Senate, White House Reach Deal on Stimulus, But Question of Impact on Collections Industry Remains

The Senate and White House early today announced they had reached a deal on a $2 trillion stimulus package to help keep the nation afloat during the coronavirus pandemic, but the particulars of the bill were still being worked out as of early Wednesday morning and the big question — what is proposes about debt collections — was still unknown.

A vote on the bill was expected to be held later Wednesday afternoon. Eric Ueland, the White House’s Director of Legislative Affairs said in a published report that the hope was to have a draft of the bill ready to be circulated Wednesday morning.

Among some of the details that have been announced:

  • $500 billion for a some form of business liquidity program, which would be managed by the Federal Reserve
  • $367 billion in small business loans
  • $100 billion in new funding for hospitals
  • $150 billion in funding for state and local governments
  • $1,200 to each American who makes up to $75,000
  • Extending unemployment insurance by an additional 13 weeks and include four months of enhanced benefits

If the bill is passed by the Senate, it must also be approved by the House of Representatives before it can be signed by the President into law. Published reports indicated that Sen. Chuck Schumer [D-N.Y.], the Senate Minority Leader and top Democrat in that chamber of Congress has been in “close touch” with Rep. Nancy Pelosi [D-Calif.], the Speaker of the House regarding the particulars of the bill, in order to ensure her approval. The House, which is currently in recess, was considering approving the measure by unanimous consent, Rep. Pelosi said.

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