Coronavirus Aid, Relief, and Economic Security

[rlvaughn]

Here is the Text of S.3548, Coronavirus Aid, Relief, and Economic Security (CARES) Act

I did not find that they give a total in the bill itself, but apparently it is about $2 trillion dollars.

SEC. 3102. EMERGENCY RELIEF THROUGH LOANS AND LOAN GUARANTEES.
(a) In General.—Notwithstanding any other provision of law, to provide liquidity to eligible businesses related to losses incurred as a direct result of coronavirus, the Secretary is authorized to make or guarantee loans to eligible businesses that do not, in the aggregate, exceed $208,000,000,000 and provide the subsidy amounts necessary for such loans and loan guarantees in accordance with the provisions of the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et seq.).

(b) Distribution Of Loans And Loan Guarantees.—Loans and loan guarantees made pursuant to subsection (a) shall be made available to eligible business as follows:

(1) Not more than $50,000,000,000 shall be available for passenger air carriers.

(2) Not more than $8,000,000,000 shall be available for cargo air carriers.

(3) Not more than $150,000,000,000 shall be available for other eligible businesses.

SEC. 6428. 2020 RECOVERY REBATES FOR INDIVIDUALS.

“(a) In General.—In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2020 an amount equal to the lesser of—

“(1) net income tax liability, or

“(2) $1,200 ($2,400 in the case of a joint return).

“(b) Special Rules.—

“(1) IN GENERAL.—In the case of a taxpayer described in paragraph (2)—

“(A) the amount determined under subsection (a) shall not be less than $600 ($1,200 in the case of a joint return), and

“(B) the amount determined under subsection (a) (after the application of subparagraph (A)) shall be increased by the product of $500 multiplied by the number of qualifying children (within the meaning of section 24(c)) of the taxpayer.

“(2) TAXPAYER DESCRIBED.—A taxpayer is described in this paragraph if the taxpayer—

“(A) has qualifying income of at least $2,500, or

“(B) has—

“(i) net income tax liability which is greater than zero, and

“(ii) gross income which is greater than the basic standard deduction.

“(c) Treatment Of Credit.—The credit allowed by subsection (a) shall be treated as allowed by subpart C of part IV of subchapter A of chapter 1.

“(d) Limitation Based On Adjusted Gross Income.—The amount of the credit allowed by subsection (a) (determined without regard to this subsection and subsection (f)) shall be reduced (but not below zero) by 5 percent of so much of the taxpayer’s adjusted gross income as exceeds $75,000 ($150,000 in the case of a joint return).

 

[church mouse guy]

Lots of pork as well as rules to allow unions to organize unopposed any company that takes a federal loan--a real poison pill for a loan to stay in business.

 

[Reformed]

This "Recovery" bill totals about $2.2 trillion. To put that in perspective, FDR's New Deal, adjusted for inflation in 2015 dollars, was $653 billion. Update that into 2020 dollars and it's probably around $700 billion. That makes this recovery bill over twice as big as the New Deal. I am not saying the federal government should not have taken measures to prevent the economy from crashing, but the entire amount of this bill has been borrowed. It has been added to the national debt. The devil is in the details.

 

[church mouse guy]

This "Recovery" bill totals about $2.2 trillion. To put that in perspective, FDR's New Deal, adjusted for inflation in 2015 dollars, was $653 billion. Update that into 2020 dollars and it's probably around $700 billion. That makes this recovery bill over twice as big as the New Deal. I am not saying the federal government should not have taken measures to prevent the economy from crashing, but the entire amount of this bill has been borrowed. It has been added to the national debt. The devil is in the details.

Some of that is that the population is much larger and the unemployment will be higher than the Great Depression. We have used red ink since 1932 and we have destroyed ourselves with spending. This bill funded the boondoggle of PBS, NPR, and the National Endowment for the Arts--what a total waste.

 

[Yeshua1]

Here is the Text of S.3548, Coronavirus Aid, Relief, and Economic Security (CARES) Act

I did not find that they give a total in the bill itself, but apparently it is about $2 trillion dollars.

It can go up to 6 Trillion if need be, as treasury can access those funds

 

[rlvaughn]

This bill funded the boondoggle of PBS, NPR, and the National Endowment for the Arts--what a total waste.

I heard that too. Using a search function of the text, I don't find those specifically mentioned. That doesn't mean they are not funded, because those lawyers are adept at writing things that confuse and misdirect the common readers. Anyone know for sure?

 

[church mouse guy]

I heard that too. Using a search function of the text, I don't find those specifically mentioned. That doesn't mean they are not funded, because those lawyers are adept at writing things that confuse and misdirect the common readers. Anyone know for sure?

I read the outline of the "CARES Act" that you provided & I did not see the money for PBS, etc. However, Fox News is reporting that they got $75,000,000. They should be abolished! The airlines are getting $50 billion for some reason.

Everytime there is an emergency Republicans sign for boondoggle in the name of that's what Democrats do in emergency. They say you can draw much more on unemployment than you can get by working. Looks as if Trump should have stalled another day. Rural areas should be allowed to open up.

 

[rlvaughn]

I heard on ACLJ that there was no money in this act related to airline emissions, but perhaps there is $50 billion for something else. I think the whole thing takes our country further down the road toward socialism. When trouble comes, where do we look? God? Within? No, to the government nanny. The following from NPR calls the coronavirus bill "a reckoning for libertarians." I think it will be a reckoning for all of us.
$2 Trillion Coronavirus Relief Bill Presents A Reckoning For Libertarians

 

[church mouse guy]

I heard on ACLJ that there was no money in this act related to airline emissions, but perhaps there is $50 billion for something else. I think the whole thing takes our country further down the road toward socialism. When trouble comes, where do we look? God? Within? No, to the government nanny. The following from NPR calls the coronavirus bill "a reckoning for libertarians." I think it will be a reckoning for all of us.
$2 Trillion Coronavirus Relief Bill Presents A Reckoning For Libertarians

I think that the government should help the people who lost their jobs because of this pandemic. I don't think that the Democrats should charge $25,000,000 for the rat-infested Kennedy Center as the price of admission for helping the ill and the dispossessed. It looks as if the public would get tired of the Democrats dirty tricks. I know that I am tired of Pelosi due to her evil nature. Schumer even threatened two Supreme Court Justices as a mobster might threaten someone.

Someone said that about half of us couldn't even swing a $400 emergency. And then 401Ks are right back in the sub-basement where they were under 8 years of Obama and Biden so there is not much help there except for rich people buying up everything at fire sale prices.

Sunday we had roughly 144,000 cases; if that doubles in 5 days and then doubles again in another 5 days, I look for us to go into a depression, especially if we get more government boondoggle as the price of helping the sick and the destitute. Let's hope we don't end up with another demagogue like FDR.