Due to the effects of the coronavirus, a $2 trillion stimulus package was passed to help relieve the strain that it has put on businesses and individuals. While the $2 trillion stimulus provides relief for many individuals and businesses, it doesn’t provide relief to all. Here us a breakdown of the stimulus package.
Loan to industries: $500 Billion
An inspector general and accountability committee will oversee the $500 billion loan to industries such as the airline industry and other industries. Cities and states will also receive some of the $500 billion.
Hospitals: $100 Billion
Health care providers will receive $100 billion in grants to for virus and for money lost from the delayed surgeries. Hospitals will receive an additional 20% in Medicare payments for treating patients with the virus. How the money will be split among hospitals in unknown, but funds will reach rural hospitals which are likely to be hard hit.
Airlines: $58 billion
Of the $58 billion that the airlines receive, $29 billion will be grants and the other $29 billion will be in loans and loan guarantees. Half of the money will be to payment of wages, salaries, and benefits. The other half of the money will go toward passenger airlines, repair stations, and ticket agents. The airplanes will receive a reprieve from paying excise taxes on the price of a ticket, the fuel tax, and a cargo tax. Airlines that receive this aid will not be allowed to do stock buybacks and a limit will be placed on executive compensation.
State and local governments: $150 billion
$8 billion will be set aside for local governments.
Pentagon plus-up: $10.5 billion
$1.5 billion of that the $10.5 billion will be for the National Guard to deploy soldiers to assist state response teams with the fight against the coronavirus. Another $415 million will be spent on research and development work for developing vaccines and antiviral medicines.
Telemedicine investment: $200 million
Skype-style health checkups will receive $200 million to invest in services and devices to connect health care providers with patients remotely.
Food stamps and child nutrition: $25 billion
Of the $25 billion, $16 billion will go to SNAP and the other $9 billion to child nutrition.
Relief for farmers and ranchers: $24 billion
$14 billion of the $24 billion will go to an obscure Depression-era financial institution that USDA will use to stabilize the farm economy and the other $9.5 billion will be for emergency aid for the agriculture sector.
Emergency assistance for schools: $30 billion
Colleges, universities, states and school districts will receive $30 billion in emergency funding.
The rest of the funding will go toward checks to individuals and other areas.
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