WEBVTT - How the $2 Trillion Coronavirus Stimulus Bill Helps You

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<v Speaker 1>It's Thursday March. I'm Oscar Ramirez from the Daily Dive

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<v Speaker 1>podcast in Los Angeles, and this is your daily coronavirus update.

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<v Speaker 1>Congress is working to pass a two trillion dollar coronavirus

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<v Speaker 1>stimulus package to keep the economy moving while everything is

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<v Speaker 1>shut down to help slow the spread of COVID nineteen.

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<v Speaker 1>This will be the third emergency spending package Congress has

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<v Speaker 1>advanced and the largest economic aid measure in US history.

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<v Speaker 1>It will include direct payments to Americans, help for small businesses,

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<v Speaker 1>and help for hospitals and healthcare workers. Elena Trine, White

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<v Speaker 1>House reporter at Axios, joins us for how the stimulus

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<v Speaker 1>bill could help you. Thanks for joining us, Elena, Yes,

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<v Speaker 1>thanks for having Congress is working on this two trillion

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<v Speaker 1>dollar coronavirus stimulus package. It's one of these rare bipartisan

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<v Speaker 1>agreements that is being pushed through. And also people have

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<v Speaker 1>been calling with the biggest bailout in history, this is

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<v Speaker 1>something that's going to impact ordinary citizens the country, businesses

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<v Speaker 1>both large and small pretty quickly too. So Alena, tell

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<v Speaker 1>us a little bit about the bill, and then let's

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<v Speaker 1>talk about how it's going to help people individually. So, uh, massive,

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<v Speaker 1>massive rescue package around two trillion dollars, so beyond that

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<v Speaker 1>of what Congress had delivered and the government had delivered

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<v Speaker 1>following the two thousand eight financial crisis. And its impact

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<v Speaker 1>is really a lot of money. Billions towards small businesses,

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<v Speaker 1>billions toward large corporations like airlines and hotels and industries

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<v Speaker 1>that are being very hard by this direct payment to

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<v Speaker 1>Americans to help them through these economic hard times as

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<v Speaker 1>we face a recession, as my business editors telling ahead.

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<v Speaker 1>And it really it's just, you know, it's a ton

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<v Speaker 1>of money. I've spoken with a lot of people on

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<v Speaker 1>the Hill and mind you, you you know, this was originally

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<v Speaker 1>a Republican bill. It's really interesting to me that they

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<v Speaker 1>haven't really thought that much about how to pay for this,

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<v Speaker 1>or worried about the national debt or deficity here. The

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<v Speaker 1>focus so far has been very much so on trying

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<v Speaker 1>to get much needed aid into hospitals, into communities, and

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<v Speaker 1>much needed money into Americans hands. That's an important distinction.

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<v Speaker 1>We really don't know how we'll pay for all this.

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<v Speaker 1>This is going to be added to the national debt.

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<v Speaker 1>The debt limit is actually suspended until so right now,

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<v Speaker 1>it's not really a big concern. I mean, it's of

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<v Speaker 1>course Republicans national debt, the deficit is always key on

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<v Speaker 1>their minds. But from a lot of Republicans I've spoken with,

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<v Speaker 1>they look at this as a much longer term problem,

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<v Speaker 1>and they look at the deal that they're dealing with

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<v Speaker 1>now is something that's emergency. It's emergency something, and they're

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<v Speaker 1>worried about helping Americans doing in the comedy and keeping

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<v Speaker 1>people slow during this hard time. First and foremost, the

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<v Speaker 1>country needs to remain viable. People need help throughout all

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<v Speaker 1>of this. People aren't working, people are getting reduced hours,

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<v Speaker 1>just tons of stuff is going on. So first and foremost, yeah,

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<v Speaker 1>we need to take care of that. But obviously we

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<v Speaker 1>know this is very important for the president because the

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<v Speaker 1>economy needs to be doing good for him to be

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<v Speaker 1>also doing good on that front. So let's get into

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<v Speaker 1>some of the details that we know. There's gonna be

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<v Speaker 1>direct payments made to a lot of Americans. Most Americans

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<v Speaker 1>will be received know one time direct deposit of up

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<v Speaker 1>to twelve hundred dollars. Couples will get hundred, and those

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<v Speaker 1>will be phased out based on income levels. So if

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<v Speaker 1>you make seventy five thousand a year or less, you

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<v Speaker 1>will receive this full twelve hundred dollar payments that will

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<v Speaker 1>phase out up until those who received annually. If you

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<v Speaker 1>receive ninety nine annually or more, you will not get

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<v Speaker 1>that direct payment. Families will receive an additional five hundred

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<v Speaker 1>dollars per child. And this is true. One question I

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<v Speaker 1>know that a lot of axios aders are begetting is

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<v Speaker 1>what about those who receive Social Security or other means

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<v Speaker 1>tested benefit programs that that's your sole source of income.

