{"id":25512,"date":"2020-03-24T16:54:46","date_gmt":"2020-03-24T16:54:46","guid":{"rendered":"https:\/\/www.ceo-na.com\/?p=25512"},"modified":"2020-03-25T18:25:43","modified_gmt":"2020-03-25T18:25:43","slug":"negotiating-the-2-trillion-coronavirus-relief-package","status":"publish","type":"post","link":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/business\/innovation-business\/negotiating-the-2-trillion-coronavirus-relief-package\/","title":{"rendered":"Breaking down the $2 trillion COVID relief package"},"content":{"rendered":"<p>Congress has already approved\u00a0two emergency\u00a0packages. A much larger third is\u00a0ready. This is what it includes.<\/p>\n<p><!--more--><\/p>\n<p><a href=\"https:\/\/www.wsj.com\/articles\/negotiators-aim-to-wrap-up-talks-tuesday-on-u-s-stimulus-package-11585053060\" target=\"_blank\" rel=\"noopener\">The Wall Street Journal has reported<\/a> that top lawmakers and the Trump administration are close to signing in on a colossal stimulus package that could reach $2 trillion dollars, designed to shield the U.S. economy from the most drastic consequences of the coronavirus pandemic. This, already after\u00a0two emergency\u00a0packages that had <a href=\"https:\/\/www.usatoday.com\/story\/news\/politics\/2020\/03\/13\/coronavirus-bill-house-nears-approval-free-tests-paid-sick-leave\/5039259002\/\" target=\"_blank\" rel=\"noopener\">already been announced<\/a> by the POTUS administration.<\/p>\n<p>This new plan would include relief for major industries such as airlines, small businesses that have seen revenues dwindle or disappear, and workers facing layoffs and loss of health coverage.\u00a0Stocks rallied on the news that a deal was near, with the Dow Jones Industrial Average up more than 7% in morning trading.<\/p>\n<p>Treasury Secretary Steven Mnuchin and Senate Democratic leader Chuck Schumer <a href=\"https:\/\/www.syracuse.com\/coronavirus\/2020\/03\/negotiators-close-on-nearly-2-trillion-coronavirus-relief-package.html\" target=\"_blank\" rel=\"noopener\">said<\/a> they had spoken by phone with President Donald Trump during the long night of negotiations. While the two sides have resolved many issues in the sweeping package, some remain. President Donald Trump, on the other hand,\u00a0<a href=\"https:\/\/twitter.com\/realDonaldTrump\/status\/1242432301885198337\" target=\"_blank\" rel=\"noopener\">tweeted<\/a>: \u201cCongress must approve the deal, without all of the nonsense, today. The longer it takes, the harder it will be to start up our economy.\u201d<\/p>\n<p><a href=\"https:\/\/www.usatoday.com\/in-depth\/news\/2020\/03\/23\/congress-stimulus-packages-coronavirus-graphics\/2890864001\/\" target=\"_blank\" rel=\"noopener\">According to reporting from USA Today<\/a>, this new emergency fund would include:<\/p>\n<ul>\n<li><strong>Direct payments<\/strong>\u00a0of up to\u00a0<strong>$1,200\u00a0<\/strong>for most individuals and\u00a0<strong>$2,400<\/strong>\u00a0for most married couples filing jointly with an extra\u00a0<strong>$500\u00a0<\/strong>for each child. Benefit reduced for higher earners.<\/li>\n<li><strong>Waives penalties for early withdrawal<\/strong>\u00a0from qualified retirement accounts for coronavirus-related purposes of up to $100,000.<\/li>\n<li>Allows\u00a0<strong>deferral of student loan payments<\/strong>\u00a0and allows students who were forced to drop out of school due to coronavirus to keep their Pell grants.<\/li>\n<li>Increases\u00a0<strong>Medicare payments to hospitals<\/strong>\u00a0treating a patient admitted with coronavirus.<\/li>\n<li>Provides\u00a0<strong>small businesses access to private bank loans<\/strong>\u00a0equal to four months of expenses (payroll, rent, utilities, etc.) that would be covered by the federal government if they stayed open, maintained their workforce and paid their bills.