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What’s in the $2.3 trillion U.S. coronavirus rescue package

(Reuters) – U.S. President Donald Trump signed the largest federal stimulus package in history into law on March 27 to help cope with the economic downturn inflicted by the coronavirus pandemic and shore up medical providers on the front lines of the outbreak.

Here are major elements of the plan, which is estimated to cost roughly $2.3 trillion. Cost estimates are provided by congressional committees and the Committee for a Responsible Federal Budget, a nonpartisan policy group.

DIRECT PAYMENTS TO AMERICANS

Direct payments of up to $1,200 each to millions of Americans, with additional payments of $500 per child. Payments would be phased out for those earning more than $75,000 a year. Those earning more than $99,000 would not be eligible.

Estimated cost: $292 billion

ENHANCED UNEMPLOYMENT AID

Payments for jobless workers would increase by $600 per week. Laid-off workers would get those payments for up to four months. Regular benefits, which typically run out after six months in most states, would be extended for an additional 13 weeks.

Self-employed workers, independent contractors and those who typically don’t qualify for unemployment benefits would be eligible. The government would also partially make up wages for workers whose hours are scaled back, in an effort to encourage employers to avoid layoffs.

Estimated cost: $260 billion

SMALL BUSINESS LOANS AND GRANTS

Loans for businesses that have fewer than 500 employees could be partially forgiven if they are used for employee salaries, rent, mortgage interest and utility costs. The bill also includes emergency grants for small business.

Estimated cost: $377 billion.

AID TO AIRLINES, LARGE BUSINESSES

The bill sets up a fund to support a new Federal Reserve program that offers up to $4.5 trillion in loans to businesses, states and cities that can’t get financing through other means.

Companies tapping the fund would not be able to engage in stock buybacks and would have to retain at least 90% of their employees through the end of September. They would not be able to boost executive pay by more than $425,000 annually, and those earning more than $3 million a year would see their salaries reduced.

The fund would be overseen by an inspector general and a congressional oversight board. The Treasury secretary would have to disclose transactions.

Businesses owned by President Donald Trump, other administration officials or Congress members, or their family members, would not be eligible for assistance.

Loans are set aside for airlines, air cargo carriers, airline contractors and “businesses important to maintaining national security,” widely understood to be Boeing Co.

Total cost: $500 billion

GRANTS FOR AIRLINES

Airlines, air cargo carries and airline contractors also could get grants to cover payroll costs. They would have to maintain service and staffing levels, and would not be able to buy back stock or pay dividends. The U.S. government could get stock or other equity in return. Executive pay above $425,000 a year would be frozen for two years, and those who earn more than $3 million annually would see their salaries reduced.

Total cost: $32 billion

HOSPITALS AND PUBLIC HEALTH

– $100 billion for hospitals and other elements of the healthcare system

– $16 billion for ventilators, masks and other medical supplies

– $11 billion for vaccines and other medical preparedness

– $10 billion for the U.S. Centers for Disease Control and Prevention (CDC), the Food and Drug Administration (FDA) and other health agencies

– $20 billion for veterans and military health systems

– $20 billion for the Medicare health program for seniors

STATES, EDUCATION, TRANSPORTATION

– $150 billion for state, local and Native American tribal governments

– $45 billion in disaster relief

– $32 billion for education

– $25 billion for mass-transit systems

– $10 billion in borrowing authority for the U.S. Postal Service

– $1 billion for the Amtrak passenger rail service

– $10 billion for airports

– $4 billion to suspend airline ticket, cargo and fuel taxes

TAX CUTS

– A refundable 50 percent payroll tax credit for businesses affected by the coronavirus, to encourage employee retention. Employers would also be able to defer payment of those taxes if necessary. Cost: $67 billion

– Loosened tax deductions for interest and operating losses. Cost: $210 billion

– Loosened rules for retirement funds, allowing people to withdraw money early or postpone withdrawals from accounts such as Individual Retirement Accounts (IRAs) that have been hurt by turbulence in financial markets. Cost: $8 billion

– Allows people to use tax-advantaged savings accounts to buy menstrual medical products. Cost: $9 billion

– Tax write-offs to encourage charitable deductions and encourage employers to help pay off student loans. Cost: $3 billion

