Agreement on New Stimulus Package

The Senate is heading for a series of one-hour votes on amendments to the COVID package later this week. A compromise proposal made earlier this month by Senator Mitt Romney (R-Utah) and Joe Manchin III (D-W. Va.), along with other centrist lawmakers, would have provided for 16 weeks of unemployment benefits instead of the 11 weeks provided for in the current agreement. It was unclear why the congressional leadership shortened the duration of unemployment benefits in its recent agreement regarding the bipartisan lawmakers` plan. As Republicans sought to keep the cost of any aid below $1 trillion, negotiators slashed aid from the stimulus package passed in March, as the pandemic`s ruinous toll was just beginning to become apparent. Sen. Debbie Stabenow, D-Mich., called the deal a ”reasonable compromise,” but it could also be necessary if Democrats hope to finalize the legislation before the March 14 deadline, the deadline for unemployment benefits to expire. Toomey also said he would support the final package: ”Despite the significant reservations I have about some particular characteristics, I think the good outweighs the bad, and it is my intention to vote for it at this stage.” By rep. Nancy Pelosi (D-CA): The deal includes more than $284 billion for first and second PPP forgiv loans, expanded PPP eligibility for nonprofits and local newspapers, TV and radio stations, major changes to the PPP to serve smaller businesses and struggling nonprofits, and better support independent restaurants, and includes $15 billion in dedicated funds for concert halls. independent cinemas and cultural institutions. The agreement also includes $20 billion in targeted EIDL grants, which are critical for many small businesses on Main Street. Washington — Congressional leaders on Sunday reached a bitterly negotiated deal on a $900 billion stimulus package that would provide emergency assistance to Americans and businesses to help them cope with the economic devastation of the pandemic and fund vaccine distribution. Food aid.

The agreement is expected to increase the benefits of food brands (Supplemental Nutrition Assistance Program or SNAP). It would also extend the pandemic EBT program to families with children in daycare and support the Special Supplementary Nutrition Program for Women, Infants and Children (WIC) so that participants can purchase additional fruits and vegetables. Seniors are also included, with funding for seniors` nutrition services, including Meals on Wheels, and the Supplementary Food Program to provide food boxes for seniors. Both the House of Representatives and the Senate passed an ongoing resolution Sunday night to extend federal government funding by an additional day, as the deadline to avoid a shutdown was 11:59 p.m. .m .m. The extension gives time to draft the COVID relief plan and add it to a $1.4 trillion spending bill to fund the government until September. President Trump signed the extension late Sunday night. Both houses approved the measure Sunday night, and President Trump signed it just before midnight. Final votes on the spending package were expected as early as Monday to approve and release it for Mr Trump`s signature, but have not yet been scheduled. While Mr.

Trump`s signature will be on the law, its impact will be much greater for President-elect Joseph R. Biden Jr., who must keep the economic recovery faltering. Lord. Biden, who has quietly lobbied for lawmakers to reach a compromise that would provide at least modest aid after months of congressional inaction, is expected to seek another major economic aid package after he takes office in January. ”Now that Democrats have accepted a version of Senator Toomey`s important language, we can begin shutting down the rest of the package to provide much-needed assistance to families, workers and businesses,” a spokesman for Senate Majority Leader Mitch McConnell, R-Ky, said Saturday night. WASHINGTON — Senior lawmakers worked Sunday to finalize coronavirus aid legislation after reaching a compromise Saturday night on a major obstacle that maintained the expected $900 billion package. At the heart of the breakthrough was a mutual agreement to abandon critical priorities approved by one party and hated by the other: a Democratic push to establish a direct flow of money for narrow state and local governments, and a Republican call for full accountability protection for businesses, hospitals, and other institutions that were open during the pandemic. Employee Retention Tax Credit. The agreement extends and enhances the Employee Retention Tax Credit. Congress finally agreed on a COVID relief plan. This is the first significant stimulus measure by Congress since the signing of the Coronavirus Aid, Relief and Economic Security Act or the CARES Act in March 2020.

