Coronavirus stimulus package includes $1.1B going to for-profit colleges

For-profit colleges and universities are estimated to get $1.1 billion in federal funding from the coronavirus stimulus package, despite Democrats and some experts expressing deep reservations about federal dollars flowing to for-profit higher education institutions.

Out of nearly $14 billion provided by the CARES Act, which was designed to support college students and higher education, around 9% was allocated to colleges including Alabama State College of Barber Styling and University of Phoenix, according to new data released on Thursday by the Education Department (ED).

“The for-profits can distribute aid to students, but as for-profit businesses they should be treated like other for-profit businesses,” Bob Shireman, a senior fellow at the Century Foundation and former Education Department official during the Obama administration, told Yahoo Finance. “Aid to a nonprofit or public college is restricted to educational and public purposes, but for-profit corporations have no such restrictions. They should not be getting

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Restaurant owners fear small business sweeteners for coronavirus package ‘won’t be enough’

President Trump’s administration is pushing for an additional $250 billion in loans for small businesses as part of a new round of fiscal stimulus, but some restaurant owners fear the money will be too little, too late.

With Treasury Secretary Mnuchin pushing Congress to approve the additional funds by Friday, hard-hit restauranteurs warn that the money is unlikely to fill the nearly $1 trillion void left by multiple establishments shuttering their doors across the country. 

“It won’t make enough of a difference,” Kwame Onwuachi, founding member of the Independent Restaurant Coalition, which represents over 500,000 restaurants, told Yahoo Finance on Wednesday.  “That’s what we’re trying to fight for.”

The IRC was formed out of a sense of urgency to save the restaurant industry. A letter the group sent to House Speaker Pelosi, Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer and House Minority Leader Kevin McCarthy on Monday

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Democratic lawmakers worry about for-profit colleges reaping benefits from coronavirus stimulus package

Congress provided $14 billion to help the higher education industry in the $2 trillion stimulus package. And Democratic lawmakers are worrying about whether for-profit colleges would be able to access that money.

In a letter obtained by Yahoo Finance, Senators Elizabeth Warren (D-MA), Dick Durbin (I-IL), Sherrod Brown (D-OH), and Richard Blumenthal (D-CT) expressed concern over how the Education Department (ED) was going to interpret the CARES Act and how that money would be directed.

“The coronavirus disease 2019 (COVID-19) pandemic has jeopardized the health, learning, and livelihoods of millions of vulnerable students and currently threatens to critically destabilize colleges and universities across the country,” the lawmakers wrote. “We write to request that the U.S. Department of Education … clarify whether it will allow for-profit colleges to be eligible for the Higher Education Emergency Relief Fund authorized by Congress in the Coronavirus Aid, Relief, and Economic Security Act (CARES

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The fourth stimulus package needs these three things: expert

The first, second and third coronavirus stimulus packages provided health care funding, small business loans, unemployment benefits, industry bailouts and $1,200 checks sent directly to consumers. But the work is far from over.

Building infrastructure, bringing supply chains to the U.S., and narrowing inequality are the keys to long-term recovery from the novel coronavirus’ economic impact, said Aron Betru, managing director of the center for financial markets at the Milken Institute. 

“This is the perfect time for members of Congress to actually pause and actually think about, how do we build back and build back better to address much larger issues?” said Betru.

Infrastructure is vital for job growth opportunities amongst America’s “longstanding” infrastructure gap, according to Betru. Specifically, the country needs pre-development funds “to identify resilient infrastructure” opportunities. Betru’s support for infrastructure follows President Trump’s proposal of a $2 trillion infrastructure investment in the fourth relief package. 

Trump tweeted

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Will you get a ‘coronavirus check’? $2 trillion stimulus package explained

Congress has passed a $2.2 trillion coronavirus stimulus package to help Americans affected by the coronavirus pandemic. The bill includes direct cash assistance, additional unemployment funds, and tax credits to employers. Called the CARES Act, the 880-page long legislation represented a rare moment of bipartisanship; it passed unanimously in the Senate. 

Stimulus checks

The most well-known piece of the bill — stimulus checks — is available only to eligible Americans, based on tax returns. If you have already filed your 2019 tax returns, the Internal Revenue Service (IRS) will utilize those. If you haven’t, any coronavirus assistance will be based on your 2018 returns.

If you didn’t file either year because your taxable income is low enough not to necessitate a filing, don’t worry. The IRS will still be able to calculate your benefit; what’s more, Americans on the low end of the income scale will receive

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