– Waive tax on distilled spirits used to make hand sanitizer

INCREASED SAFETY NET SPENDING

– $25 billion more for food stamps and child nutrition

– $12 billion more for housing programs

– $5 billion more for child and family services

OTHER ELEMENTS

– Temporary ban on foreclosures and evictions for people who rely on federal housing and mortgage programs

– Defer payments and interest on federal student loans

(Reporting by Andy Sullivan; Editing by Scott Malone, Peter Cooney, Steve Orlofsky, Jonathan Oatis and Sonya Hepinstall)

Rockets, gunfire test new Russia-backed truce near Syria’s Homs

A boy rides on a tricycle along a damaged street in the besieged area of Homs,

BEIRUT (Reuters) – Warring sides exchanged rocket and gunfire north of the Syrian city of Homs overnight, hours after a Russia-backed truce took effect, a war monitor said on Friday, while heavy rocket fire also marred a similar deal east of the capital Damascus.

Russia, an ally of the Syrian government, said on Thursday its defense ministry and Syria’s opposition had agreed to set up a “de-escalation” zone in the rebel-held countryside north of government-held Homs.

After an initial few hours of calm, the rebels and government forces and their allies began to target each other’s territory. The monitor, the Britain-based Syrian Observatory, said it had so far not received reports of any deaths.

The Russia-backed truce was similar to a de-escalation deal worked out in July for the besieged Eastern Ghouta rebel enclave east of Damascus.

Despite the deal and some reduction in violence, air strikes, rockets and exchanges of fire have continued to hit Eastern Ghouta.

The Syrian Observatory said since the Eastern Ghouta truce was declared on July 22 it had recorded at least 25 civilian deaths, including seven children, and dozens of injuries. Russia said it had deployed its military police in Eastern Ghouta in July to try to enforce the de-escalation zone.

Eastern Ghouta, the only major rebel-held area near the capital, has been blockaded by Syrian government forces since 2013. It has shrunk considerably in size over the past year as the Russia-backed Syrian army has taken control of other rebel-held areas around Damascus.

The Observatory said on Friday around 70 rockets had fallen in 24 hours on Eastern Ghouta in the heaviest bombing since the de-escalation zone was declared.

Several attempts at a lasting ceasefire in western Syria, where rebels have lost ground to government forces and their allies, have collapsed with both sides blaming the other for outbreaks of violence.

 

(Reporting by Lisa Barrington; Editing by Gareth Jones)

 

Foreign hackers probe European critical infrastructure networks

Cables and computers are seen inside a data centre at an office in the heart of the financial district in London, Britain

By Mark Hosenball

LONDON (Reuters) – Cyber attackers are regularly trying to attack data networks connected to critical national infrastructure systems around Europe, according to current and former European government sources with knowledge of the issue.

The sources acknowledged that European infrastructure data networks face regular attacks similar to those which the Washington Post newspaper said on Sunday had been launched by Russian government hackers against business systems of U.S. nuclear power and other companies involved in energy production.

One former senior British security official said it was an “article of faith” that Russian government hackers were seeking to penetrate UK critical infrastructure though the official said he could not cite public case studies.

A European security source acknowledged that UK authorities were aware of the latest reports about infrastructure hacking attempts and that British authorities were in regular contact with other governments over the attacks.

UK authorities declined to comment on the extent of any such attempted or successful attacks in Britain or elsewhere in Europe or to discuss what possible security measures governments and infrastructure operators might be taking.

The Washington Post said recent attempted Russian hacking attacks on infrastructure related systems in the United States appeared to be an effort to “assess” such networks.

But there was no evidence that hackers had actually penetrated or disrupted key systems controlling operations at nuclear plants.

The Post cited several U.S. and industry officials saying that this was the first time hackers associated with the Russian government are known to have tried to get into US nuclear power companies.

The newspaper said that in late June the Federal Bureau of Investigations (FBI) and the U.S. Homeland Security Department warned energy companies that unnamed foreign hackers were trying to steal login and password information so they could hack into networks.

U.S. officials have acknowledged that many key computer systems which run critical infrastructure ranging from power grids to transportation networks originally were not built with strong security protection against outside hackers.

Security experts in the U.S. and Europe acknowledge that the development and evolution of security measures to protect critical infrastructure system against outside intruders has often run behind the ability of hackers to invent tools to get inside such systems.

 

(Editing by Richard Balmforth)