Today, Democrats and Republicans in the Senate arrived at a deal to provide approximately $2 trillion in federal funding and programs to address the ongoing health crisis. The legislation would send checks to many Americans under a certain income threshold, create a $350 billion loan program for small businesses and establish a $500 billion lending fund for industries, cities and states.
This legislation is viewed as a critical lifeline for our small and mid-size construction companies as they work hard to maintain their businesses, keep employees on payroll and provide paid leave to those affected by the COVID-19 virus.
While passage in the Senate is set for this afternoon, House members remain in their home districts and is not likely to pass the bill today. Further, without an agreement from all members of the House to pass the bill by “unanimous consent” they could be called back to Washington, D.C., for a full vote on the House floor. Speaker Nancy Pelosi (D-Calif.) has been generally positive about the new deal, but has said the bill is still under review in the House.
For more information on the federal response to the crisis and other resources for employers, visit abc.org/coronavirus.