By: Jared Evan
The $2 trillion stimulus package, brokered between the Senate and the Trump administration, is the largest fiscal stimulus package in U.S. history, expanding unemployment benefits and providing loans and grants to businesses.
This was the 3rd relief bill passed since the start of the crisis. The first was $8.3 billion, the second was $104 billion
On Wednesday leading up to the bill 3rd bill passing on Friday, Cuomo said “It would be really terrible for the state of New York,” Cuomo said at his daily press conference, claiming New York State would receive just under $4 billion in funding from the huge package. Cuomo said the figure was a paltry sum compared to the estimated $15 billion in lost revenue New York budget officials estimate will hit the state budget, the NY Post reported. The governor said, “$3.8 billion sounds like a lot of money, but we’re looking at a revenue shortfall of $9, $10, $15 billion dollars.”
Cuomo, while having valid points, can be misleading since there were 2 previous bills passed already.
Let’s look at exactly what New York is receiving combined from 3 economic rescue bills including the hotly debated $2 trillion. You get better picture when you look at it all combines as opposed to just looking at the major bill passed Friday: Crain’s has been the only outlet to show clearly exactly in total what NY is receiving:
New York has been allocated at least $40 billion of the $2 trillion stimulus bill. Senator Chuck Schumer said billions more would be allocated soon—but the first $40 billion is intended as immediate relief, Gothamist reported.
- First, the most important element of the package for many residents is the direct cash payments to individuals ($1,200) and families ($2,400). Taken together it’s more than $15.5 billion for state residents, Crain’s reported.
- The maximum unemployment benefit has been raised to $600 per week above one’s base unemployment income number. And for the first time ever, unemployment benefits have been opened up to independent contractors and “gig-economy” workers like Uber drivers. In total, the new law provides $16 billion in unemployment insurance to the state.
- More than $15.9 billion dollars will be given to New York and its agencies. This includes $5.1 billion for the state coronavirus relief fund, $1.6 billion for the Education Stabilization Fund, and $426 million for FEMA. Localities are being given stimulus funds as well, with $168 million going to nearby Westchester County.
- The MTA is due to receive $3.8 billion in federal aid
- There is also a $25 billion subsidy for the state’s healthcare system, which will provide $1.08 billion to New York City’s Medicaid fund and a total of $6 billion to the state’s fund. Much of the $25 billion will go toward protective equipment for health care workers, increased testing supplies, and the expansion of staffing and new construction services, according to Senator Chuck Schumer’s office
- $350 billion in small company loans, with a maximum interest rate of 4%.
This in total is around $110 billion in total allocated to NY state. There already has ben discussions of a 4th bill needed.
