Yesterday, the U.S. Senate failed to advance a scaled-down Coronavirus Relief measure when a procedural motion to invoke closure was defeated on party lines.
The $500 billion proposal would have provided zero support for local and state governments. It would also have reduced the Federal Reserve Bank’s authority to provide liquidity to the financial system to support lending to businesses, states, and local governments.
It included additional Payroll Protection Plan (PPP) funds ($257 billion) to support small businesses, a $300 per week unemployment insurance supplement, and it would have extended the deadline for recipient use of CARES Act Coronavirus Relief Fund monies from December 31, 2020 to September 30, 2021.
As the Federal government approaches the end of its Fiscal Year on September 30 and as Election Day nears, it appears unlikely that the Congressional Coronavirus relief logjam will break before, at least, the middle of November.
Contact: Jon Moran, Senior Legislative Analyst, jmoran@njlm.org, 609-695-3481 x121.