New U.S. House coronavirus bill contains $3 trillion plus in aid

The Democratic-led U.S. House of Representatives unveiled on Tuesday a sweeping new coronavirus bill with more than $3 trillion in assistance to states, families and epidemiologists seeking to track the extent of the coronavirus pandemic.

The following are major provisions in the legislation:

• $500 billion for state governments to use over the next several years to cover pandemic-related expenses, replace lost revenues or respond to its negative economic impacts. Half of the money would be available to states within a month of the bill’s enactment and the other half by May 3, 2021.

This year’s allotment includes about $50 billion to be divided equally between the 50 U.S. states and the District of Columbia, a similar amount to be distributed according to each state’s share of coronavirus cases and $150 billion more distributed according to population.

The $250 billion portion due by May 2021 includes $51 billion to be shared equally and $199 billion to be distributed according to each state’s share of unemployed people.

• $375 billion for county and local governments with $250 billion to be made available within 30 days of enactment and the remaining $125 billion a year later.
• $200 billion to provide hazard pay for essential workers including healthcare workers, emergency responders, sanitation workers and those employed by businesses ordered to remain open.
• $175 billion in housing assistance to help meet rent, mortgage and utility payments and other housing costs.
• $100 billion in grants for hospital and healthcare providers to compensate for expenses or revenue losses that result directly from the COVID-19 pandemic.
• $75 billion for testing, contact tracing, and other activities necessary to effectively monitor and suppress COVID-19.
• Direct payments amounting to $1,200 per family member for a total of $6,000 per household.
• $10 billion in COVID-19 emergency grants for small businesses through the Small Business Administration’s Economic Injury Disaster Loan program.
• $10 billion for the Supplemental Nutrition Assistance Program, which helps low-income people buy food, to support an increase in participation and to cover program cost increases.

Fear of coronavirus second wave stalks stock markets, Reuters, May 13