20200326: The "CARES"Act, Coronavirus Aid, Relief, and Economic Security Act

Here is the CARES Act Bill from the Senate. Let’s dig in together and see what we just bought for 2 trillion dollars. Please make your comments as they come to you. Link found here: https://www.scribd.com/document/453273118/Cares-Act-Final-Text

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pgroup

I can’t even get through the table of contents without my eyes glazing over. Sheesh!

cthulhu

All the extraneous crud in this bill should be targeted for extirpation. These are things the Democrats feel are more important than American lives and ruined finances. Burn them with fire.
JDAM the Kennedy Center.

singularzoe

Have to say, I got pretty upset with our pres last night when he was touting that Kennedy Center money, how he liked it. It doesn’t belong in this bill, besides which I think the rich who like to use the K.C. can fund it, same with NPR. But my current point is it doesn’t relate to the alledged purpose of this bill.

Deplorable Patriot

The stage at the Eisenhower Theater in the Kennedy Center is the first big one I ever stood on.
I’d like to see a roll up of line items on what they plan to do since there was just a capital campaign for renovation in the nine figure range. I mean, as venues go, that sucker is pretty big with a lot more involved than you might imagine, but what sort of retro-fitting would they be doing?

singularzoe

Thanks, Daughn.

Rodney Short

Daughn it seems like them Congress critters are always giving themselves a raise at our expense…
Seriously didn’t they just recently give themselves a raise not to long ago?
I am so fed up with DC, after November President Trump had better burn it down and salt the earth before he rebuilds OUR house….

coosmama

Forebearance without interest accrual for 180 days, renewable an additional 180 days. Starts 567. h/t tracybeanz to start digging there.

evereleutheros

It’s a big shit sandwich and we’re all gonna have to take a bite!

Wolf Moon

People can raid their retirement funds with some kind of forgiveness. Page 157 and 158 it begins.
SEC. 2202. SPECIAL RULES FOR USE OF RETIREMENT FUNDS.
(a) TAX-FAVORED WITHDRAWALS FROM RETIREMENT PLANS IN GENERAL
(1) IN GENERAL
—Section 72(t) of the Internal Revenue Code of 1986 shall not apply to any coronavirus-related distribution.

Wolf Moon

Deplorable Patriot

NPR can survive on its own if they tried. PBS could die on the vine and no one would notice.

Deplorable Patriot

Yeah. They have an advertising business model. They really don’t need the money.
PBS, OTOH, EVERY program has sponsorship for production in addition to the membership drives and still they need a government check to operate. That should tell you something about the popularity of their programming.

BlackKnightRides

TWIN FORCES of DEBT DESTRUCTION … sewn by Powers-before-Trump
• Stock Buybacks
• Foreign Labor Substitution
SOLUTIONS:
POTUS was setting up to terminate those forces, and he’ll complete his mission after winning the ChiComVirus War.
Why not …
• OUTLAW STOCK BUYBACKS that
(1) Enrich Corporate Leaders & Boards with UNEARNED BONUSES & STOCK OPTIONS triggered by Increased-Share-Price Hurdles and
(2) Eliminate Incentives to boost Earnings by INVESTING in PRODUCTIVITY IMPROVEMENTS
… unless and until a company has LIQUIDATED its DEBT?
• ELIMINATE the FOREIGN INFLUX of Illegals, Migrants and Visa-Holders that
(1) Allow Employers to LOWER the WAGES and DISPLACE the JOBS of Citizen-Workers with Lower-Cost Foreign Labor and
(2) Eliminate Incentives to INVEST in PRODUCTIVITY IMPROVEMENTS
… unless and until we have WIPED OUT the UNEMPLOYMENT and government-DEPENDENCY of able-bodied Citizens?
RE: The “Chicken-Little Fear-Mongering” WITHOUT SOLUTIONS from Zero Hedge.
https://www.zerohedge.com/markets/its-over

Brave and Free

I think this is the Bend over Act because were about to get another you know what where we don’t want it.

BlackKnightRides

The $2 Trillion package will have an effect on households and workers, business and banking, and personal finance and taxes, as follows:
• $250 billion to make unemployment insurance available to more categories of workers and to extend the duration of benefits to 39 weeks from the 26 weeks typical in most states. It would also provide an extra $600 a week for four months.
• $301 billion in direct payments to households.
• $349 billion in loans to small businesses, with the amount spent on payroll, rent or utilities converting into grants that don’t have to be repaid.
• $500 billion for loans, loan guarantees or other aid to businesses, states and municipalities—including the possibility that the government will take direct equity stakes in distressed companies. Of the total,
• $29 billion is set aside for cargo and passenger airlines, and
• $17 billion is for businesses deemed critical to national security, such as Boeing.
• The remaining $454 billion would go to backstop losses in lending facilities established or expanded by the Federal Reserve.
• $32 billion in grants to cover wages at
• passenger air carriers,
• cargo air carriers and
• contractors.
• $150 billion in direct aid to states, distributed according to population size. A municipality could apply to receive aid directly, reducing the amount available to the rest of the state.
• $221 billion in a variety of tax benefits for businesses, including
• allowing businesses to defer payroll taxes, which finance Medicare and Social Security, for the rest of the year.
• It would also temporarily allow businesses to claim deductions using today’s losses against past profits to claim quick refunds for cash infusions.
• $340 billion in supplemental spending, which includes
• $117 billion for hospitals and veterans’ care. It also includes
• $25 billion mostly for public transit to make up for revenue lost because of dwindling ridership.
RE:
https://www.zerohedge.com/markets/senate-passes-largest-rescue-package-american-history

TradeBait

Thank you for providing that. I’ve seen a lot of pork deals like the shovel ready one of Soetoro – this one is reasonably well targeted and is not over the top with pork chops.