Steve Kelly, a spokesman for Toomey, said the deal was an ”unqualified victory for taxpayers.” An obstacle was created on Friday when Democratic Republicans, namely Senator Pat Toomey of Pennsylvania, are trying to weigh on the Biden administration by cutting off the Federal Reserve`s emergency lending capabilities under the CARES Act to protect the struggling economy. Lawmakers reached an agreement on the issue on Saturday night, sources said. ”We have now agreed on a bill that will crush the virus and put money in the pockets of struggling working families,” spokeswoman Nancy Pelosi wrote Sunday in a letter to Democrats detailing some details of the measure. ”This emergency aid law is an important first step. Lawmakers reach compromise on GOP proposal to cut Fed powers and pave the way for a stimulus package The spending plan also includes major bipartisan agreements to combat climate change and promote clean energy, the first such legislation to be passed by Congress in nearly a decade. The regulations include legislation that would reduce the use of powerful, planet-warming chemicals used in air conditioners and refrigerators. The deal comes at a time when Biden and Senate Democratic Leader Chuck Schumer are scrambling to keep the faction united in favor of the president`s signature bill. Schumer then spoke, calling the aid plan inadequate, but announced it as a crucial step to ”give the new president a boost, a head start, as he prepared to put our struggling economy in order.” Lawmakers also appeared to settle a fierce dispute over whether businesses that have received and received PPP loans should be allowed to deduct the costs covered by those loans on their federal tax returns. These costs would be deductible under a definitive agreement as long as a PPP beneficiary can demonstrate a loss of revenue in 2020 compared to previous years, according to a lawmaker who was informed of the agreement. Republicans have criticized the bill, calling it a ”liberal wish list” that is misaligned with coronavirus-specific needs. They also criticized the Democrats for choosing to ”do it alone” instead of working on a bipartisan deal.

More help is on the way. A few moments ago, the four speakers of the Senate and the House of Representatives reached an agreement in consultation with our committees. This will be another great bailout for the American people. As our citizens continue to fight this coronavirus this holiday season, they will not fight alone. We have agreed on an envelope of nearly $900 billion. It is full of targeted measures to help troubled Americans who have already waited far too long. For workers in the most affected small businesses, there will be a second targeted draw from the Paycheque Protection Program. We haven`t worked as hard in all these months to save as many jobs as possible just to grope the ball with the vaccinations already underway. Speaking of vaccines, we can undo the success of Operation Warp Speed by falling asleep at the distribution office, so this agreement will provide huge sums of money for the logistics that will bring these vital vaccines to our citizens as quickly as possible. Of course, several million Americans have lost their jobs and continue to lose them through no fault of their own.

This program will renew and expand a number of other key federal unemployment benefits that have helped families stay afloat. In all kinds of families, in all kinds of situations, it has been a difficult time in all areas. At the special request and at the insistence of President Trump and his administration, our agreement will provide for another round of direct payments to help households make ends meet and continue our economic recovery. An adviser to Senator Pat Toomey of Pennsylvania and a senior Democratic adviser confirmed Late Saturday that the two sides had reached an agreement on the wording of Toomey`s proposal to liquidate federal reserve credit facilities set up to deal with the crisis in March. Toomey said on a conference call Sunday that it had agreed to restrict the wording so that it only applies to the three credit facilities created by the CARES Act. ”We can`t get through the situation we had in 2009 when stimulus wasn`t strong enough and we stayed in recession for years,” Schumer said. ”Just because the numbers aren`t as bad as they used to are doesn`t mean we don`t need a strong sustained push to get out of that trench and move forward.” ”Once this agreement goes into effect, it won`t be the last word on alleviating Congress,” said Sen. Chuck Schumer of New York, the Democratic leader who called the deal a ”down payment.” Congress passed a two-day extension of government funding signed by the president to avoid a government shutdown Friday night. .