ADVOCATING FOR YOU LEGISLATIVE SPOTLIGHT
Continued from page 11 COVID-19 Relief Packages
OVER THE PAST FEW MONTHS,we’ve all witnessed the impact the novel coronavirus outbreak has had on nearly every aspect of life. The imposition of stay-at- home orders in a majority of US
states has had devastating effects on most sectors of the economy, including
many segments of the vertical flight industry. Even as states begin implement- ing phased reopening plans, the economic
disruption caused by the pandemic may have lasting effects for business. These unprece- dented times have prompted unprecedented
measures in Washington, DC. Specifically, five COVID-19 relief packages have been enacted since the virus reached US soil. Phase 1: H.R. 6074, the Coronavirus Preparedness
and Response Supplemental Appropriations Act, passed with near-unanimous support in both the House and Senate and was signed into law by President Donald Trump on Mar. 6. The bill provided $8.3 billion in emer- gency funding for a number of purposes, including vac- cine development and medical treatment, grants for state and local governments, loans for small businesses, and preparedness activities at US government facilities. Phase 2: H.R. 6201, the Families First Coronavirus
Figure 1. CARES Act Funding
The more than $2 trillion in CARES Act funding went to five primary categories of recipients (share amounts listed in billions of dollars).
PUBLIC SERVICES $179.5
STATE AND LOCAL GOVERNMENT
$340.0
SMALL BUSINESS $377.0
19% 17%
9% 30% 25% 12 ROTOR 2020 Q2
INDIVIDUALS/ FAMILIES
$603.7
Response Act, passed in both chambers shortly after the White House declared COVID-19 a national emergency and was signed into law by the president on Mar. 18. The bill authorized $192 billion worth of aid and provided paid leave, tax credits, expanded unemployment and nutrition assistance, and free COVID-19 testing. Phase 3: H.R. 748, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed in both cham- bers without a single dissenting vote and was signed into law by the president on Mar. 27. The legislation pro- vides more than $2 trillion in funding for individuals, small businesses, large corporations, state and local gov- ernments, and public services. H.R. 266, the Paycheck Protection Program (PPP) and Health Care Enhancement Act, passed in both chambers shortly after the PPP funding provided in the CARES Act had been depleted and was signed into law by the presi- dent on Apr. 24. The legislation provided an additional $310 billion in lending authority for the PPP, $60 billion for Economic Injury Disaster Loans (EIDL) and grants, $75 billion for hospitals, and $25 billion for COVID-19 testing. H.R. 7010, the Paycheck Protection Program Flexibility
Act (PPPFA), passed in both chambers one month after additional PPP funding was provided in H.R. 266 and was signed into law by the president on Jun. 5. The leg- islation gives borrowers more freedom in how and when loan funds are spent while retaining the possibility of full forgiveness.
Public Services
State and Local Government Small Business Big Business
BIG BUSINESS $500.0
Individuals/Families
The CARES Act The CARES Act became the largest economic stimulus bill in modern US history, amounting to 10% of the total US gross domestic product and more than doubling the funds stipulated in the 2009 Recovery Act, a stimulus package enacted in response to the Great Recession. When the CARES Act was originally introduced, the proposal included $500 billion in direct payments to Americans, $208 billion in loans to major industries, and $300 billion in Small Business Administration (SBA) loans. As a result of bipartisan negotiations, the bill grew to more than $2 trillion in the version signed into law (see Figure 1). The CARES Act included several provisions
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