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7 Things To Know About The Coronavirus Stimulus Package - Health - Nairaland

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7 Things To Know About The Coronavirus Stimulus Package by Winnerzblog: 5:33pm On Mar 26, 2020
Coronavirus Stimulus Package: Here are 7 things to Know

Student loans
The bill would defer payments for federally owned student loans for six months, through Sept. 30.

Democrats had wanted to go a step further by having the Education Department make federal student loan payments for the duration of the coronavirus health crisis. The department, under the Democratic plan, would then make an additional payment at the end to make sure every borrower had received $10,000 toward their student loan debt over the duration of the health emergency.

Health care
In addition to economic assistance, the bill includes $100 billion for hospitals, which have warned they could soon be overwhelmed by the steady increase in coronavirus cases.

The bill requires boosting medical supplies in the Strategic National Stockpile amid reports that the country is facing a shortfall of key items such as ventilators, masks and swabs used for coronavirus testing.

It would also require health insurance companies to pay for coronavirus testing and increase funding for community health centers.

Cash assistance

The Senate bill will provide a one-time $1,200 check for an individual making up to $75,000 per year or $2,400 for couples earning less than $150,000. After that, it will be scaled down until it reaches a $99,000 income threshold for an individual or $198,000 for a couple and then phased out altogether. It also provides an additional $500 per child.

The idea quickly gained steam with both the administration and senators as they tried to figure out a way to provide direct financial assistance to Americans. Supporters say the funding could help cover short-term costs such as rent, groceries, and utilities, while opponents argue it does little to stimulate the broader economy.

Some Republicans, such as Sen. Lindsey Graham (R-S.C.) were vocal critics of the idea, instead of pushing for expanded unemployment. Others, such as Sens. Josh Hawley (R-Mo.) and Mitt Romney (R-Utah), took issue with a provision in the initial GOP draft that would have given those with little or no tax liability small checks — a minimum of $600. That restriction was ultimately dropped.

Democrats got a provision tucked into the massive legislation that prevents businesses controlled by President Trump from receiving loans or investments from Treasury programs included in the bill.

Senate Minority Leader Charles Schumer (D-N.Y.) told CNN that it applies to not just Trump but also Vice President Pence, heads of executive departments and members of Congress, where four lawmakers have recently faced accusations of insider trading.

“We wrote a provision, not just the president, but any major figure in government, Cabinet, Senate, congressmen — if they have majority, they have majority control, they can’t get grants or loans, and that makes sense. Those of us who write the law shouldn’t benefit from the law,” Schumer told CNN during an interview on Wednesday.

The provision would also apply to children, spouses and in-laws of the individuals affected.
Re: 7 Things To Know About The Coronavirus Stimulus Package by Johnjanrt: 5:36pm On Mar 26, 2020
How is this beneficial to Nigerians, haven't read through.
Re: 7 Things To Know About The Coronavirus Stimulus Package by NaijaRoyalty(m): 5:53pm On Mar 26, 2020
Wetin concern Nigeria with this one

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