Problem Solvers Caucus COVID-19 Proposal

There are eight major buckets of the proposal.

  1. Testing & Health Care ($100 billion)
    • $25 billion testing – 3 million tests a day
    • $75 billion health care providers – relief released in CARES Act (health care provider community – forgives advanced Medicare reimbursement $45 million
  2. Direct Assistant/Support for Individuals and Families ($316 billion)
    • $280 billion stimulus
      • Adult dependents would be eligible
      • Same restrictions on income
    • Plus up on WIC, SNAP 
    • Stabilize rental and mortgage market $25 billion
    • Student loan forbearance through December 31st
  3. UI assistance ($120 billion)
    • 100% of income based on 2019 income – but we can go up to $600 for that support
    • 8-week transition period – during that time the plus up will be $450 across the board
    • 13 weeks going through Jan 2021
      • Another 13 weeks may get triggered
  4. Small Businesses Support ($290 billion)
    • PPP $240 billion to SBA
      • Simplified loan forgiveness
      • Full transparency
      • $11 billion carved out for CDFIs
      • $50 billion for EIDL
    • $50 billion targeted ERTC
    • Continued support for the Main Street Lending Program
  5. Schools and Child Care ($145 billion)
    • Use these dollars for all kinds of things
    • $15 billion childcare (30% of annual child care sector revenue)
      • Block grants
      • Dollars for provider relief (child care centers who can return to full capacity)
    • $100 billion K-12 lha
    • $30 billion higher education
  6. State and Local Aid ($500 billion)
    • $130 hard past COVID-19 expenses
    • $130 hard forward looking COVID-19 expenses
    • $250 revenue shortfalls at local
    • $130 – already exists CARES Act funds
  7. Election Aid ($400 million)
    • Poll workers, temporary staffers, polling location PPE, etc.
  8. Miscellaneous
    • $12 billion rural broadband hotspots, particularly under-served rural and urban areas
    • $25 billion agriculture and aquaculture
    • $15 billion USPS and reform of pre-funding requirement
    • Move back timelines on census
    • Liability protections- good-faith companies should not deal with frivolous lawsuits
      • Robust enforcement of worker safety

Automatic Booster and Reducers

  • $1.5 trillion to $2 trillion if needed
  • Down to $1.3 trillion if not
  • Fact based and evidenced based
  • Metrics to determine if booster or reducer trigger:
    • Hospitalization numbers
    • Availability of vaccine

Notes

  • No additional paid leave

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CFTC Commissioners Confirmed

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