Saturday, March 28, 2020


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

I did not find that they give a total in the bill itself, but apparently it is about $2 trillion dollars. Here are a couple of excerpts:
(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.
“(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).
One of our Senators describes it this way:

“This bill provides a one-time check of $1,200 per adult making under $75,000 a year, $2,400 per couple earning under $150,000 a year, and $500 per child. That’s real money in the hands of America’s families and hardworking men and women.

”This bill also helps stabilize the economy and provides $377 billion in emergency relief to small businesses like restaurants, hardware stores, nail salons, and mom & pop shops that have been effectively forced to shut down as the coronavirus has spread across the country. This will help keep these small businesses afloat and their employees on payroll.”

Can our nation survive a bill that spends nearly 10 percent of our total national debt?

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