President Donald Trump signed into law on Friday a $2 trillion coronavirus response emergency stimulus package to aid state, tribal and local governments during the pandemic.
The bipartisan bill will offer assistance to tens of millions of American households affected by the coronavirus pandemic. Its components include stimulus payments to individuals, expanded unemployment coverage, student loan changes, different retirement account rules and more.
It will include stimulus checks sent to individuals and families. Most adults will get $1,200, although some would get less, and most married couples without children will get $2,400. For every qualifying child age 16 or under, the payment will be an additional $500.
In a statement that same day, House Republican Leader Christine Drazan, of Canby, applauded the actions taken by Congress and the White House, saying it will provide “needed relief” for Oregon’s families and businesses in the wake of the COVID crisis.
“These funds will support our state and nation in recovery, helping Oregonians to access necessary resources during these trying times,” she said. “Small businesses now have options to stay afloat and keep people employed, or be ready to open their doors again in the future.”
She called it “imperative” that any action taken to safeguard public health, like the executive orders signed this month by Gov. Kate Brown, be balanced by offsetting the economic impacts felt across the state.
“I am committed to working with my colleagues in the Oregon Legislature to fill any gaps, especially when it comes to system wide responsiveness and resilience to make sure our first responders can care for Oregonians through this crisis, while also meeting the needs of Oregon families, businesses and local communities,” Rep. Drazan said.
In a separate statement, Senate Republican Leader, Herman Baertschiger Jr., of Grants Pass, also expressed his caucus’ willingness to work with the governor to provide relief to working Oregonians impacted by efforts to stem the coronavirus pandemic.
“Regardless of the situation, the Senate Republicans are prepared to work with the Governor to help bring immediate relief to Oregonians during this unprecedented time,” he said. “We are awaiting the Governor’s recommendations so the legislature can respond accordingly.”
Highlights of the stimulus package include:
• Provides $150 billion to states, territories, local and tribal governments to use for expenditures incurred due to the public health emergency with respect to COVID-19 in the face of revenue declines, allocated by population proportions.
o Distribution is based on population. Every state will receive a minimum of $1.25 billion.
o 45% of a state’s funds are set aside for local governments, with populations that exceed 500,000, with certified requests to the U.S. Secretary of Treasury. Certification requires a signature by the chief executive of the local government that the uses are consistent with certain requirements.
o $8 billion for tribal governments.
• Funds can be used for costs that:
o Are necessary expenditures incurred due to COVID-19.
o Were not accounted for in the budget most recently approved as of the date of enactment of this section.
o Were incurred during the period that begins March 1, 2020, and ends Dec. 30, 2020.
• Establishes a $500 billion lending fund for medium and large businesses, cities and states.
• Establishes a $350 billion lending fund for small businesses.
• One-time tax rebate check:
o $1,200 for an individual, $2,400 for a couple, $500 per child.
o Not reduced for lower income Americans.
o Reduced for higher income Americans, starting at $75,000 or $150,000 per couple.
o Phases out completely for individuals with adjusted gross income of $99,000 or $198,000 for couples.
• Provides $30 billion for an Education Stabilization Fund for states, school districts and institutions of higher education for costs related to the coronavirus.
• Provides $45 billion for the Disaster Relief Fund for the immediate needs of state, local, tribal and territorial governments to protect citizens and help them respond and recover from the overwhelming effects of COVID-19.
• Provides $1.4 billion for deployments of the National Guard. This level of funding will sustain up to 20,000 members of the National Guard, under the direction of the governors of each state, for the next six months in order to support state and local response efforts.
• Provides an additional $4.3 billion, thorough the Centers for Disease Control and Prevention, to support federal, state and local public health agencies to prevent, prepare for, and respond to the coronavirus.
• Extends Real ID deadline for full implementation by states from Oct. 1, 2020, to Sept. 30, 2021.
• Expands unemployment insurance from three to four months, and provides temporary unemployment compensation of $600 per week, which is in addition to and the same time as regular state and federal UI benefits.