After weeks of negotiations, the top four congressional leaders are looking like they could unveil a COVID-19 relief package later today, the most significant breakthrough in nearly eight months since the CARES Act was passed.
This package would include several items important to the Marine Retailers Association of the Americas membership and the marine industry across the United States, including allowing forgiven PPP funding to be tax deductible, creating a second round of the Paycheck Protection Program for small businesses, expanding Economic Injury Disaster Loan grants, and making 501(c)(6) nonprofits eligible to apply for PPP.
Speaker Nancy Pelosi (D-CA), Senate Minority Leader Chuck Schumer (D-NY), Senate Majority Leader Mitch McConnell (R-KY), and House Minority Leader Kevin McCarthy (R-CA) met for several hours Tuesday night with Treasury Secretary Steven Mnuchin to hammer out some outstanding disagreements, making meaningful progress on a final package.
There is a light of optimism that a package will be passed, with leaders making their most positive remarks in months.
“We’re making significant progress and I’m optimistic that we’re going to be able to complete an understanding sometime soon,” McConnell said as he left the Capitol on Wednesday. “Everybody wants to get a final agreement as soon as possible.”
Minority Leader Schumer echoed that sentiment separately, noting that “We are close to an agreement. It’s not a done deal yet, but we are very close.”
Discussions are still underway for the nearly $900 billion package as of the writing of this article, with negotiators aiming to have a finalized agreement passed alongside Congress’s must-pass $1.4 trillion omnibus funding bill on Friday. Republican and Democratic leadership have pledged that Congress will not leave for the holidays without passing another package.
The package is projected to include extensions of current unemployment assistance for 16 weeks with weekly $300 payments, $16 billion for vaccine distribution and tracing, and $127 billion for schools and transportation.
The major points of contention – state and local funding, and business liability protections – are intentionally excluded from this package, ensuring a smoother passage of this emergency rescue package while simultaneously teeing-up a heated debate early in the next congress.
