Greetings,
I hope you are having a great, socially-distanced weekend! Holed up in the Crisp-Dellenger DC residence, I’ve been devouring all the CARES Act content, so you don’t have to. Below are some key takeaways from what we know so far about it…
NOTE: We will have more information from a White House official to provide in Tuesday’s edition.
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Personal note: I’ve been overwhelmed by the growth in readership, your kind words and the feedback and tips so far. Appreciate you all so much during this weird time! (Note: I’m still very much interested in DC gigs, so also send them my way!!)
The Countdown…
Days until Louisiana Legislature is scheduled to return to session: TBD
Days until the Governor’s stay-at-home order is lifted: 25
Days until the Louisiana legislative session must end: 57
Days until the newly-scheduled Louisiana presidential primary: 76
Days until the presidential/senatorial/congressional election: 213
Days until the Louisiana runoff election (as needed): 244
Coronavirus in Louisiana
The Numbers…
Cases: 13,010
In Hospitals: 1,803 (On ventilation: 561)
Deaths: 477
Tests administered (state and privately reported): 60,325
Parishes with reported cases: 61 (of 64)
**Numbers reported as of noon April 5. For updated numbers see: The Louisiana Department of Health.
The Breakdown…
You may have heard a lot about it, but just know you’re not alone if you’re still wondering, “So…What exactly is in this coronavirus relief package???”
Before heading back home as shutdowns took hold in their districts, members of Congress quickly passed the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act touching several areas of society that will be (or, in most cases at this point, already have been) drastically impacted by the coronavirus pandemic in the United States.
The far-reaching program was mostly hashed out behind the scenes between Democrats who control the House and the Trump administration (with Senate leaders). Because of that, many parts of it still remain murky to the public.
The law is nearly 900 pages long. Here’s a searchable version of it if you want to really dive into it.
If you have more specific questions, please email or Tweet them to me, and I’ll try to get you an answer if I don’t know it already (NOTE: There are still several unknowns with how this will all play out so, in some cases, the answer may just be, “We will see.”)
Here are some highlights so far, and what it means for you:
Cash money: If you filed a tax return in 2018 or 2019 and did direct deposit for your return, you can probably just sit back and wait for some money to flow into your account in the coming weeks. Stimulus checks of up to $1,200 for a single person or $2,400 for a couple filing jointly (plus $500 per child), are set to start being deposited by the end of the month. You don’t have to do anything extra if you’ve filed taxes during the past two years and have the same direct deposit or physical address on file.
For those who don’t: President Donald Trump has promised that people who receive Social Security checks will automatically get the stimulus payment as well, and should not have to take any additional action.
Meanwhile, the IRS has said it will create a web portal for people who otherwise don’t meet the tax-filing threshold to provide their information, but details haven’t been released.
Money for states: The stimulus package includes $150 billion in aid for states. Louisiana is set to reap about $1.8 billion of it. As it currently stands, that money will flow through governors, but the guidelines have yet to be set. They are expected in the coming days. Louisiana’s state revenue has been hit hard by the recent decline in oil prices. If allowed, some could go directly toward shoring-up the state’s budget to make up for that, but it’s likely the money also will go to back-fill the many health, education and other needs that have been crippled by the outbreak.
Louisiana lawmakers are currently on a temporary hiatus from session, with their return to be determined, depending on the outbreak. But they have to hash out a spending plan for the coming fiscal year before it starts July 1 to prevent a state government shutdown (for real).
The law gives local governments with populations of at least half a million people the opportunity to tap into those funds separately (effectively subtracting from the amount the state government is eligible for), but none of Louisiana’s cities are that big.
The restrictions on spending loosely outlined in the text of the law are that states can only use the money for “necessary expenditures incurred due to the public health emergency” from coronavirus/covid-19, that “were not accounted for in the budget most recently approved” and were incurred from March 1 through Dec. 30.
The Treasury Department is expected to provide more guidance in the coming weeks, but Gov. John Bel Edwards has said he’s hopeful for flexibility as he awaits more information.
Small business loans: In recent days, you’ve probably heard about the Paycheck Protection Program — the $350 billion loan program that’s meant to keep businesses flush so they don’t have to lay off workers.
The program began on Friday, but technical issues and general confusion have severely hobbled its start.
Applications for the PPP, as it’s being called, are being handled through individual federally-approved lenders and banks. Most businesses have been encouraged to go to their local banks for guidance. The cash-flow assistance can be used for payroll, rent, utilities, rehiring workers and other necessities and can be forgiven if all employees are kept on payroll for eight weeks. It is available to small businesses with up to 500 employees and businesses with more than 500 employees in certain industries.
Small businesses applications are filed through an online portal on bank websites. The bank then follows up with a call and launches the rest of the process with the Small Business Administration, when information is confirmed.
But banks so far have reported trouble transmitting that information, bogging down the process.
Gov. John Bel Edwards has urged small business owners across the state to apply as soon as possible because the program has a funding cap (though President Trump has hinted that could go up if needed in an anticipated fourth relief package). Edwards also urged Louisiana banks to continue pursuing access to the program and "be patient" with it.
“I know our bankers have been working diligently to access those funds and make them available to their customers but, through no fault of their own, the process is taking some time,” Edwards said in a statement after troubles with the federal program first emerged Friday. “I understand their frustration but ask that they also understand this is a brand new program that is being implemented in the midst of a health crisis. We greatly appreciate the relief it will provide our small businesses that are the backbone of our economy. I know some of our small business owners were discouraged when all the answers were not immediately available but I ask you to not lose hope and continue moving forward to apply for these funds. I have every confidence that those funds will begin to flow as quickly as possible.”
Other pots of money and perks…
Tax Day: The IRS has pushed back the tax filing deadline to July 15.
Health insurance: Private insurance must make coronavirus tests free and cover covid-19 treatments and any eventual vaccine.
Unemployment benefits: As unemployment skyrockets, the CARES Act provides for an increase in unemployment benefits of $600 per week from the federal government (on top of whatever base amount already set by the state) for four months. States have reported that they haven’t yet gotten federal guidance on that, but it’s expected in the coming days. The Louisiana Workforce Commission has set up a portal to provide additional information as it becomes available.
Freelancers and the gig economy: In addition to increased unemployment payments, the package creates, through the end of the year, a new Pandemic Unemployment Assistance program to help workers who are normally cut out of unemployment insurance.
Food security: The relief package boosts funding for the Supplemental Nutrition Assistance Program, or food stamps, by $15.5 billion in anticipation of more people seeking assistance. It also provides $450 million for emergency food assistance programs, like food banks, and $8.8 billion for child nutrition programs and flexibility for schools to provide free meals.
Telemedicine: The bill includes several provisions to encourage broader use and availability of telehealth. Medicare will pay doctors for telehealth services at the same rate as in-office visits. CARES also provides telehealth coverage for federally-qualified health centers (FQHCs) and rural health clinics. Doctors can prescribe controlled substances through virtual visits. Additionally, the FCC will spend $200 million to increase access to telemedicine through infrastructure upgrades.
Other business loans: $25 billion for passenger airlines, $4 billion to cargo airlines; $10 billion to the US Postal Service.
FEMA: The federal agency over emergency response received a $45 billion boost for its disaster assistance efforts.
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