BlackKnightRides

Cannot WAIT for POTUS to define how Businesses must QUALIFY for BENEFITS.
Start with 50% up front to REPATRIATE MANUFACTURING & SERVICES JOBS and 50% based on the number of JOBS REPATRIATED.

Deplorable Patriot

This is helpful, thank you. I just hope people like me who work on private contracts pretty much for cash get some help as well. I’ve had a number of gigs go POOF! I’ll get a couple back eventually, but I know one isn’t coming back until September.

Gail Combs

Yes, those of us that work gigs will NEVER EVER get those days back even if the customer repeats.
Spring is a very busy season for us, maybe 1/2 our entire years income for our animals and it just went POOF. Luckily we are not in bad shape at this point since we are retired.

Dora

Cuomo and de Blasio blast $2 trillion coronavirus relief plan as ‘terrible’ for New York
Gov. Cuomo and Mayor de Blasio accused federal lawmakers Wednesday of not earmarking enough cash for New York as part of a $2 trillion coronavirus relief package, slamming the measure as “terrible” and “nowhere close to what we need.”
https://www.nydailynews.com/coronavirus/ny-coronavirus-cuomo-relief-terrible-20200325-hiz2dduq3zb5pl32g2a2x446nu-story.html

NYGuy

f..k Cuomo..you have no idea how upset I am. The upstate libs are licking his butt with praise and they have no idea how they just got screwed badly once again.

trumpismine

singularzoe

More like 39 weeks for some.

Dora
NYGuy

I don’t think it includes the workers. I could be wrong but I believe they will get what we get.

Deplorable Patriot

All I know is, as soon as my hairfresser opens his salon, I’m making appointments to help them out.

NYGuy

Yes I know it’s bad. I was just referring to the stimulus check and unemployment benefits.

NYGuy

I can see. New York is a total mess right now. And yet viruspeachment has begun.

GA/FL

SO – Are we going to have to fund MASSIVE BAIL-OUTS like this every time there’s a WHO-declared pandemic???????

GA/FL

What kind of hell will a Democrat president wreak on the country with this kind of power?

NYGuy

Pork sandwich (h/t comments section CTH):
$350M for Migration and Refugee Assistance – page 820
$13M for Howard University – page 771
$7M for Gallaudet University – page 770
$50M for Institute of Museum & Library Services – page 773
$75M for NPR – page 773
$25M for Kennedy Center – page 725
$75M for National Endowment of Arts – page 726
$425M for Substance Abuse – page 736

GA/FL

Lotta gristle and fat, maybe even some trichinella parasites in that pork.

Dora
LM

Isn’t this the one we want to call and write congress and and President about?
Personally, I can take the Kennedy Center funding if it means passing a bill, but not this.

Deplorable Patriot

Frankly, arts funding had been scarce this last year or so. The production I’m involved in which is now slated for September, we couldn’t get a grant to be able to light it from our regional arts council. Money is scarce right now, and finding friends to underwrite is such a time consuming endeavor, it’s just not always done.

LM

Sometime I would love to visit St. Louis and attend one of your concerts.
💗

GA/FL

Harvard does not Care™

h/t DirectorBlue

LM

It seems like none of this applies for disaster relief when a storm or earthquake hits….government help is there.
Why can’t the President declare the entire country a disaster and allocate money without
Congress?
Please forgive me if this is a stupid question….I am not a lawyer.

kalbokalbs

My guess is the Fed “disaster fund” has finite dollars allocated to it at any given tie. When they are depleted, President must get a funding plus up from Congress. Again, that is my guess.

kalbokalbs

#3 above is a back door way to blame President Trump before 3 Nov.
An “October Surprise”?

kea

I hope she wasn’t!!!!!!
Unless Trump can block that??!?! He knows they’ll try anything to rig the election.
I don’t understand how she could add something like this (I mean she’s evil and I know why they want this but via law?)

realgaryseven

Tangentially relevant: it’s worse than you think. Anyone (anyone, anywhere, at any time, over and over and over again) can go to the website of the US Census (https://2020census.gov/) and fill out a census online. You can use a nickname and a neighborhood or description of a building (“over the corner store,” or something like that is the example given). There is no security at all. The census is used to allocate Congressional representation and other vital matters.
The census is open borders. I wonder how often and by whom this is being rigged.

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