Additional Benefits added to the Phase 3 bill during the latest negotiations:
March 25, 2020
- 4 months of more unemployment insurance instead of 3 months.
- $55 billion increase in the Marshall Plan for our Health Care System.
- $150 billion for a state, tribal, and local Coronavirus Relief fund.
- $10 billion for SBA emergency grants of up to $10,000 to provide immediate relief for small business operating costs.
- $17 billion for SBA to cover 6 months of payments for small businesses with existing SBA loans.
- $30 billion in emergency education funding and $25 billion in emergency transit funding.
- $30 billion for the Disaster Relief Fund to provide financial assistance to state, local, tribal, and territorial governments, as well as private nonprofits providing critical and essential services.
- More than $10 billion for the Indian Health Services, and other tribal programs.
- Prohibit businesses controlled by the President, Vice President, Members of Congress, and heads of Executive Departments from receiving loans or investments from Treasury programs.
- Make rent, mortgage and utility costs eligible for SBA loan forgiveness.
- Ban stock buybacks for the term of the government assistance plus 1 year on any company receiving a government loan from the bill.
- Establish robust worker protections attached to all federal loans for businesses.
- Create real-time public reporting of Treasury transactions under the Act, including terms of loans, investments or other assistance to corporations.
- Create of Treasury Department Special Inspector General for Pandemic Recovery to provide oversight of Treasury loans and a Pandemic Response Accountability Committee to protect taxpayer dollars.
- Add a retention tax credit for employers to encourage businesses to keep workers on payroll during the crisis.
- Provide income tax exclusion for individuals who are receiving student loan repayment assistance from their employer.
- Eliminated $3 billion bailout for big oil. • Eliminated “secret bailout” provision that would have allowed bailouts to corporations to be concealed for 6 months.
- Saved hundreds of thousands of airline industry jobs and prohibited airlines from stock buybacks and CEO bonuses.
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