COVID-19: Impacts to Transportation & Logistics
The search for legislative solutions to the global COVID-19 outbreak continued this week, as Congress attempted to provide stability to a staggering economy, and stimulate growth for the multitude of sectors affected by the economic halt. After a tumultuous week of negotiations, highlighted by contentious Senate floor debates and multiple closed-door meetings between Secretary Mnuchin and Senate leadership, lawmakers agreed to the framework for a third COVID-19 stimulus package early Wednesday morning. After repeated failed attempts to secure enough votes for a stimulus bill driven by Majority Leader McConnell, House Democrats countered with a competing $2.5 trillion bill of their own, before finally signaling support for H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act. The Senate advanced the bill late Wednesday evening by a unanimous 96-0 vote. The House is hoping to clear the bill by voice vote on Friday.
Notably, the proposed bill would include: direct payments to individual taxpayers, expansion of unemployment benefits, $349 billion for a small-business interruption loan program, and $500 billion for the Department of Treasury’s Exchange Stabilization Fund, which will provide loans, loan guarantees, and other investments to distressed facilities.
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