U.S. Sen. Chuck Schumer said Monday afternoon during a virtual news conference that he expects New York state to benefit to the tune of at least $54 billion from the $900 billion Covid relief package agreed to by leaders in the House and Senate.
Schumer was speaking from Washington, D.C., where the relief package was being coupled with a $1.4 trillion government funding bill designed to keep the federal government open through next September.
The Covid relief legislation includes direct stimulus checks, extending enhanced unemployment insurance, another round of forgivable Paycheck Protection Program (PPP) for small businesses, restaurants and nonprofits.
The state government itself would receive more than $13 billion through education funding, vaccine distribution, Covid health funding, emergency assistance for renters and more.
While welcoming the agreement on the relief package after extended negotiations, Schumer assailed Senate Majority Leader Mitch McConnell for having blocked any sort of deal until just recently.
“The thing I most regret is that McConnell blocked state and local aid. We have found some ways to get the states and localities some money,” Schumer said.
Schumer said of the legislation, “It delivers aid that is urgently needed by the unemployed, by renters at risk of losing their homes, by small-business owners throughout New York that are worried about going out of business, by people seeking vaccination, by schools that spent money to keep kids safe, by families struggling to make ends meet and so much more. Clearly, there is more to be done.”
Schumer said the bill contains set asides for minority-owned and other underserved businesses and new, larger forgivable loans for restaurants as well as aid for independent movie theaters, live entertainment venues, museums and other cultural institutions. Broadway would receive a large share of the $15 billion to be spent nationally on helping entertainment venues survive.
New York would receive $5.8 billion in an Education Stabilization Fund that would provide $4 billion in emergency relief for elementary and secondary schools, $1.4 billion for universities and $313 million in funds for the governor to use at his discretion to support education.
The state”™s Department of Transportation would receive $426 million to boost declining revenues and support construction jobs. New York”™s airports would receive $105.5 million in new funding, with $6.9 million going to airports in the Hudson Valley.
More than $6.5 billion would go to New York state for enhanced unemployment compensation benefits and New Yorkers would receive more than $9 billion in direct cash payments, including $600 for individuals making up to $75,000, $1,200 for couples making less than $150,000, and an additional $600 per child.
Schumer said during the news conference that Westchester would receive $29 million to help people with rent and mortgage payments.
More than $20 billion would be directed to New York in the PPP for a second round of forgivable loans to New York businesses, including housing cooperatives, tourism organizations and local newspaper, TV and radio stations.
The bill also extends and expands the refundable Employee Retention Tax Credit. The extension of this tax credit, through July 1, 2021, is designed to help keep thousands of additional New Yorkers on payroll and small and midsize employers all across New York afloat.
There is $15 billion to renew the CARES Act Airline Payroll Support Program. It is expected that a substantial part of the funding will go to helping retain airline jobs in New York without furloughs or reducing pay rates and benefits until March 31, 2021.
