Winners and losers in the $2T coronavirus stimulus bill
Hospitals, unemployed individuals, and small businesses would all win with this coronavirus stimulus package. But who's losing out? 💰
At last, we have a deal.
Here are the winners and losers in the $2 trillion coronavirus stimulus bill.
Hospitals will receive $130 billion in aid — up from the Republican proposal of $75 billion. “There is much more money for our hospitals, for our nurses and physicians, for our nursing homes, for our community health centers to do the job they need to do,” Senator Chuck Shumer said on the Senate floor advocating for and supporting our most valuable assets in combating this virus.
Winner: Unemployed Americans
Republicans proposed zero expansion of unemployment benefits. This bill offers $600 per week in addition to state unemployment. Plus full salary for laid-off workers for 4 months. The bill also extends eligibility to the self-employed and gig economy workers for the first time in United States history. “We call it “Unemployment compensation on steroids.”, Sen. Chuck Schumer stated.
Loser: Trump-owned businesses
The stimulus bans the president’s various hotels and properties from taking federal aid.
Winner: Small businesses
Small businesses, so many of which have been forced to close or significantly decrease staff, will receive $367 billion in federal aid.
Loser: Corporate America
The bill will create an oversight board to ensure transparent loans to large corporations. However, Trump has suggested that he won’t be complying with this provision making it fairly clear where his priorities lie.
Winner: State and local governments
While the GOP proposed no aid to state governments, the Democrats managed to secure $150 billion. Sen. Chuck Schumer concluded, “$150 billion to go to states and localities who are so hard-pressed because of all the new expenses that COVID-19 puts upon them, and because they’re not getting the resources they usually get. Taxes are delayed until June.”
Winner: U.S. economic prospects?
At least we hope so.