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What’s the Good, Bad, and Ugly in the Proposed $900B Stimulus Bill?

What’s the Good, Bad, and Ugly in the Proposed $900B Stimulus Bill?

The latest coronavirus stimulus bill has left many Americans disappointed by the meager $600 stimulus checks, however, the bill does a lot of good and will help the United States’ economy avoid a possible downturn after the new year assuming President Donald Trump lets the bill go through.

Let’s look at the good, the bad, and the ugly for the recent $900 billion coronavirus relief package.

Good

$284 billion for Paycheck Protection Program for small businesses

  • The Paycheck Protection Program is one of the stimulus measures that has worked successfully so far, unlike the Main Street Lending Program

  • The program expands aid to nonprofits, local newspapers, and TV/radio stations in addition to reserving $15 billion for live venues, movie theaters, and cultural institutions that were forced to shut down because of the pandemic

$300 a week additional unemployment benefits/payments through the middle of March

$82 billion for schools and colleges to assist reopening

$69 billion for vaccine development and testing

  • $20 billion of it is used to buy the vaccine so every American can get vaccinated for free

$25 billion in rental assistance for families

  • The rent moratorium was also extended to Jan. 31

$15 billion in aid for airlines

$14 billion for public transportation

$13 billion for food-stamp benefits

$13 billion for farmers, ranchers

$10 billion for childcare centers to reopen safely

$7 billion for broadband internet

  • $3.2 billion to help poor households pay for broadband which has become even more necessary as remote work has become the norm during the pandemic

  • $1.9 billion to boost security by removing equipment from the China company Huawei Technologies Co.

No liability protection for corporations (good for now)

Bad

No aid for cash-strapped states and cities

  • Cities and states have had to spend a lot of money (that they don’t have) to help fight the war against the coronavirus and are facing large deficits

  • If the deficits aren’t softened with aid, there will be many permanent layoffs in 2021 for city and state workers

  • But this can be addressed assuming there is a third relief package coming after Biden is sworn into office

Cost of meals can be a deductible business expense

  • Trump wanted this in the bill and legislators put it in

https://twitter.com/realDonaldTrump/status/1245389585330458626

  • While it is a good idea to provide relief to the restaurant industry that has been killed by the shutdowns, experts don’t believe it will provide much support to the struggling industry

  • “The effectiveness of the provision will be greater once restrictions are lifted. That said, it is still a very small provision, so its overall impact will be small,” said economist and tax expert Kyle Pomerleau of the American Enterprise Institute via CNN.

Ugly

$600 individual stimulus payments

See Also

  • The Cares Act was passed in March. Americans have gone close to nine months between stimulus bills and are only seeing an additional $600. So far, in those nine months, Americans have received $1,800, or $200 per month. Nowhere near enough.

No time to vote on the bill

  • AOC said legislators were given about two hours to read the bill before being expected to vote on it

  • It is a bill over 5,000 pages and impossible to read in one day. Congress is making a decision that will impact the future of the entire country and hundreds of millions of lives. It is absurd that elected officials don’t have time to scrutinize a bill of this size

  • The public also doesn’t have time to have its concerns heard

$1.4 billion for the border wall

  • No one wants to come in anyway, it’s a pandemic…

Includes Hyde/Helms Amendment

  • The amendments bar federal funds for most abortions and foreign assistance funds for abortions

  • Joe Biden has promised to remove the Hyde amendment in 2022 when he can

7.8 million Americans fell into poverty while Mitch McConnell did nothing

About Ryan Lipton
Ryan is a student at the University of North Carolina at Chapel Hill majoring in Business Journalism. He has written in the past for SB Nation’s Silver and Black Pride, USA Today Sports Media Group, North Carolina Business News Wire, the Daily Tar Heel, and has worked with Ice Cube’s BIG3 basketball league. Ryan is also a regular contributor to MeidasTouch.com

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