*By Justin Chermol*
The daunting task of paying back astronomical student loans may soon be less taxing, California Congressman Scott Peters tells told Cheddar Tuesday.
Rep. Peters (D-Calif.) has received 99 co-sponsors on his bipartisan Employer Participation in Repayment Act, which would allow employers to contribute to their employees' student loan payments, tax-free.
"The idea is this: if you go to work for a company, they can pay off up to $5,250 of your student loans in a year without it being income to you, so it's not taxable to you," Peters told Cheddar's J.D. Durkin.
"If you talk to any young person about ... the big thing on their mind: it's student loan debt. They're not buying a house, they're not getting a car, they're living with their parents, all because they have this burden."
According to a recent [report](https://www.federalreserve.gov/publications/files/consumer-community-context-201901.pdf) from the Federal Reserve, the rise in student loan debt from 2005 to 2014 has contributed to a decline in home ownership.
Nearly one in four American adults are paying off student loans. That amounts to over 44 million citizens who hold collectively almost $1.5 trillion in student debt.
"The average debt now, out of a public university: $30,000 for each kid," Peters said.
Peters also said that the bill could benefit the employer as well ー as educated talent will be attracted to jobs that offer this tax-free incentive.
Peter said he feels good about the bill's chances of at least making it to the House floor for a vote.
"I am more optimistic about that in this Congress with Mrs. Pelosi, rather than Mr. Ryan. I think that we are likely to deal with this issue in a serious way," Peters said. "That's the first step."
The Small Business Grants Program, revealed in a blog post on Tuesday morning, was created to keep workers working, help with rent costs, connect with more customers, cover operational costs. (Photo by Joe Raedle/Getty Images)
The Fed is reviving a program that it first used during the 2008 financial crisis to unclog a short-term lending market for what is known as “commercial paper.” Large businesses issue commercial paper to raise cash to meet payrolls and cover other short-term costs.
Speaker Nancy Pelosi said the House Democrats will pass the $8.3 billion ‘Families First Coronavirus Response Act’ today, though she did not mention support by Republicans or the White House.
Millions of voters in Arizona, Florida, and Illinois have already cast ballots for the 441 Democratic pledged delegates up for grabs in today and those who haven't are expected to head to the polls.
The guidelines mark the first attempt by the federal government to establish best practices for all Americans amid an avalanche of disparate state and local policies.
U.S. airlines are reportedly seeking as much as $50 billion in federal support as travel restrictions aimed at containing the spread of coronavirus have pushed the industry’s biggest players to the brink of bankruptcy.
The action came on the heels of an executive order by Louisiana Gov. John Bel Edwards, banning gatherings of 250 people or more across the state and shutting down schools.
Sen. Mitt Romney seems to be channeling former Democratic presidential candidate Andrew Yang in his proposal to give every U.S. adult $1,000 to help them deal with the economic impact of the coronavirus outbreak.
Gov. Cuomo revealed that there are now 950 confirmed cases in New York with 158 hospitalizations and seven death, along with a coordinated effort between New York and its neighboring states, New Jersey and Connecticut, in order to stem the increased spread of the COVID-19 disease.
These are the headlines you Need 2 Know for Monday, March 16, 2020.
