Senate Approves Historic $2 Trillion Stimulus Deal Amid Growing Coronavirus Fears
On Wednesday, the Senate approved the largest emergency aid package in U.S. history: a $2 trillion stimulus package to aid in boosting the economy during the Coronavirus pandemic.
The vote was unanimous at 96-0; with an overwhelming sign of bipartisan support for the legislation. House Majority Leader Steny Hoyer announced Wednesday that the House will convene Friday morning to consider the relief package.
According to CNN, $250 billion will be set aside for direct payments to individuals and families, $350 billion for small business loans, $250 billion for unemployment insurance benefits and $500 billion in loans for distressed companies.
Under the plan, individuals who earn $75,000 or less in adjusted gross income would get direct payments of $1,200 each. Married couples earning up to $150,000 receiving $2,400 — and an additional $500 per each child. The payment would scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children.
The bill will also provide $130 billion of funding for hard-hit hospitals, as well as $150 billion for state and local governments that are strapped for cash due to their response to the pandemic.
