Situational Awareness
The House and Senate are in session this week for perhaps the final legislative days of the year. The Senate will continue processing nominations this week as negotiations over omnibus appropriations bills and coronavirus relief drag on
Coronavirus Relief Bill Elusive
Efforts to reach a negotiated package of coronavirus relief have broken into factions with no clear path forward and a Friday deadline looming to prevent a government shutdown. The so-called “Bipartisan 908” group, the 11 senators who are developing the $908 billion relief package, continued negotiating over the weekend and plan to announce their agreement today. The package has been held up primarily due to provisions that would shield businesses, schools, universities and health care facilities from liability for COVID-19. The other troublesome issue has been how to distribute $160 billion in state and local aid. The package will reportedly reopen the paycheck protection program (PPP) for business again and allow those businesses that have already received loans to opt for a second round.
Meanwhile, Senate Majority Leader Mitch McConnell (R-Ky.) has suggested lawmakers drop liability protections and state and local aid so the other, less contentious provisions can be passed. Separately, Treasury Secretary Steven Mnuchin has been shopping around a $916 billion package that would extend unemployment benefits, restart the PPP, and provide stimulus checks to individuals among other provisions. At this point it is very unclear how this will all play out and it’s possible Congress could be forced to come back next week, though leadership is generally loathe to consider that option at the moment.
Spending Bills Near Complete
If lawmakers can’t find an agreement to fund the federal government by Friday, this legislative session may end the way it started two years ago—with a government shutdown. The talks to resolve spending issues have largely been successful and one of the last major hurdles is funding for veteran’s health.
Although an agreement appears likely, there are coronavirus-related issues popping up as it nears the finish line. Senators Bernie Sanders (I-Vt.) and Josh Hawley (R-Mo.) would like to include $1,200 coronavirus stimulus payments to individuals in the year-end package. Due to the short timeframe, an agreement would most likely need to be brought to the Senate floor via unanimous consent. If just one senator objects, which Sanders has vowed to do if the $1,200 stimulus payment is not included, the Senate would be forced to reach a 60-vote threshold in order to bring the measure to a vote.
Webinar: Understand Your Tax Assessment
Tax assessments can often be confusing. On Thursday, January 14 at 2 p.m. ET, join Larry A. Hirsh, president of Golf Property Analysts, for an in-depth review of the fundamentals of private club real estate tax assessments and a discussion of COVID-19’s effect on club real estate values and tax assessments. Register here.
Registration is free for NCA members and $99 for nonmembers.