It’s finally done.
President Trump just signed the historic coronavirus rescue bill.
Under normal circumstances, a debt-financed $2 trillion spending bill would give us pause. But Americans are out of work, and anxious about their future — a direct result of government-mandated isolation to protect public health.
Many are asking what the CARES Act includes.
Here are some key details:
- It provides direct cash payments of $1,200 to adults ($2,400 for couples), along with an additional $500 per child under 17. The payments will go to individuals making $75,000 or less, and to couples making $150,000 or less. The aid is reduced $5 for every $100 above those threshold amounts up to $198,000. Secretary Mnuchin promised most payments would be received in 3 weeks. You can calculate your expected payment here.
- It boosts unemployment insurance. The news came just this week that over 3 million people applied for unemployment benefits. And that number is expected to soar even higher. This relief bill provides an extra $600 a week for the next four months for those receiving jobless benefits in their state.
- The law authorizes $500 billion in loans for businesses, states, and municipalities damaged by the crisis. Democrats asked for more guidance and oversight on these funds, and Republicans agreed to the changes.
- The bill provides $16 billion for a strategic national stockpile of pharmaceutical and medical supplies to ensure we are no longer dependent on countries like China for the life-saving drugs our citizens need.
- There are certain industries, such as airlines, that our country cannot allow to go bankrupt. This bill provides $25 billion in loans and grants to help them pay employees and meet other costs. In some cases the aid allows the government to take an equity stake in large corporations until the funds are repaid.
There are of course other provisions in the bill, including allowing companies to delay payroll taxes, and the suspension of student loan payments through Sept. 30 (with no accrual of interest). And any company receiving government loans can’t buy back stock until a year after the loan is paid back. Nor can they give pay raises to employees or executives making over $425,000 if they accept government support.
Undoubtedly in a bill this large, there will be waste and abuse. But this bill was necessary to prop up American industry, workers and families.
KEY: Our moral values were not sacrificed in this emergency relief bill.
In fact, the pro-life “Hyde Amendment” language that prevents taxpayer funding of abortion is authoritatively present in this bill — keeping hundreds of billions of dollars from funding abortion or abortion coverage. Having that language explicitly contained in this bill was critical — especially considering the bill included $100 billion for a Public Health and Social Services Emergency Fund for hospitals.
There is also additional language in the bill to ensure Planned Parenthood won’t have access to loan assistance for small businesses and nonprofits.
Planned Parenthood predictably protested, accusing Republicans of “exploiting a public health crisis.”
But of course, the opposite is true.
This relief bill was designed to help the sick, workers, and American businesses survive. There is nothing essential whatsoever about abortion!
President Trump and the Republican Senate worked hard to prevent this bill from getting hijacked by the wild demands of the abortion lobby. And the President deserves credit for encouraging a bipartisan process that will deliver much needed aid to the people that need it most.
The political knives will come out eventually.
But today I hope you are feeling a little less anxious, and grateful for a country whose economic power creates the wealth that makes possible this unprecedented response.
We’re home with you, praying for an end to this pandemic.