One Company Loses Big-Time In The Coronavirus Compromise Bill — And Trump’s Not Going To Like Who It Is
In the early hours of Wednesday morning, a compromise between Republicans, Democrats, and the White House was reached in order to pass emergency legislation that would help individual workers and companies who employ them affected by the coronavirus recession.
The legislation is expected to be voted on in the Senate later Wednesday afternoon, and passed in the House immediately after, perhaps a day or two later.
A number of compromises were made between Democrats, who wanted more oversight on corporate loans, and the White House/Republicans. A $500 billion corporate loan program that was originally proposed would have allowed the White House to determine, without Congressional approval, which companies could receive funding from that provision.
Blocking the bill earlier in the week because of that part of the bill, Democrats were able on Wednesday morning to get Republicans to agree to an oversight rule that would allow Congress to block loans from the White House if they were given out inappropriately.
“Every loan document will be public and made available to Congress very quickly, so we can see where the money is going, what the terms are and if it’s fair to the American people,” Senate Minority Leader Chuck Schumer (D-New York) said.
— Justice is Coming (@firedup79) March 25, 2020
In addition to that rule, another one, blocking loans to lawmakers’ corporate interests, was included. As Alternet reported on the subject, this means that President Donald Trump, his children, and his companies, cannot receive a loan from the $500 billion pool of cash meant to help businesses.
The measure actually applies to almost every lawmaker in Washington — no member of Trump’s cabinet, nor Vice President Mike Pence, nor any member of Congress, can receive funding from the enormous loan program — but questions about whether Trump, who pushed heavily for the hotel industry to get a bailout, would benefit from the proposed bill had come about in recent days.
Trump refused to say whether he would utilize the program for himself or his businesses in questions from reporters.
The bill also grants extensions of unemployment benefits to workers, including to those in the “gig economy,” Axios reported. American workers in general can expect help in the form of direct payments, which each adult receiving $1,200 plus an extra $500 per child for every family.
Featured image credit: Michael Vadon/Flickr