South Dakota Sen. John Thune voted in favor of the $900 billion pandemic relief package that passed both the House and Senate in rapid succession last night (Mon.).
The first coronavirus vaccinations were distributed in the US last week and Thune says we need to build on that momentum to make sure distribution goes smoothly so we can vaccinate as many Americans as possible, as quickly as possible.
“The COVID relief package will help us achieve that goal by providing important funding for vaccine distribution. It will also provide critical support to Americans to help them weather the rest of this pandemic, including: A second round of Paycheck Protection funding for the hardest-hit small businesses; Money to help schools reopen and safely operate so that our kids aren’t left behind; And more money for coronavirus treatment and other front-line medical priorities.”
Thune says the agreement also includes the Paycheck Protection for Producers Act, which will help more farmers and ranchers benefit from the Paycheck Protection Program.
“The bill also includes funding to allow the Department of Agriculture to provide additional assistance to farmers and ranchers. Ag producers were dealing with a challenging agriculture economy even before the pandemic hit, and the coronavirus has only made things tougher. I strongly advocated for including additional funding for farmers and ranchers in this legislation, and I am very glad that the final bill includes this support. The final package also explicitly makes biofuels like ethanol and biodiesel eligible for USDA assistance, at the discretion of the secretary of agriculture. Biofuel producers have suffered from the drop in fuel demand during the pandemic, and I hope the secretary will ensure that they are able to receive assistance – which will further help our ag economy recover.”
He says the COVID relief package includes an extension of the Thune-Warner Employer Participation in Repayment Act.
“The Thune-Warner bill allows employers to make tax-free contributions to their employees’ student loans, up to $5,250 per year. This is a win for employees, who get help paying off their student loans. And it’s a win for employers, as they look to attract and retain talented workers. Our bill was included in the CARES Act – the major coronavirus relief legislation we passed in March – but it was scheduled to expire at the end of the year. Under the coronavirus relief package, however, our legislation will be extended for an additional five years.”
Thune says the COVID relief package also includes the Small Business Expense Protection Act (which he co-sponsored).
“This legislation will ensure that small businesses that qualify for forgiveness of their Paycheck Protection Program loans can still deduct their ordinary business expenses on their taxes. The relief package also includes legislation I introduced this summer with Senator Enzi that will establish anti-fraud measures within the Pandemic Unemployment Assistance program, so that we can ensure that beneficiaries are truly eligible for the program. Mr. President, we’ve addressed a lot of coronavirus priorities in this relief package, and I am very pleased that we are finally getting it out the door.”
Lawmakers tacked on a $1.4 trillion catchall spending bill and thousands of pages of other end-of-session business to create a massive bundle of bipartisan legislation. The bill has been sent to President Donald Trump for his signature, expected in the coming days.
Key provisions of the bipartisan relief package:
- Extension of the Paycheck Protection Program (PPP) for the hardest-hit small businesses.
- The Small Business Expense Deduction Act, which Thune cosponsored to ensure that small businesses that qualify for forgiveness of their PPP loans can still deduct their ordinary business expenses on their taxes.
- The bipartisan Paycheck Protection for Producers Act, which Thune introduced to help more farmers and ranchers benefit from PPP.
- Five-year extension of the bipartisan Employer Participation in Repayment Act, introduced by Thune and Sen. Mark Warner (D-Va.), which would allow employers to contribute up to $5,250 tax-free to help pay down their employees’ student loans.
- Making biofuels like ethanol and biodiesel eligible for USDA assistance, at the discretion of the secretary.
- $82 billion to assist schools and universities with reopening for in-person education.
- $10 billion in grants for childcare centers to help providers safely reopen.
- $20 billion for purchasing vaccines, making the vaccine available at no cost for anyone who needs it.
- $8 billion for vaccine distribution.
- $20 billion to assist states with coronavirus testing.
- $13 billion to support farmers and the agriculture industry.
- Direct payments of $600 for individual taxpayers and children.
- Legislation introduced by Thune and Sen. Mike Enzi (R-Wyo.) that would improve the integrity of the Pandemic Unemployment Assistance (PUA) program and reduce the issuance of fraudulent claims by requiring beneficiaries of the program to provide documentation proving employment or planned employment in order to receive PUA benefits.
- A provision championed by Thune to make it easier for Medicare Part D recipients to access the most affordable treatment alternatives.
- $7 billion in funding for broadband deployment and expanding access to telehealth.
- Protecting patients from surprise medical bills.
- The Multifamily Depreciation Parity Act, which Senator Thune introduced to allow the depreciation of qualifying rental property in service prior to 2018 over 30 years, rather than 40 years as it is currently.
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