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<v Speaker 1>This does apply to those people. If you rely on

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<v Speaker 1>Social Security, rely on other benefits, you will still receive

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<v Speaker 1>these direct payments. How about small businesses? I've seen that

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<v Speaker 1>over three hundred billion dollars are gonna be sent to

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<v Speaker 1>small businesses. What do we know about that? And then

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<v Speaker 1>is this something that they have to apply for? And

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<v Speaker 1>all that they're in the loan guarantees and so people

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<v Speaker 1>who want to get alone, there's a hundred and fifty

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<v Speaker 1>seven billion and low guarantee for small businesses. And those

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<v Speaker 1>are four these businesses that are keeping their workers on

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<v Speaker 1>the payroll even though they're still at home. And so

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<v Speaker 1>they look at this as small businesses. Companies five hundred

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<v Speaker 1>employees or less, and you can get up to ten

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<v Speaker 1>million dollars in forgivable for almost business loans. And that

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<v Speaker 1>is a very key being there to say forgivable. So

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<v Speaker 1>the way that they've structured distimiest package is small businesses

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<v Speaker 1>will these loans will be forgiven, whereas for some of

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<v Speaker 1>the larger corporations like the airline industries and others, they

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<v Speaker 1>will have to pay these back over time. About of

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<v Speaker 1>people that are unemployed losing jobs because of this, uh,

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<v Speaker 1>I know that there's been a lot made about everybody

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<v Speaker 1>just kind of cutting back, so they're having to start

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<v Speaker 1>furlow workers, all sorts of stuff like that. What about

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<v Speaker 1>unemployment the programs extended Unemployment Insurance program Chuck Schumer and

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<v Speaker 1>set up Minority Leader has actually called it unemployment on steroids.

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<v Speaker 1>It expands eligibility and offers workers in additional six hundred

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<v Speaker 1>dollars per week on top of what they would already

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<v Speaker 1>be getting from the state, and that will extend for

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<v Speaker 1>four months. It also extenses benefits through December of thirty

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<v Speaker 1>one through the end of this year, and for load

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<v Speaker 1>workers can stay on as employees so that when this

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<v Speaker 1>crisis ends, you can quickly go back to work. We've

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<v Speaker 1>been talking a lot about hospitals and healthcare workers and

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<v Speaker 1>the shortages that they face with masks and other protective equipment.

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<v Speaker 1>We know ventilators are a big issue for the most

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<v Speaker 1>severe cases of COVID nineteen. What does this bill do

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<v Speaker 1>for them? So big thing that a lot of Democrats

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<v Speaker 1>had pushed for in these negotiations was to give more

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<v Speaker 1>money direct the hospitals, provide more money to some of

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<v Speaker 1>those supplies and resources that hospitals and communities across the

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<v Speaker 1>country are shortage of. So this will inject a hundred

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<v Speaker 1>billion dollars into hospitals and the country's health systems and

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<v Speaker 1>provide billions in some of those resources like PPE, as

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<v Speaker 1>people call it, the personal protective equipment for health care workers.

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<v Speaker 1>More money for testing supplies, more training, and of force development.

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<v Speaker 1>And these are just a few things. I mean, if

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<v Speaker 1>if you go through the bill, you'll see there's a

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<v Speaker 1>lot more an aid and defining exactly what different if

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<v Speaker 1>you're you know, if you're a nurse or your doctor,

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<v Speaker 1>there's a lot more there for you. But these are

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<v Speaker 1>the kind of broad scope of what they're giving to

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<v Speaker 1>the health community. And what about the big industries, airlines,

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<v Speaker 1>cruise lines. They're getting hit especially hard throughout all of this.

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<v Speaker 1>But this is also kind of a sticking point when

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<v Speaker 1>they make tons of money also, and this time they're

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<v Speaker 1>really getting hit hard. What about them? Five billion is

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<v Speaker 1>a lotted in loans to these large corporations, and twenty

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<v Speaker 1>five billion of that five hundred billions it cuts out

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<v Speaker 1>directly for airlines. It's really twenty nine billion if you

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<v Speaker 1>include cargo air carriers, so billion will be giving to

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<v Speaker 1>passenger air carriers. For billion is going for some of

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<v Speaker 1>these cargo air carriers, and then five hundred billion in

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<v Speaker 1>total for some of these other industries, large corporations, hotels,

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<v Speaker 1>cruise lines. All of that will be wrapped into this.

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<v Speaker 1>And this is something that a lot of Democrats had

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<v Speaker 1>criticized initially and that they had called it the treasuries

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<v Speaker 1>corporate slush funds. But they have succeeded in creating an

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<v Speaker 1>oversight panel, including a Treasury Inspector General, that will oversee

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<v Speaker 1>the dedications of these funds and these loans. And again

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<v Speaker 1>these loans, unlike those of small businesses and the loans

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<v Speaker 1>that they're getting, these loans will have to be paid

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<v Speaker 1>back and they cannot exceed five years. Elena Train, White

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<v Speaker 1>House reporter at Axios, thank you very much for joining us.

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<v Speaker 1>Thank you and thanks for sticking with me. I'm Oscar

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<v Speaker 1>Ramiers and this has been your daily coronavirus update. Don't

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<v Speaker 1>forget that. For today's big news stories, you can check

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<v Speaker 1>me out on the Daily Dive podcast every Monday through Friday.

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<v Speaker 1>So follow us and I Heart Radio or wherever you

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<v Speaker 1>get your podcasts