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Trump says he won’t comply with key transparency measures in the coronavirus stimulus bill (Vox.com, Mar 28, 2020)
Donald Trump has straight up declared that his government will not support oversight of the $500 billion emergency business loan program. He said in his signing statement that he would decide what information his government agencies would give in response to an Inspector General request for documents. Trump would also decide whether Congress would see the IG’s reports about instances of agencies failing to or refusing to provide documents.
The IG oversight was pushed by Democrats in this bill, but is appointed and approved by Trump and the Senate. The IG is supposed to make sure the restrictions and purposes of the $500 billion of loan are honored by businesses. This includes provisions to ensure that workers get some of that $500 billion in wages and benefits, rather than it being fully pocketed by CEOs and top management. This is a huge disappointment for our country’s working families.
Fine print of stimulus bill contains special deals for industries (Pacific Business News, March 25 2020)
This New York Times articles explains how Trump and certain industries can benefit from the loans and the other provisions in the bill.
The provision allowing hotel owners with multiple properties and less than 500 employees at each property to qualify for the SBA payroll loan could include Trump’s hotel business. Another change allows hotels, restaurants and retailers that have spent money fixing up their properties in the last two years to accelerate the way they write off those expenses, effectively giving them an immediate tax refund. The tax benefit would be retroactive to 2018 and would last for at least three more years, before it is gradually phased out.
Jared Kushner’s businesses could be exempt from the bar on Trump family members getting benefits because his companies are often structured so that he doesn’t meet the 20% ownership threshold for exclusion.
The bill would allow all colleges to keep federal funds for student loans, even if the students in question dropped out because of coronavirus-related emergencies. The provision applies to all colleges, but for-profit colleges tend to have higher dropout rates.
How Nonprofits Can Utilize the New Federal Laws Dealing with COVID-19 (Non Profit Quarterly, March 26, 2020)
The bill appears to only apply to 501(c)(3) charitable non-profits; labor unions are 501(c)(5) nonprofits. Future bailout bills should include labor unions for its loan and forgiveness programs.
The CARES Act allows small (under 500 employees) for-profit businesses and charitable non-profits (and self-employed, independent contractors, sole proprietors) access to expanded Small Business Administration emergency “7(a)” loans up to $10 million. The portion of the loans up that are used to pay for employee payrolls will be waived and forgiven if those companies maintain their previous level of staffing up to June 30th. The loan will also forgive expenses for health insurance premiums, facilities costs (rent, mortgage, utilities,) and debt service.
DIRECT PAYMENTS TO INDIVIDUALS (Senator Brian Schatz, March 27 2020)
Senator Schatz provides a summary of the logistics, rules and process for the $1,200 one time payment.
ASSISTANCE FOR HOMEOWNERS AND RENTERS (Senator Schatz)
Senator Schatz provides a summary and links to protections and rules mortgage forbearance, foreclosure relief, and eviction relief for federal-linked mortgages and rental properties.
World: Cases: 662k (+65k). Deaths: 30.7k (+3.4k). Recovered: 139.4K (+7.7k).
USA: Cases: 122.6k (+18k). Deaths 2.1k (+400) Recovered: 1k (+110).
Hawaii: Cases: 151 (+29). Deaths: 0. Hospitalized: 12 (0) Recovered: 39 (+3).