Senate Democrats unveil $500 billion short-term coronavirus relief plan | TheHill - The Hill

Senate Democrats on Thursday unveiled the details of a $500 billion coronavirus relief plan they will offer later in the morning when Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellMcConnell to try to pass small business funds Thursday, warns against holding it 'hostage' Overnight Health Care: Trump steps up attack on WHO | Fauci says deaths could be lower than first projected | House panel warns federal stockpile of medical supplies depleted | Mnuchin, Schumer in talks over relief deal House Republicans, key administration officials push for additional funding for coronavirus small business loans MORE (R-Ky.) requests unanimous consent to provide an additional $250 billion to the popular Paycheck Protection Program.

Democrats, led by Senate Minority Leader Charles SchumerCharles (Chuck) Ellis SchumerHouse Republicans, key administration officials push for additional funding for coronavirus small business loans Rep. Massie threatens to block next relief bill, calls for remote voting Democratic senators call for funding for local media in coronavirus stimulus MORE (N.Y.), have proposed $250 billion for the small business loan program, under which employers receive federally backed loans that are 100 percent forgivable if they maintain their payrolls. But half of the amount, $125 billion, is set aside for small banks and credit unions to help better serve woman-, minority-, and veteran-owned businesses.

Sens. Ben CardinBenjamin (Ben) Louis CardinSenators push for changes to small business aid Phase-four virus relief hits a wall On The Money: Senate aims to quickly approve more small-business aid | Dems seek conditions on new funds for small-business loans | Pelosi says next round of relief will top T MORE (Md.), the ranking Democrat on the Senate Small Business Committee, and Chris Van HollenChristopher (Chris) Van HollenDemocrats struggle to keep up with Trump messaging on coronavirus Pentagon gets heat over protecting service members from coronavirus Overnight Defense: Lawmakers call for probe into aircraft carrier captain's firing | Sailors cheer ousted commander | Hospital ship to ease screening process for patients MORE (D-Md.) are expected to offer the plan after they object to McConnell’s request for a straight $250 billion infusion to the Paycheck Protection Program.

ADVERTISEMENT

Forty-five billion dollars are set aside for small community-based lenders, such as minority depository institutions and microlenders with less than $10 billion in consolidated assets. Fifteen billion dollars are set aside for community banks and credit unions with less than $10 billion in consolidated assets.

Fifty billion dollars would go to the Small Business Administration’s Economic Injury Disaster Loan program to support up to $300 billion in direct lending and $15 billion would go to the SBA’s Emergency Economic Disaster Grant Program.

The Democrats have also proposed reforms to the small-business lending program to expedite loans, echoing suggestions by some Republicans such as Sen. Pat ToomeyPatrick (Pat) Joseph ToomeyNSA improperly collected US phone records in October, new documents show Overnight Defense: Pick for South Korean envoy splits with Trump on nuclear threat | McCain blasts move to suspend Korean military exercises | White House defends Trump salute of North Korean general WH backpedals on Trump's 'due process' remark on guns MORE (R-Pa.) for streamlining the program.

The Democrats are calling for banks of all sizes to gather documents that comport with federal know-your-customer regulations during the loan-application stage, which would clear up confusion over what documents lenders need to obtain before giving out federally backed loans.

The Democratic plan calls for $100 billion in new funding for hospitals and other health-care providers and requires the Trump administration to report to Congress its COVID19 testing strategy. The Department of Health and Human Services and other agencies would be required to report to Congress every 30 days about the allocation of testing and supplies around the country.

ADVERTISEMENT

The third prong of the Democratic plan is an additional $150 billion in fiscal relief to state, local and tribal governments.

Sixty-five billion dollars would be allocated to states based on population, with small states getting a minimum of $500 million.

Fifty-three billion would be allocated to local governments based on the Community Development Block Grant formula and $20 billion would go to states based on their national share of coronavirus infections, a provision that would help Schumer’s hard-hit home state of New York.

The plan would also set aside $8 billion in funding for Native American tribes and $3 billion for territories.

Let's block ads! (Why?)

"plan" - Google News
April 09, 2020 at 08:51PM
https://ift.tt/2XjryWt

Senate Democrats unveil $500 billion short-term coronavirus relief plan | TheHill - The Hill
"plan" - Google News
https://ift.tt/2un5VYV
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update

Bagikan Berita Ini