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| Trump and Republicans once again shows us how to social distance. Trump signs a massive stimulus bill into law. Will it save his crappy economy? We don't know yet! |
"We'll see what happens!"
The deal is done. It's now a law.
A major victory for a bumbling idiot. Donald J. Trump will officially sign the combined House and Senate bill into law. In the Oval Office were Mike Pence, members of the White House, Sen. Mitch McConnell (R-KY), Sen. Kevin McCarthy and Dr. Anthony Fauci.
Not one of them were practicing in social distancing. Yet, they all gathered in for this photo-op.
No members of the Democratic Party were present for the signing of this law.
The House of Representatives came back to Washington, DC to vote on the $2 trillion stimulus bill that policy makers hope will blunt the economic destruction caused by the coronavirus.
Trump will sign this legislation into law.
The lawmakers were really pissed at Rep. Thomas Massie (R-KY). He forced them to all come back to Washington for a procedural move that requires a minimum of 216 lawmakers to be present for the vote.
The vote came after two weeks of consistent and biter arguments over how this law will help those impacted by sudden job loss due to the coronavirus pandemic.
The White House, Treasury Department, Small Business Administration and other agencies will scramble to get the ball rolling on getting folks the needed money to help them throughout the pandemic.
Marketwatch reported that the stimulus will have some good and some bad.
The hallmark of the $2 trillion stimulus package were one-time $1,200 direct payments to adults making up to $75,000. But the legislation also included a number of proposals aimed at supporting small businesses that have been hard hit as the pandemic has forced businesses to shutter in accordance with social-distancing orders from state and local officials across the country.
Some researchers have estimated that the federal government may need to supply up to $1.5 trillion in liquidity to businesses that employ 500 or fewer people if the coronavirus emergency to last three months. That’s obviously a much larger amount than the Senate plan currently provides.
The Senate’s plan currently supports American small businesses in the following ways, according to policy experts:
• A $350 billion forgivable loan program designed to ensure that small businesses do not lay off employees
• A 50% refundable payroll tax credit on worker wages will further incentivize businesses, including ones with fewer than 500 employees, to retain workers
• Looser net operating loss-reduction rules that will allow businesses to offset more
• A delay in employer-side payroll taxes for Social Security until 2021 and 2022
• Sole proprietors and other self-employed workers could be eligible for the expanded unemployment-insurance benefits the bill provides
• A portion of the $425 billion in funds appropriated for the Federal Reserve’s credit facilities will target small businesses
The far-reaching legislation stands as the largest emergency aid package in US history. It represents a massive financial injection into a struggling economy with provisions aimed at helping American workers, small businesses and industries grappling with the economic disruption.
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