Updated Mar 20, 2020 - Health

America's coronavirus bailouts

The Seattle-Tacoma International Airport on March 15. Photo: John Moore/Getty Images

U.S. industries and organizations are asking for over a trillion dollars in bailouts as states, cities, and counties direct residents to stay home to combat the spread of the novel coronavirus.

Driving the news: The National Governors Association asked Congress for $150 billion in aid on Friday to handle rising unemployment and business closures as states combat the virus with mandated social distancing.

The big picture: The White House asked Congress for $1 trillion on Wednesday to facilitate COVID-19 relief to individual taxpayers, small businesses, the airline industry, and other "severely distressed sectors," with half the money tagged for businesses and the other half for individuals.

  • Reality check: Industries are already asking for way more than the $500 billion that President Trump's relief plan would allocate.
Who's asking for what:
  • Hospitals: $100 billion to offset expenses related to coronavirus testing and treatment, Axios' Bob Herman reports.
  • Manufacturing: $1.4 trillion in loans for manufacturers and small businesses, per the National Association of Manufacturers' statement on Wednesday.
  • Hotels: $150 billion in aid, mostly to keep employees on the payroll, and another $100 billion for travel-related businesses like retail shops, attractions and restaurants, Axios' Joann Muller reports.
  • Restaurants: A $145 billion recovery fund for the foodservice industry authorized by the Treasury Department, $35 billion in community block grants for disaster relief, $100 billion in business interruption insurance, $45 billion in small business loans, and $130 million in unemployment assistance, the National Restaurant Association said in a statement on Wednesday.
  • Airlines: More than $50 billion in aid that could include cash grants and government-backed loans, the Wall Street Journal reports.
  • Casinos: The American Gaming Association is calling for emergency funding as more states close casinos to combat the spread of COVID-19. An amount has not been disclosed. The association says 92% of all gaming properties in the U.S. have closed as of Saturday.
  • Malls: U.S. shopping centers are asking the federal government to cover business interruptions so the industry's repayment of up to $1 trillion in unsecured and secured debt is not at risk, the International Council of Shopping Centers said in a memo to Congress on Tuesday.
  • New York City's transit system: The New York Times reports that the MTA is looking for $4 billion.
  • Energy: The Trump administration is "strongly considering pushing federal assistance" for natural gas and oil producers, the Post reports, citing four people familiar.
  • Hollywood: "The National Association of Theater Owners ... asked the federal government for loan guarantees to help the industry through a time when strangers cannot gather in the dark to see the latest films," per NYT's Nicole Sperling and Brooks Barnes. An amount has not been publicly disclosed.

The bottom line: Nearly three-quarters of U.S. companies have had their supply chains disrupted by the spread of COVID-19, Axios' Dion Rabouin reported last week.

What's next: For aid to start flowing, Congress would need to approve the proposal that the White House presented on Wednesday. Industries will likely have to take additional steps, like applying for funding.

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Editor's note: This story has been updated with additional industries.

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Media and entertainment industries pleased with coronavirus stimulus

Illustration: Sarah Grillo/Axios

Nearly every segment of the media and entertainment industry, including movies, television, radio, news outlets and more, says it feels at least somewhat relieved by Congress' $2 trillion coronavirus stimulus package that the House is expected to vote on Friday.

Why it matters: The media and entertainment sector is heavily reliant on out-of-home venues, freelancers and in-person staffing. As a result, the industry has been completely upended by the COVID-19 pandemic.

A lifeline emerges for the devastated airline industry

American Airlines planes parked at Los Angeles International Airport. Photo: Alex Tai/SOPA Images/LightRocket via Getty Images

Congress' massive $2 trillion coronavirus stimulus package includes $58 billion for U.S. airlines, half in grants to cover 750,000 employees' paychecks, and the rest in loans or loan guarantees to help them keep operating during the worst travel downturn in history.

Why it matters: With some 80 million U.S. residents under mandatory stay-at-home orders and the coronavirus pandemic continuing to spread, hardly anyone is flying these days. But when the public health crisis ends, airlines want to be able to take off again quickly.

When $2.2 trillion is not enough

Illustration: Eniola Odetunde/Axios

Perhaps the most important thing about the $2.2 trillion stimulus bill the Senate passed late Wednesday night is that it is not a stimulus bill at all.

  • It is not intended to stimulate growth and spending to offset a potential downturn; it is designed to prevent mass homelessness, starvation and a wave of business closures not seen since the height of the Great Depression.