Passage of the third COVID-19 relief package brings help for airlines, the aviation sector and provides important protections for impacted aerospace workers.
During the last two weeks, SPEEA worked closely with the IFPTE and allies in Congress to ensure our priorities of protecting jobs, collective bargaining agreements, and the safety of union members was included in the final version of the bill. Although we could not secure everything we wanted in the final version of the bill, SPEEA’s advocacy helped significantly improve the final bill to better protect workers and families.
As SPEEA continues to advocate for members through the COVID-19 pandemic, we maintain that taxpayer funded financial support flowing to large corporations should be used exclusively to maintain jobs, salary and benefits for their workforces. Here are some of the features SPEEA was able to help secure in the final COVID-19 stimulus bill, H.R. 748:
$17 billion in loans available for businesses critical to maintaining national security (written for Boeing)
Restrictions on the use of a $17 billion federal loan for one year past the life of the loan. Restrictions include:
Protections for collective bargaining agreements
Requires recipients to maintain March 24, 2020 employment levels, to the extent practical.
Restricts recipients from reducing current employment levels until September 30, 2020, thereafter, recipients cannot reduce current employment levels by more than 10 percent.
No stock buybacks or dividends.
Restrictions on any increases to executive compensation.
$1,200 payment to most individual adults/couples $2,400, and an additional $500 per child (with $99k/$150k income restrictions).
Unemployment insurance (UI) benefits are immediately available.
$600 increase to UI payments.
Federal incentives for states to eliminate UI waiting periods.
Federal student loan interest rates set to 0% for a period for six months and payments a deferred for the six-month period.
Incentivizes employer provided student loan repayments on behalf of employees.
Requires real-time public reporting of Treasury transactions under the Act, including terms of loans, investments or other assistance to corporations.
Creation of Treasury Department Special Inspector General for Pandemic Recovery to provide oversight of Treasury loans and investments and a Pandemic Response Accountability Committee to protect taxpayer dollars.