UNEMPLOYMENT, $1200 SECOND STIMULUS CHECK & STIMULUS PACKAGE UPDATE 10/01/2020 (TALKS RESTART!)

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UNEMPLOYMENT, $1200 SECOND STIMULUS CHECK & STIMULUS PACKAGE UPDATE 10/01/2020 (TALKS RESTART!)

First yesterday we saw the CR bill pass with overwhelming bipartisan support in the Senate. The vote to pass the bill went through 84 to 10. This will keep the government temporarily funded out until December 11, 2020 while congress works on stimulus provisions and elections during the pandemic.

Also yesterday was the official last day of the airline bailout and as a result of no agreement being reached, today mass layoffs have unfolded. In the last round of stimulus airlines received a $25 billion bailout to stay afloat and destabilize their industry contingent upon them not performing mass layoffs until October 1, 2020. Last week they returned to congress informing them that things were still very bad as gross revenue was down by 85% and they needed another $25 billion or mass layoffs would be needed. Now American Airlines has laid off 19,000 workers alongside United Airlines laying off 13,000 workers; not related but also alongside Disney laying off 28,000 park workers to add insult to injury.

So, the good news, but don’t get your hopes up, is talks today negotiations for a stimulus package agreement have resumed. After Nancy Pelosi revealed her new $ trillion stimulus package Monday known as the Revised Heroes Act, White House Treasury Secretary Steve Mnuchin said they would be providing a counteroffer on Wednesday and it would be similar to what we saw in the Problem Solvers Caucus proposal. It was said, if the counter offer was agreeable to Nancy Pelosi and Democrats we would hear that the House would be moving forward to vote on Steve Mnuchin’s new bill; and if the counter offer was not agreeable it would be announced that Democrats in the House would move forward with Nancy Pelosi’s $ trillion bill which would simply be a display of effort to the American people before elections since the bill DOES NOT have bipartisan support and Republicans would reject it in the Senate where it would stop. As mentioned yesterday evening we received news that failed, and the House would move forward with voting on Nancy Pelosi’s $ trillion dollar package as a display of effort.

HOWEVER, late yesterday evening we heard it announced that they would be postponing the vote. That so much progress was made in negotiations yesterday that after giving it some more thought, Steve Mnuchin and Nancy Pelosi wanted to give it another shot today on Mnuchin’s counteroffer. So, we will likely hear whether this second attempt was successful either today or tomorrow.

So lets cover what is included in Steve Mnuchin’s counter offer…

It is a $ trillion relief proposal
The proposal includes $250 billion in state and local aid (about half of what Democrats want)
$400 in weekly federal unemployment benefits (Democrats want $600) through the end of the year.

$75 billion for coronavirus testing and tracing
$20 billion for airlines
$60 billion for rental and mortgage assistance
$160 billion for the Paycheck Protection Program of forgivable loans for small business
AND Mnuchin said that if Pelosi and he are able to come to an agreement, the next bill will also include another round of stimulus checks similar to those in the CARES Act.

Info source:
#b2ab65d2af5f

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