This is my clickbait-free stimulus update for Saturday, August 22.
Channel Poll Results
Today I’m going to show you what is in the new Republican stimulus bill, the “skinny” bill that I gave you a high-level overview of on Monday but now we actually have the draft bill, so I’m going to walk you through what’s in there, but don’t get your hopes up, seriously.
But before I get into that, first of all, thank you so much to all of you who voted in my poll yesterday, it seems that the split is pretty even among my audience regarding who’s more to blame with 19% saying Democrats are more to blame, 20% saying Republicans are more to blame, but a whopping 61% stating that Democrats and Republicans are equally to blame.
I do have a new poll today in the channel community tab, kind of a silly one, I just want to know what you think the most annoying stimulus clickbait word is, is it “FINALLY!” or is it “JUST IN!” or is it “BREAKING!” or “GOOD NEWS” or “YES!”
Yes, I know this poll is a bit silly, but I frankly created it out of frustration because there’s still so much stimulus clickbait out there and I really wish that YouTube would do something about it, but of course they won’t because YouTube makes money when 313,000 people click on a video called, “YES! SECOND STIMULUS TODAY!”
And the video creator makes money too, he probably made thousands of dollars from that video alone just in ad revenue, yes, that is not an exaggeration, and that’s why these folks do it to make money, they don’t care about the accuracy of their titles, they just care about getting as many clicks as possible so they can get the largest paycheck as possible from YouTube.
And just FYI, another very common stimulus clickbait technique is to refer to unemployment as “stimulus checks”, so you’ll see lots of videos talking about “$1,600/MONTH RETROACTIVE STIMULUS CHECKS” or “$1,200/MONTH RETROACTIVE STIMULUS CHECKS”, and they’re basically referring to either the $400 weekly or $300 weekly unemployment under Trump’s memorandum, not stimulus checks, and then when their own commenters call them out on it, they basically play dumb.
The House’s Vote Today on USPS
So we’re going to get into the draft Republican bill in a second, but like I’ve told you this week, today the House of Representatives is going to vote on Postal Service legislation, legislation to not only provide $25 billion in additional funding to the Postal Service but also mandate that the Postal Service not make any changes to its operations, that is must operate the same as it did at the beginning of the year.
Various members of the House, both Republicans and Democrats, have expressed a desire to talk stimulus today rather than a Post Office bill, but as I told you yesterday, Nancy Pelosi shut that idea down.
The “Skinny” Republican Stimulus Bill
But let’s get into the draft Republican bill, they’re tentatively calling it the “Delivering Immediate Relief to America’s Families, Schools and Small Businesses Act”. I will remind you that all we have seen at this point is a draft of this bill and it is of course subject to change.
So this draft new stimulus bill basically has five sections of note, basically.
The first section is called “coronavirus liability relief,” this is just the 5-year liability shield. I went over how this would work in the July 29 stimulus update.
The second section out of five in this skinny Republican bill is called “Assistance for American Families,” and while you might think there might be stimulus checks in this section, you would be disappointed.
The only assistance for American families in this section is unemployment. This section calls to extend $300 weekly federally-funded unemployment through the week ending December 27, 2020.
That’s it. That’s the only assistance to American families that Republicans want to give in this “skinny” bill.
The third section out of five in this skinny Republican bill is called “Small Business Programs,” and this is essentially a second round of PPP funding for businesses that have suffered at least a 35% revenue loss in 2020 vs. 2019, it would also make more expenses eligible for PPP funds to be used for forgiveness and would streamline forgiveness for loan amounts of $150,000 or less.
The bill would infuse an additional $158 billion into the PPP program, which combined with about $100 billion leftover from the previous program would result in $258 billion available.
The fourth section in this skinny Republican bill is basically forgiving a $10 billion loan from the Treasury to the Post Office.
So basically the CARES Act provided for a $10 billion loan from the government to the Post Office, and this skinny Republican bill would say OK that loan could be forgiven, i.e converted into a grant if the Post Office’s finances deteriorate to the point that it has less than $8 billion cash on hand. The Post Office currently has about $15 billion cash on hand right now.
And the fifth major part of this bill is basically appropriations, $105 billion for K-12 schools, the majority going to schools only once they have a plan for reopening, $29 billion for COVID-19 vaccine, and $16 billion for testing and contact tracing.
So that’s that. I doubt Democrats would go for it, just like I doubt that Republicans would go for Democrats’ Post Office bill they’re voting on today.
This is frankly ridiculous. We have both sides of Congress putting forth bills that they know will not be agreed to by the other side, why don’t we spend more time sitting down again and trying to negotiate something real instead of putting out these bills that have no future, it just seems like a big waste of time to me, quite frankly.
Unemployment Update
So kind of big news is that New York, despite Governor Cuomo initially poo-pooing Trump’s unemployment memorandum in a heavily politicized statement, will apply for the $300 weekly funding from FEMA.
Meanwhile, thirteen states have been approved by FEMA for the $300 weekly funding: Arizona, Colorado, Idaho, Iowa, Kentucky, Louisiana, Maryland, Michigan, Missouri, Montana, New Mexico, Oklahoma and Utah.
And reportedly Kentucky and Montana will be kicking in the extra $100 weekly for their residents, West Virginia has not been approved for the $300 yet but has stated that it is on-board with kicking in the extra $100 as well to give a $400 a week to its residents on unemployment who are getting at least $100 or more of regular unemployment.
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