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Details on the New Coronavirus Stimulus Bill Proposal

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Details on the New Coronavirus Stimulus Bill Proposal

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Brian-

A group of 50 House of Representative members composed of both Democrats and Republicans, unveiled their stimulus bill on Tuesday. The group of Representatives, known as the Problem Solvers Caucus, named the bill ‘March to Common Ground’ and it will cost approximately $2 trillion. The bipartisan proposal comes as Speaker of the House Nancy Pelosi, Senate Minority Leader Chuck Schumer, Treasury Secretary Steven Mnuchin, and Chief of Staff Mark Meadows are still nowhere close to getting another stimulus deal done. The hope is that this bill will put an end to the impasse and help bring the party leaders back to working on passing another stimulus package.

"The fact is, we all hear back home Americans simply can't afford inaction,”

said Rep. Josh Gottheimer (D-N.J.), who is co-chair of the bipartisan group along with Rep. Tom Reed (R-N.Y.).

“The American people need the negotiators to get back to the table."

A United States capitol building

Here are the details of the March to Common Ground bill:

Stimulus checks
  • Totals $280 billion
  • $1,200 stimulus checks plus $500 per child and adult dependents
  • The income threshold appears to be the same as it was for the first stimulus check

    • Full payment for individuals making up to $75,000 of adjusted gross income
    • Full payment for couples filing jointly making up to $150,000 of adjusted gross income
  • Possible Additional Benefits (based on Covid hospital metrics and progress of vaccines)

    • Another round of stimulus checks in March 2021, based on hospitalization metrics and if warranted

      • $280 billion would be allocated to funding this
Unemployment benefits
  • Totals $120 billion
  • $450 per week for 8 weeks to begin
  • Up to $600 per week for the remaining 5 weeks, but benefits cannot exceed 100% of previous wage
  • Benefits offered for the period of the middle of October through January 2021
  • Possible Additional Benefits (based on Covid hospital metrics and progress of vaccines)

    • Automatic 3-month unemployment benefits in February 2021, based on hospitalization metrics and if warranted

      • $120 billion would be allocated to funding this
Small business assistance
  • Totals $290 billion
  • The majority of the funds ($240 billion) will be for PPP funding

    • $145 billion will be re-appropriated from remaining PPP funds
    • There will be $95 billion of new funds

      • $50 billion allocated for EIDL funding
      • $17 billion allocated for small/community banks
      • $17 billion allocated for mid sized banks
      • $11 billion allocated for community development financial institutions
  • $50 billion will be allocated for Targeted Employee Retention Tax Credit
Schools, daycare, and child care
  • Totals $145 billion

    • $100 billion will be set aside for K-12 schools
    • $30 billion will be set aside for higher education, such as colleges
    • $15 billion will be set aside for daycare and child care providers
Rental and eviction moratorium
  • Totals $25 billion
  • Rental assistance for the most needy
  • Other rent stabilization programs and/or eviction moratorium through January 2021
Aid for state and local governments
  • Totals $500 billion
  • Funds will help state and local governments cover costs arising from the pandemic

    • $130 billion allocated for future state and local Covid expenses through 2021
    • $120 billion allocated for local general revenue shortfalls through 2021
    • $250 billion allocated for state general revenue shortfalls through 2021
    • Allows $130 billion of remaining funds from CARES Act for use on documented past state and local Covid expenses
  • Funds cannot be used to cover any costs that were incurred prior to the pandemic
Testing, contact tracing, and healthcare
  • Totals $100 billion

    • $25 billion will be set aside for testing and contact tracing
Elections
  • Totals $400 million
  • Funds will be used to ensure the upcoming election are secure and safely conducted
Liability protection
  • Additional liability protections and a focus on the safety of workers
US Postal Service, Census, Agriculture, and Broadband
  • Totals $52 billion

    • $15 billion will be set aside for the US Postal Service
    • $25 billion will be set aside for farming/agriculture
    • $12 billion will be set aside for broadband development in communities of need
Student loan forbearance
  • Student loan forbearance through December 31, 2020

By putting out this proposal, the members of Problem Solvers Caucus hope to prove to their constituents back home that they at least tried to get another stimulus package passed. In addition to showing voters that they tried, they hope that this puts pressure on party leaders to get back to the negotiating table to finally pass a stimulus package.

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