s desk. The House is expected to approve it on Friday, and it could become law by the end of the week. But the bill isn’t without its detractors. Gov. Andrew Cuomo said it “would really be terrible for the State of New York.” A group of Republican senators objected to its expansion of jobless benefits, until Bernie Sanders threatened to hold it up in retaliation over what he called insufficient worker protections. And yet it ultimately passed 96 to 0, with the Senate agreeing that it was essential to keeping the economy afloat. The legislation beefs up unemployment compensation and offers loans and other forms of support to keep businesses open. Also notable: Its fine print is teeming with long-sought provisions for specific industries and interest groups — including a hotel-industry carveout that could benefit President Trump’s businesses.
  • As written, the bill is a mix of loans, payments and benefits. It contains small-business loans designed to keep employees on the payroll; one-time payments of $1,200 to many Americans; expanded unemployment benefits for a period of four months; $500 billion in funding for the Federal Reserve to use in a program of business grants, which administration officials say could bloom to $4 trillion through leveraging and investments; $100 billion toward medical care; and $150 billion to state antivirus efforts.
  • Cuomo’s criticism of the bill comes from a calculation: His office said that based on a draft bill’s contents, New York State stands to receive roughly $3.8 billion in funding — far short of the up to $15 billion the governor says he needs to pay for coronavirus response efforts. New York has experienced the sharpest increase in confirmed cases of any state over the past week, and at more than 30,000 on Wednesday, it has by far the highest number confirmed over all.


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