BREAKING: Bipartisan Stimulus Deal Reached (Sekulow Recap)
A bipartisan COVID-19 stimulus deal has been reached, and Congress is expected to vote on it TODAY.
Today on Sekulow, we discussed how a bipartisan agreement on a stimulus package relating to COVID-19 was reached by the House and Senate late last night.
Initially it did not look like Congress was going to be able to come to an agreement. And I’m sure this stimulus won’t make everyone happy. But I do think there was a consensus, amongst conservatives as well that don’t like government stimulus plans and bailouts, that they thought our country needed another stimulus.
They felt we needed another stimulus for individuals who do work, as well as for individuals who are unemployed. We also needed one for small businesses in the form of Payment Protection Program loans. The point of those loans is to give small business an incentive to keep their employees on staff and receiving their salaries, even if those businesses are located in one of the states where the restrictions are such that businesses are not really able to operate. Or if the businesses are able to operate, they need that kind of assistance to forestall making major cuts on their workforce staff.
This stimulus package is a $900 billion bipartisan agreement. It may get passed today. It is intended to blunt the economic fallout from COVID-19, not on the stock market side but on the individual and small business side. The stimulus package is being combined with $1.4 billion in spending to fund government operations in order to avoid a government shutdown.
Starting off with the stimulus checks, each individual making $75,000 or less a year will receive a $600 stimulus payment. Couples making $150,000 or less a year will receive $600. Families will receive an additional $600 per dependent. That is less money than went out last time.
My dad, ACLJ Chief Counsel Jay Sekulow, said the following about the stimulus package:
The good thing about this is it’s going to give relief to people that need it and as we get in to the vaccination phase of this, hopefully things will get better quickly. You still have the lingering economic impact of this. That is you have significant impact on a lot of people, especially a lot of small businesses which employ most of the people in the United States of America. I think what we have here is the framework of something that is very, very good for the short term.
Secretary of the Treasury Steve Mnuchin says that the $600 checks could go out as early as next week.
The full broadcast is complete with much more analysis and discussion about what’s in the COVID-19 stimulus package and how it affects you as individuals and small businesses.
Watch the full broadcast below.