Stimulus Package Cont'd : The Health Care System
While we are all concerned for our own financial status, and how we will survive the crisis ourselves, another major concern in this health pandemic, is of course what aid or assistance the government is giving to the health care system. With a current situation that is crippling health care facilities across the country, hospitals are understaffed and under equipped. Healthcare providers have been reaching out, asking for for PPE (Personal Protective Equipment), and ventilators.
Anger and frustration with the federal administration has begun to surface right in the epicentre of the country’s outbreak, New York. Gov. Cuomo has spoken out for the desperate need for ventilators in the state and reacted after the Federal Emergency Management Agency only managed to send the state 400 extra ventilators. He said, “Four hundred ventilators? I need 30,000 ventilators. You want a pat on the back for sending four hundred ventilators?”
The healthcare sector, alongside individuals and businesses, is in great need of financial support and it is believed that the bill, if passed, would give the healthcare sector an extra $130 billion in assistance and grants. The bill would also move to assist with Medicare payments for hospitals that are working to cure patients during this pandemic.
Another great deal breaker for this bill was the exemption of assistance to top government officials and other members of congress, in an effort to avoid abuse of the funds. The stimulus bill has been described as having a provision that dictates this, preventing individuals, including Mr President Donald Trump and associates from attaining loans or investments from any of the Treasury programs.
Of the $500 billion allocated to bail out major companies across the country, $50 billion has been allocated specifically to airline carriers. The travel industry, amongst the hospitality and service industry, has been one of the hardest hit industries in the world, with most major international carriers having to cut back 75-95% of their flight load, as well as laying-off staff or putting them on mandatory unpaid leave. This is purely due to travel restrictions placed in the major G7 countries, as well as many others.
Delta airlines, the world’s largest airline based off of revenue, has announced a reduction of 70% in their seating capacity in an effort to preserve their business in a currently taut industry. The American airline expects its revenue for the month of March to have decreased by over $2-billion, with the expectation that April will be much worse to come.
This bill would prove to be the solution that we’re all waiting for, however it still needs to be confirmed. As optimistic as we all may be, it would be better to have it completely set in stone before we all rejoice.
How Do I Get My Check?
According to the IRS, the stimulus checks will be dispersed automatically, with no action required for most people.
The IRS will use either your 2019 or 2018 tax returns to calculate the payment amount, and then the payment will be deposited directly into the same checking account reflected on the return filed.
- Economic Impact Payments
- See if you are eligible for an Economic Impact Payment
- If you qualify, here is a free guide to figure out which IRS tool you should use to get your payment
- Economic Impact Payments Information Center