updated 20-Mar-30
As Covid-19 virus swept across the world during the month of March, the US Senate convened in many sessions and worked out what some might call a stimulus package. Hardest, or initially hit were the Airlines, Hotels, Restaurants, night clubs, and the Travel industry. Other segments of the society also affected were schools.
A number of these business may not exist a year from now as the economy will undoubtedly be transformed. Sure restaurants will exist, but will the capacity standards be reduced to allow for social distancing cause some of them to fail. Will people still want to be crammed into airplanes with bad air circulating. Will smaller private jets become more popular as business needs to move forward with out risking their employees.
A Vaccine will be developed most likely in the next 12-18 months, but are there new viruses lurking around the corner.
The bill which started as help for the worker, (unemployment and cash payments), and corporations, (airlines, hotels, cruise lines), immediately took a giant step up in cost as the Democrats rolled in their per-planned social engineering plan. House Majority Whip James Clyburn summed it up best when he said the bill was a “a tremendous opportunity to restructure things to fit our vision.”
Given the need to pass something, and given that Republicans were concerned about the business economic issues, and Democrats with their vision of the country going forward, the bill ballooned, from $800M, to $1T, to $2.2 trillion, and along with the Federal Reserve having $4 trillion to throw at the problem. A $6.2 trillion finale.
The National Debt (was $22T) takes a back seat?
Over the years America budget deficit has grown and grown. Nominally democrats have not seemed as worried as Republicans about it’s growth.
But Trump, accustomed to living by bankruptcy, has no issues, and given the votes from the Senate and House, everyone is jumping face first, into the fire.
Cash Payments To Most
Cash payments of up to $1,200 for individuals, $2,400 for married couples and $500 per child, reduced if an individual makes more than $75,000 or a couple makes more than $150,000.
Even if you have a job or don’t need the money, you may be getting a kickback from the Taxpayers. It may be hard to spend the money, if you are in quarantine, self or imposed.
$75 million for ‘‘Corporation for Public
6 Broadcasting’’ that must be spent by Sept 30, 2021. Usage is to maintain programming
12 and services and preserve small and rural stations threatened by declines in non-Federal revenues.
This means if other advertising drops away, the Federal government will step in to keep things going.
Unemployment Insurance on Steroids
Unemployment insurance receives a Federal kick up of $600/week. This is for up to 4 months. This is on top of state UN-employment insurance of $200-550/wk, depending on your state. In addition, it appears the Feds will add up to 13 weeks additional, to whatever the state normally covers. States differ in their timelines, but most are between 12 and 28 weeks.
Some lower paid workers will receive a higher UN-employment check then when they were working. Some economists have stated that this may be a dis-incentive to look for work. Employers also might lay off workers knowing UN-employment would actually be more lucrative for workers. Canada took the tactic of offering UN-employment at 80% of your prior wage, which could help solve this issue.
Generic Listing
- $349B fund for small business to mitigate layoffs It appears salaries of up to $100K may be made used as loan payoffs? (p47)
- $675M for the Small Business Administration for paper work to cover the costs of handing out money to small business.(p53)
- List Item #3
Kennedy Center - Washington DC - Clubhouse for the Politicians
$25 Million for the Washington DC Kennedy Center with a stated purpose pof cleaning and handling the Corona Virus. A report on how the money was spent is due to congress Oct 31, 2020. Once this money was locked in, the National Symphony Orchestra musicians received notice. Key questions; will the executive staff still receive 100% of their original pay? Will tickets prices, on re-opening be raised to cover costs? This is a favorite meeting place for DC politicians.
The CEO, Deborah Rutter, salary $1.2 million, agreed to not take her salary. It is unknown what the Kennedy Center Endowment Fund is value at.
Howard University - The Only non-special needs University Called out by Name?
Howard University has the distinction of being the only University “named” in the Bill to receive targeted Money. Gallaudet University was also called out to receive $7M, but it is a special needs university(deaf and hard-of-hearing). Howard University is a HBC (Historically Black College). As recently as 2017 its endowment had a market value of $647 million.
The $13 million allocated can be used to help students with expenses directly related to the the coronavirus. Or, help the University as it see fits deal with the coronavirus.
