Senate Republican and Democratic leaders said Sunday afternoon they had resolved some of the latest outstanding issues with a coronavirus relief deal and a year-end omnibus spending package, including a fight. to deduct small business loans and provide scholarship money to private schools.
“Finally, we have the bipartisan progress that the country has needed. Now it is likely that we will have to finalize the text and avoid any last-minute hurdles and cooperate to move this legislation to both houses, ”the Senate Majority Leader said. Mitch McConnell
Addison (Mitch) Mitchell McConnell Senators reach agreement on Fed powers, setting the stage for coronavirus relief passage The agreement on coronavirus relief depends on talks over the borrowing powers of the Fed. Fed (R-Ky.) He said on the Senate floor.
McConnell noted that the legislation would provide another round of $ 600 stimulus checks, money to distribute the coronavirus vaccine and “billions of dollars to help children [get] go back to school and do it safely ”.
He said the legislation will reuse more than $ 560 billion in money set aside by the CARES law in March but will not be spent.
Senate Minority Leader Charles Schumer
Chuck Schumer: Senators reach agreement on Fed powers, setting the stage for the coronavirus relief passage. The coronavirus relief deal depends on talks about the Fed’s credit powers. Ocasio-Cortez: “I’m not ready” to be president, but Pelosi and Schumer have to go MORE (DN.Y.) confirmed Sunday shortly before 6 p.m. that the deal had been finalized and that the deal would have enough votes to approve both chambers.
“The agreement on this package can be summed up with the phrase‘ better late than never, ’” he said. “After a long, arduous year, after a year full of bad news, we finally have good news to deliver to the American people.”
“It will offer emergency aid to a nation in the midst of a genuine emergency. It should have the votes to pass the Senate and the House and get to the president’s office to become law,” he said.
Government funding ends at midnight and the leader of the majority of the House Steny Hoyer
Steny Hamilton HoyerCongress barrels into veto clash with Trump Congress passes law to prevent shutdown while talks on coronavirus drag on weekend House passes two-day law to prevent shutdown MORE (D-Md.) He told fellow Democrats at a conference call that the House will approve a one-day funding deadline.
Hoyer said the House will only vote on the short-term extension of government funding on Sunday.
Democratic leaders had expressed hope earlier in the day to approve the combined coronavirus relief agreement and a $ 1.4 trillion bus spending package on Sunday evening.
But with general lawmakers still awaiting the text of the deal on Sunday afternoon, leaders decided to delay the vote.
Whip of the Senate majority John Thune
John Randolph Thune: Congress barrels toward veto clash with Trump lawmakers soon awaiting COVID-19 relief deal McConnell: “Cooperation and approach” needed to end COVID-19 agreement MORE (RS.D.) said negotiators reached an agreement on a dispute to allow federal education aid money to be used for scholarships to private schools.
Thune said companies that have received small business loans from the Wage Protection Program (PPP) will be able to deduct them according to the business planned when Congress drafted the CARES Act in March.
He clarified that the deductibility of small business PPP loans will be allowed.
Democrats got some key victories in the deal, which Speaker Nancy Pelosi
Nancy PelosiSenators reaches agreement on Fed powers, setting the stage for coronavirus relief passage Sunday preview: U.S. launches first doses of coronavirus vaccine; Congress closes stimulus agreement Lawmakers soon expect COVID-19 relief agreement MORE (D-California) and Schumer promoted on Sunday.
The package includes legislation to end emergency and scheduled medical billing, $ 25 billion in rental aid they critically need for families facing eviction, an income tax credit earned and a child tax credit for families with unemployment or reduced wages.
It also provides a $ 13 billion increase to the Supplemental Nutrition Assistance Program and an expansion of Skin grants for students who need help to pay for college.
Leading lawmakers on both sides of the aisle, such as the chairman of the Senate Finance Committee Chuck Grassley
Chuck GrassleyHillicon Valley: Lawmakers Ask If Mass Hacking Equals War Act Microsoft says systems were exposed to a massive hack by SolarWinds Senators push to keep technical liability shield out of UK trade agreement Senators push to keep technical liability shield out of UK trade agreement Pelosi will get COVID-19 vaccine in the coming days , as the vaccination program for MORE legislators begins (R-Iowa) and ranking member Ron Wyden
Ronald (Ron) Lee Wyden: Hillicon Valley: Google attacked another antitrust lawsuit by states The federal government finds evidence that hackers used various methods to access agency networks The Department of Energy, a nuclear agency violated as part of a massive cyber attack: report Senators call for IRS information on SolarWinds pirate Schiff calls for “urgent” work to defend nation over mass cyber attack MORE (D-Ore.), Have said their intent under the CARES Act was to make expenses deductible from taxes.
But the Treasury Department issued guidelines earlier this year saying the expenses are not deductible because PPP loan forgiveness is not considered taxable income. Minister of Finance Steven Mnuchin
Steven Mnuchin Lawyers soon await COVID-19 relief agreement McConnell: “Cooperation and focus” needed to finalize COVID-19 agreement Member of supervisory committee questions approval of 0M loan by the maritime firm of the Treasury Department MORE he had defended the department’s position, saying allowing allowability would be tantamount to double immersion. Some progressive groups were also opposed to making expenses deductible, saying doing so would greatly help rich people.
Thune said “the issue of deductibility will be allowed as it was, I think, understood to be the law when we first approved the PPP program.”
Thune said lawmakers are sympathetic to Mnuchin’s argument about fiscal policy, but that “most people when they got these PPP loans had the expectation that they could continue to deduct expenses from their businesses and have operated on consequence “.
“I think there is broad support for both parties to include it,” he added.
Mike Lillis contributed.