The House of Representatives voted 217 - 212 to approve the Jobs for Main Street Act of 2010 (pdf), legislation that, among other things, would extend COBRA health continuation coverage and unemployment insurance benefits. The bill would divert $75 billion from the Troubled Asset Relief Program (TARP) to fund infrastructure programs, job stabilization efforts, and emergency relief measures.

According to a summary (pdf) of the bill, this jobs legislation would:

• Allocate $41 billion to extend, for six months, expanded unemployment benefits, including increased payouts and longer duration of benefits.
• Provide $12.3 billion to extend from nine to 15 months the 65% COBRA health insurance subsidy created by the American Recovery and Reinvestment Act of 2009 (“ARRA” or “Economic Stimulus”) for eligible individuals who have lost their jobs. The job loss eligibility date would be extended to June 30, 2010. As it stands, the premium COBRA subsidy offered by ARRA has begun to expire for those participants who first became eligible to receive this benefit.
• Grant $354 million, fully offset, to allow the Small Business Administration (SBA) to continue two temporary loan guarantee authorities through the end of fiscal year 2010 to make loans more attractive to borrowers and lenders and to free up capital.

In a press release, House Speaker Nancy Pelosi (D-Calif.) said of the measure: “It is a bill that creates jobs, that meets the needs of those who are unemployed, and puts us on a path to prosperity. We are very proud of the legislation.” Pelosi expressed hope that the Senate would approve the bill in time for President Obama’s signature before he delivers his State of the Union address in January.

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