Fine Print of Stimulus Bill Contains Special Deals for Industries
WASHINGTON — Restaurants and retailers will get a tweak to federal tax law they have been seeking for more than a year that could save them $15 billion. Community banks are being granted their long-held wish of being freed to reduce the amount of capital they have to hold in reserve.
And for-profit colleges will be able to keep federal loan money from students who drop out because of the coronavirus.
Tucked into the fine print of the largest bailout in United States history — a $2 trillion federal stimulus package agreed to by congressional leaders and the White House early Wednesday in an effort to reduce the economic devastation of the coronavirus outbreak — are a range of provisions that stand to benefit specific industries and interest groups.
Even the fine print in a near-final version of the 619-page bill has fine print. Democrats proudly announced that they had won agreement on language to block President Trump, other government officials and their families from receiving assistance from a $500 billion fund to be administered by the Treasury Department.
https://www.msn.com/en-us/money/markets/fine-print-of-stimulus-bill-contains-special-deals-for-industries/ar-BB11HvHu?li=BBnb7Kz