“We just passed the one million mark, in terms of the number of claims, just since March 14,” Newsom told reporters on Wednesday.
The 880-page measure, the third CCP virus response bill produced by Congress, is the largest-ever rescue package in U.S. history. It builds on previous funding efforts focused on vaccines and emergency response, sick and family medical leave for workers, and food aid.
The latest bill includes $350 billion in job retention loans for small businesses that will supply eight weeks of salaries, with loan forgiveness available as long as businesses keep up with overheads and employing their workers. It also includes a $500 billion program for guaranteed, subsidized loans to larger industries, including airlines.
Newsom also announced that four of America’s five biggest banks and more than 200 state-chartered banks and credit unions have committed to 90-day mortgage waivers “for those that have been impacted by COVID-19.”
Wells Fargo, U.S. Bank, Citibank, and J.P. Morgan Chase have joined with banks in California to provide “forbearance on foreclosures and on mortgage payments,” Newsom said, but added that Bank of America did not agree to the same pledge.
“Unfortunately, Bank of America did not publicly commit to that,” Newsom said. ”They just committed to 30 days. I hope they will reconsider and join those other banks that are willing to do the right thing by at least extending that commitment to their customers for 90 days.”