On May 12, the speaker of the house Nancy Pelosi unveiled a planned $3 trillion coronavirus relief bill. The bill is officially titled Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act). It is over 1800 pages and the senate will vote on it on May 15. The Senate, however, will shoot down the bill as soon as it arrives. This is because the senate is under Republican control while the Democrats have put up this bill.
Highlights of the coronavirus relief bill
Go through the highlights of the relief bill to know what it has to offer:
Local and State governments to get assistance
The bill aims to provide $500 billion worth of direct assistance to combat the coronavirus pandemic. This assistance will be given to state governments. Local governments will get $375 billion to fight the pandemic. Additionally, $20 billion each is set aside for tribal governments and US territories.
Frontline workers to receive hazard pay
Frontline workers will be eligible to receive hazard pay. $200 billion ‘Heroes Fund’ is going to be set up for this. The employers of frontline workers will be able to apply for grants. Under these grants, frontline workers will get an additional $13 per hour. This will be on top of their regular wages. Employers can apply for grants of $10,000 per professional. In the case of highly compensated frontline professionals, they can apply for a grant of $5,000 per professional.
Unemployment benefits will extend
The bill aims to provide a $600-per-week leg up in unemployment insurance. This would be till January 2021 and for those established under CARES Act. This move will help the millions of people who lost their jobs due to the COVID-19 pandemic.
Waving off student loans
Student Loan re-payment campaigns established under the CARES act will extend. It didn’t cover private loan borrowers. The bill aims to provide $10,000 worth of debt relief to students enrolled under a private student loan. The Treasury Department will pay it monthly till September 2021.
Treatments, tracing and testing to get a push
The bill aims to allocate an additional $75 billion towards testing, isolation, and contact tracing for COVID-19. It also aims to make all coronavirus treatments free for all Americans. This move will greatly boost the ongoing measures against COVID-19.
Farmers are given assistance
The bill provides $50 million in help to local markets, farmer markets, and farmers that have face market disruptions. Beginning ranchers and farmers will get $50 billion worth of help. $16.5 million worth of assistance will be paid directly to agricultural producers.
Homeowners and renters will be protected from foreclosures and evictions
The bill allocates $100 billion for emergency help to renters with low income. $75 billion will be allocated to assist with mortgage payoffs.
Pay Americans directly
The second round of stimulus will be handed to Americans. It will provide $1,200 to each family member and up to $6000 per home.
The bill will also assist the US Postal service with $25 billion. $3.6 billion are assigned to states for conducting elections. The Democrats and the Republicans should find common ground within this bill and work towards the betterment of the country.