<\/li>\n<li>Provides<strong>\u00a0tax relief to businesses<\/strong>\u00a0by deferring tax payments, increasing deductibility for interest expenses and allowing immediate expensing of qualified property improvements, especially for the hospitality industry.<\/li>\n<li>Provides a financial lifeline of several hundred billion dollars to industries hardest hit by crisis. Initial proposals called for help for\u00a0<strong>passenger airlines<\/strong>\u00a0(up to $50 billion),\u00a0<strong>air cargo lines\u00a0<\/strong>(up to $8 billion) and \u201c<strong>other major industries<\/strong>&#8221; (up to $150 billion) severely impacted by government health restrictions to combat coronavirus. Companies receiving assistance would be\u00a0barred from raising the pay of certain executives.<\/li>\n<\/ul>\n<p>On the democratic side,\u00a0House Speaker Nancy Pelosi unveiled a $2.5 trillion virus\u00a0<a href=\"https:\/\/appropriations.house.gov\/sites\/democrats.appropriations.house.gov\/files\/Take%20Responsibility%20for%20Workers%20and%20Families%20Act%20summary.pdf\" target=\"_blank\" rel=\"noopener\">economic stimulus plan<\/a>\u00a0in a bid to shape negotiations on a\u00a0<a href=\"https:\/\/fortune.com\/2020\/03\/23\/democrats-block-coronavirus-stimulus-bill\/\" target=\"_blank\" rel=\"noopener\">Senate measure that stalled on Monday<\/a>, triggering a sell-off in U.S. equities markets. According to CNN Politics,\u00a0Democrats have repeatedly blocked efforts to advance the stimulus\u00a0<a href=\"https:\/\/www.cnn.com\/2020\/03\/23\/politics\/why-democrats-object-coronavirus-package\/index.html\" target=\"_blank\" rel=\"noopener\">because of concerns<\/a>\u00a0that it prioritizes corporate industry over American workers. Republicans have argued that Democrats are stalling critical economic relief amid the devastating spread of coronavirus.<\/p>\n<p>Nearly 400,000 people worldwide <a href=\"https:\/\/apnews.com\/98f70ad86446fe2c3ba0bab5ab6bdf2c\" target=\"_blank\" rel=\"noopener\">have been infected by the coronavirus<\/a> and more than 17,000 have died, according to a running tally kept by Johns Hopkins University. In the U.S., as of March 24, the number of infections topped 46,000, with about 600 dead, while New York, now one of the globe\u2019s coronavirus hot spots, authorities rushed to set up thousands of hospital beds for potential victims in the city of 8.4 million people.\u00a0The Federal Emergency Management Agency has <a href=\"https:\/\/apnews.com\/48740e4bdefbb0e2459359a5eda2fdd6\" target=\"_blank\" rel=\"noopener\">declared a major disaster in the state<\/a>, freeing up access to billions of dollars in relief funding.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Congress has already approved\u00a0two emergency\u00a0packages. A much larger third is\u00a0ready.  [&#8230;]<\/p>\n","protected":false},"author":25,"featured_media":25513,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46,1337],"tags":[3382,99,1385,955,3442,3443,3241],"class_list":["post-25512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-innovation-business","category-primezone","tag-covid19","tag-ceo","tag-ceo-northam","tag-congress","tag-coronavirus-relief-package","tag-emergency-packages","tag-potus"],"_links":{"self":[{"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/posts\/25512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/comments?post=25512"}],"version-history":[{"count":3,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/posts\/25512\/revisions"}],"predecessor-version":[{"id":25571,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/posts\/25512\/revisions\/25571"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/media\/25513"}],"wp:attachment":[{"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/media?parent=25512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/categories?post=25512"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/tags?post=25512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}