After five days of intense negotiations, a bipartisan agreement has been reached on a $2 trillion, bipartisan stimulus bill, a revised version of the CARES Act introduced a few days ago by Majority Leader McConnell.
The final text is still under review, but the Senate will be back in session at 12pm with a final vote on the bill likely later today. House Speaker Pelosi, indicated yesterday that she plans to bring an eventual Senate passed bill to the House floor by Unanimous Consent or voice vote to ensure that House Members do not need to return to DC to vote on this measure. Speaker Pelosi said today that, “House Democrats will now review the final provisions and legislative text fo the agreement to determine a course of action.”
Minority Leader Schumer circulated a Dear Colleague letter, which can be found below, early this morning highlighting changes Democrats negotiated to the original version of the bill.
The bill includes a five-year reauthorization of the Title VII HRSA health professions workforce programs. The title VII portion of the bill is generally closer to the Senate’s Title VII reauthorization bill (S 2997) in terms of authorized levels than the House’s EMPOWER Act (HR 2781). Many of the Title VII authorized funding lines are identical to those in the Senate bill.
Geriatrics program funding in the CARES agreement is authorized at $40,737,000 for each year FY 2021 through FY 2025. $40,737,000 was the enacted funding levels for both FY 19 and FY 20, and the same as was in the Senate’s Title VII bill. Scholarships for Disadvantaged Students is reauthorized at $51,470,000 for each of fiscal years 2021 through 2025. It is the same funding level as the FY 20 enacted level. Faculty loan repayment is reauthorized at $1,190,000. It is also the same as the FY 20 enacted level.
The bill also includes a clean extension of the Health Profession Opportunity Grant program through November 30, 2020. This extension ensures that HPOG grantees are able to finish out their grant cycle with full access to the technical assistance and evaluation support.
Other key components of this compromise bill include the following:
Direct stimulus of $1200 per adult and $500 per child for individuals up to $75,000 and $150,000 per couple;
$500 billion in loans and loan guarantees for impacted businesses with stronger oversight of loans provided to large employers;
Expanded Unemployment Insurance now providing four months (up from three months) of federal pandemic UI at up to $600 per week above the compensation level paid by state unemployment office;
$130 billion for hospitals, health care systems, and community health centers (increased from $75 billion);
$150 billion for a state and local coronavirus stabilization relief fund;
$30 billion for Education, (an increase of $10 billion);
$366 billion for forgivable small-business loans, with $17 billion set aside for businesses in low-income areas and investment companies that provide venture capital to small businesses.
$10 billion for SBA Economic Injury Disaster Loans emergency grants of up to $10,000 to provide immediate relief for small business operating costs.
$30 billion for a Disaster Relief Fund to provide financial assistance to state, local, tribal, and territorial governments, as well as private nonprofits providing critical and essential services.
House leadership officials have indicated this will not be the last round of pandemic related funding, they expect to have two more rounds of funding in the coming weeks or months, which will both address ongoing needs and economic recovery efforts.
We will continue to keep you updated on the latest developments in Washington.
Part A of the bill text
Part B of the bill text
Minority Leader Schumer’s Dear Colleague Letter
Senate Appropriations Committee Majority Summary
Senate Appropriations Committee Minority Summary