- Senate set to vote on stand-alone $500 billion coronavirus stimulus package today
- “Skinny” bill provides for more PPP funding, unemployment benefits, limited liability protections
- Widely expected to fail due to Democrat resistance, putting them in a bind weeks before Nov 3
Senate Republicans are set to vote on a $500 billion “skinny” Coronavirus relief bill, which features additional, targeted stimulus measures aimed to buoy an economy still riddled by the Coronavirus pandemic. The bill, prepared by Senate Majority Leader Mitch McConnell (R-KY) is a much smaller package than the $1.8 to $2.4 trillion relief bill that was previously being negotiated by House Democrats and the White House.
The Republican led bill aims to provide relief in the below key areas:
- Additional PPP Funding: Creates second round of PPP funding that requires all applicants to:
- Demonstrate revenue loss
- Maintain loan documents consistent with IRS requirements
- $300 Federal Boost to Unemployment Checks: Provides an additional $300 per week in extra, federally funded unemployment benefits for those who qualify through December 27, 2020
- Limited Liability Protections for Businesses: Sets forth protections for businesses against COVID-related personal injury claims and medical malpractice claims
Despite providing much needed relief to Americans who continue to feel the pain caused by the pandemic, the measure is expected to fail in the Senate due to Democratic resistance. Among many complaints, Democrats disagree with the decision to not provide another round of the $1,000 checks to individuals as provided earlier in the year.
However, by bringing the bill to the floor for a boat, McConnell puts the Democrats in a difficult position with less than two weeks before the November 3rd election. The vote will force Democratic senators in key battleground states and senatorial races to go on record and (most likely) vote to not to support legislation that would directly help their constituents. If the measure were to fail as expected on the floor today, it would be the latest in a number of instances where the Democrats have torpedoed meaningful stimulus legislation in the recent weeks.
For more information and to stay up to date on the latest stimulus efforts, please visit our DSJCPA COVID-19 Information Center or call our offices (516-541-6549) to speak with a member of our Coronavirus Response Team (CRT) to learn more!
Chief Business Officer, Disaster Relief Consultant
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