GOP Senators ready third coronavirus bill

  • Aimed at ramping up relief for the U.S. economy to avert a recession from the effects of the COVID-19 outbreak, Senate Republicans are completing their proposal which, they say, will differ from the Trump administration's but will be similar to the Treasury Department's $1T plan.
  • Yesterday, Treasury proposed two rounds of direct payments to Americans that would total $500M, a $50B credit facility to airlines, up to $150B in loans to other sectors and $300B in guaranteed loans to small businesses.
  • According to Sen. John Thune (R-SD), the GOP will likely support the first round of payments to individuals, but not the second.
  • Under a proposal from Sen. Marco Rubio (R-FL) and Susan Collins (R-ME), small businesses that use the funds for payroll or other operating expenses would not have to pay the money back. It the monies are used for other expenses then they will remain loans.
  • The GOP's plan should be announced today.
  • Senate Minority Leader Chuck Schumer (D-NY) is not a fan of a one-time cash grant to Americans, calling it a "small measure," and has proposed his own $750B stimulus package, including expanded unemployment insurance and a moratorium on evictions and foreclosures.
  • Senate Majority Leader Mitch McConnell (R-KY) canceled the Senate's planned recess in order to work on the legislation. House lawmakers left Washington last week but Speaker Nancy Pelosi (D-CA 12th District) held a conference call with House Democratic leadership and committee chairs to formulate their own ideas, including expanding unemployment insurance, for the next round of legislation.
  • ETFs: BJK, ECON, KXI, XBUY, EMCG, RXI, EXI, EBIZ, GMAN

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