#Republican #lawmakers #PresidentTrump #violent #rioting #looting #aid/relief/stimulus #property #damage
The $1-T aid/relief/stimulus package proposed by Republicans will compensate businesses for vandalism or looting due to public disturbances that occurred during Y 2020. And President Trump wants to send Americans more checks to shore up household finances.
- Republican lawmakers unveiled a $1-T coronavirus aid/relief/stimulus package, dubbed the HEALS Act, Monday.
- The proposed package includes a provision to compensate businesses for “looting and vandalism due to public disturbances that occurred during 2020.”
- Since George Floyd’s death in May, protests have erupted in every state in the US and many parts of the world.
- Republican lawmakers have railed against the property damage that has accompanied many of the demonstrations.
The plan would extend Paycheck Protection Program loans to businesses for damages that occurred during protests that are not already covered by insurance.
“Take some of that money and make it available to the businesses, mostly small businesses, but to the businesses that have been lost as a result of the burning and the looting and the felony rioting,” Senator John Kennedy (R-LA) told Treasury Secretary Steven Mnuchin during the hearing. “I think they are going to need help.”
This provision is part of a larger bill that would offer an additional $60-B in forgivable loans to small businesses.
It would allow employers to get a second Paycheck Protection loan, with a focus on businesses that are reliant on seasonal revenues, or situated in low-income minority communities. The bill also expands PPP funds for personal protective equipment, testing, cleaning, and other expenses that make their establishments safer.
Congress has already allocated $670-B in forgivable loans for small businesses through the PPP (Paycheck Protection Program). Since its passage, 4.9-M small employers have received $519-B in loans.
There are complex days ahead for this bill and the broader GOP relief package, dubbed the HEALS Act.
Democrats like Senate Majority Leader Chuck Schumer have called the package “totally inadequate,” and are pushing for their solution, the $3-T HEROES Act, to be passed instead. Republicans have criticized the plan, slamming it for ‘The Pork‘.
For Senators, this may be the last aid/relief/stimulus bill they pass before elections this November.
Have a healthy weekend, Keep the Faith!
Latest posts by Paul Ebeling (see all)
- Sitting on a Cash Pile 6.0? A Regional Banker’s Bank - October 27, 2020
- Wall Street’s Key Stock Analysts Research Report, All Buys - October 27, 2020
- Tuesday’s World Markets Outlook: Asia-Pacific - October 27, 2020