This is my stimulus update for the 4th of July.
Housing
Speaking of homelessness and housing and issues pertaining to that, various eviction moratoriums will end this month and in the coming months.
In Tucson Arizona, the courts are processing an average of 52 eviction cases per day.
In Tennessee, more than 9,000 eviction hearings are pending. That’s 33% more cases than is normal for this time of the year. But regardless, various state local governments may impose their own eviction moratorium past what has already been instated.
For example, my home state of California this week, our governor Gavin Newsome gave local governments the authority to halt renter evictions through September.
Emily Benfer a professor at Columbia Law School said, “The moment these moratoriums are lifted, we’ll see massive evictions”.
This past week, House Democrats did pass a bill that would halt evictions and foreclosures through March, 2021, as well as include $100 billion dollars for rental assistance programs and $75 billion for homeowner relief.
However, this bill, like many of these democratic bills that have been put forth in the house, don’t have a chance of passing the Senate.
The Next COVID-19 Relief Bill
In terms of what’s actually going to be in the next coronavirus relief bill, it’s really anybody’s guess at this point.
I told you that yesterday, Larry Kudlow basically said, everything’s on the table at this point. He basically has a laundry list of things, that wasn’t an exhaustive list by the way.
And I just look for what people like Kudlow and people like those in Congress are saying what might be in the next bill, because I figure they know more. They’re closer to the issue than I am.
So an example, Senator Jon Tester of Montana, before he left for the 4th of July break said, “What’s in the next bill is going to be the best question”. Still doesn’t know. He still has no idea and this guy’s in the Senate.
“I’ll just tell you my crystal ball for now. I think there needs to be some money for food. I think there needs to be some money for healthcare.” Well that’s pretty broad Senator Tester.
What else did he say?
He says, “The package needs to be very targeted”.
And this fellow, Senator Tester, he’s a Democrat. But that’s Republican language.
“This package needs to be very targeted. If I were to be critical of any of the previous ones that were put out, there was just an attitude of getting the money out the door. In most cases, it did what it needed to do. But what has been the challenge for me is being able to provide oversight, to get access to how this money has been spent and make sure it’s going to the right people.”
PPP Transparency Update
Speaking of oversight, the Treasury Department said that it would be releasing the preliminary data, the names of those businesses that got PBP loans of $150,000 or more by the end of the week.
Yesterday the federal holiday and the data still had not come out yet. So I imagine that Democrats will have a field day with this talking about why the administration is not being transparent, et cetera.
I don’t know why they didn’t get the data out. I mean maybe there was just something internally.
Maybe it was going into a holiday break and the employee just didn’t get it done. I’m not exactly sure what is going on there.
Unemployment
But we do know that one of the focal points of the next stimulus bill, in addition to whether or not there’ll be another round of stimulus checks is the unemployment benefits.
This week Senator Ron Wyden said, “It would be unconscionable for Republicans to allow supercharged unemployment benefits to expire with the unemployment rate above 11% and 2.3 million new unemployment claims just this week”.
However, Vice President Pence said shortly after that, “We have a real concern about creating an unintended incentive for people to stay on the sidelines in this economy and that $600 plus up in employment many believed has contributed to that”.
COVID-19 Updates
The European Commission, the EU has conditionally approved remdesivir as a treatment for COVID-19.
Currently in the United States, Remdesivir is the only therapy authorized by the FDA to treat COVID-19.
As of now is the only one approved in Europe as well. Gilead, the drug maker that produces Remdesivir said this week that Japan, Taiwan, India, Singapore and the United Arab Emirates are also using the drug to treat COVID-19.
Kroger corporation is giving employees at home coronavirus testing kits. Up to 60,000 tests per week by the end of this month. And it will make the test available to other companies and organizations in the coming weeks.
Employers are footing the bill for these tests. Employees don’t have to pay for them themselves, but it’s only for employees who meet established clinical criteria for likely COVID-19 infection or exposure.
Also, various local governments are now getting stricter about making sure people are wearing masks in public.
For example, around here this is my local Southern California area in West Hollywood the Sheriff’s station announced that deputies will issue citations $300 for a first offense. Santa Monica, also a city here in LA, first time offenders will be charged $100 and the third offense will cost $500.
Obviously can’t go through what every city is doing in this respect. But just be aware of that.
It looks like some local governments are now taking COVID-19 maybe a bit more seriously in terms of law enforcement and maybe handing out fines for not wearing your mask.
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