The House on March 27, 2020, approved on a non-record voice vote a $2.2 trillion rescue package (HR 748) to cushion the impact of the coronavirus pandemic on U.S. workers, families, businesses and medical caregivers. In part, the bill would provide:
Payments to Individuals, Households
One-time non-taxable payments, delivered by mail or direct-deposit, of $1,200 to individuals with annual incomes up to $75,000 and $2,400 to couples earning up to $150,000, plus $500 per child. Gradually reduced payments would be made to individuals earning between $75,000 and $99,000 and couples in the $150,000-to-$198,000 range. Higher earners are excluded from the benefit.
Expanded Unemployment Insurance
$250 billion to finance four months' expanded unemployment insurance, under which those losing jobs because of the virus would receive $600 per week on top of their state's base level of jobless pay. The $600 payments would be made available to gig economy workers, independent contractors, the self-employed and others ineligible for regular unemployment benefits in their state.
Small Business Loans
$350 billion in low- or no-interest loans through June 30 to enable businesses with fewer than 500 employees to meet payroll and certain overhead costs including rent. The loans would be totally forgiven for companies agreeing to not lay off workers and rehire those already dismissed during the pandemic. So that the money is quickly infused into the economy, banks would conduct the lending and receive Treasury reimbursement of their expenditures.
Lending to Medium-Size Companies
Loans bearing no more than 2 percent interest to companies with 500 to 10,000 employees that agree not to send jobs overseas; the first six months would be interest-free, and repayment schedules would be delayed for six months.
Aid to State, Local, Tribal Governments
$150 billion help state and local governments cover the cost of fighting the pandemic, with $8 billion allocated to tribal governments.
Aid to Hospitals and the Healthcare System
$130 billion to help hospitals, community health centers and nursing homes procure supplies and equipment and boost staffing levels, plus $1 billion for the Indian Health Service.
Aid to Farmers, Ranchers
$50 billion for Department of Agriculture loan programs to benefit farmers and ranchers.
National Security Payments
$17 billion to companies including Boeing deemed vital to national security.
Payments to Large Corporations, Cities & States
$400 billion for loans and grants to large corporations, cities and states. To receive the full benefit of these payments, companies could not reduce staffs by more than 10 percent, weaken union contracts or use the money to boost executive compensation or finance stock buybacks or dividend payments.
For loans, these restrictions would be in force until the repayment date plus one year. The government would collateralize loans by obtaining equity shares in recipient companies. About $60 billion of the fund would go to the airline industry, with at least $25 billion used to pay salaries and protect hundreds of thousands of jobs in the air-passenger sector from planes to airports.
The Treasury Department, and by extension the White House, would choose recipients and be required to identify the winning companies to Congress within seven days and the public within 14 days, with contract terms revealed. The program would be overseen by a Treasury inspector general and a congressionally appointed five-person review board.
Ban on Payments to Trump Family, Others
Companies controlled by President Trump, Vice President Pence, cabinet members or members of Congress -- or the children, spouses or in-laws of those officials -- are ineligible to benefit from the $400 billion rescue fund and other payments in the bill.
Floor Debate, Pro and Con
Supporter Kevin Brady, R-Texas, said: "For the larger and most distressed businesses, we provide loans knowing [their] survival is crucial to millions of American workers. These loans aren't bailouts. They're given with oversight and repayment to companies who did nothing wrong but suffered collateral damage as a result of this virus."
Opponent Ken Buck, R-Colo., said "we are facing an unprecedented emergency, one tied directly to China's nefarious actions. However, as President Trump said, we cannot let the cure be worse than the problem itself... We believe that the fight against the virus will take six-to-eight weeks, yet this bill spends money decades into the future."
The House voted as a chamber to send the bill to the White House.
(Editor's Note: Because no record vote was taken, there is no listing of the stands of individual members.)