The proposed relief bill, at $908 billion, does not include provisions for another stimulus check but does include enhanced unemployment aid, small business payroll assistance, and eviction protections as well as providing funding for state and local governments.
This amounts to $288 billion in small business aid such as Paycheck Protection Program loans, $160 billion in state and local government relief, and $180 billion for supplemental unemployment insurance, according to the lawmakers. Republican Senator Mitt Romney said the plan contains $560 billion in “repurposed” funding from the CARES Act enacted in March, reports Reuters.
The bill would also put $16 billion into vaccine distribution, testing, and contact tracing, funnel $82 billion into education, and allocate funds for rental assistance, child care, and broadband. The proposal also would offer temporary federal protection from coronavirus-related lawsuits. This provision has been opposed by Democrats, however, it would only be in effect until the various states set up their own laws, reports CNET.
Speaking to reporters after their announcement, the lawmakers said they have not gotten any backing for the proposal from the White House, Senate Majority Leader Mitch McConnell, or House of Representatives Speaker Nancy Pelosi.
Democratic Senator Mark Warner of Virginia, a member of the group, earlier had referred to the plan as an “interim package” to provide support until President-elect Joe Biden takes office in January, according to CNBC News.
“If there’s one thing I’m hearing uniformly it’s: ‘Congress, do not leave town for the holidays leaving the country and the economy adrift with all these initial CARES [Act] programs running out,’” Warner told CNBC’s “Squawk Box.” After President-elect Joe Biden is sworn in on Jan. 20, his administration could seek a follow-up bill with a bigger price tag that could include a second stimulus payment of up to $1,200.
The Thanksgiving holiday brought into focus the plight of American families impacted by the economic downturn being experienced across the nation, with close to 50 million people needing food assistance. The unemployed number close to 20 million. Unless Congress does something now, all benefits American families are depending on to get them through this pandemic will expire at the end of this month.
