The final version of the coronavirus stimulus bill for a $2 trillion economic stimulus package to mitigate the worst effects of the coronavirus pandemic on the US economy was signed by President Donald Trump. This package will bring much needed relief to the United States economy under the financial distress coming from the heals the COVID-19 pandemic and is expected help many Americans that are struggling from the lack of business and layoffs.
President Donald Trump said Friday as he signed the bill, “I want to thank Democrats and Republicans for coming together and putting America first”.
Trump also expressed confidence that there would be “a tremendous rebound” for the economy at the end of the pandemic.
It’s the largest stimulus package ever assembled and passed in American history. It will send checks to millions of Americans and dramatically expand unemployment benefits by adding $600 per week to state benefits — a priority among lawmakers after 3.3 million people filed for unemployment last week, a record spike.
The legislation will also provide distressed businesses and industries with hundreds of billions of dollars in zero-interest loans, tax breaks, and other emergency aid. That portion of the bill sparked criticism from progressive lawmakers like Democratic Rep. Alexandria Ocasio-Cortez, who attacked it on the House floor as a corporate bailout.
Details of the relief package:
- One-time payments of $1,200 per adult and $500 per child for individuals earning less than $75,000 and couples earning up to $150,00 annually.
- Individuals who earn $99,000 and couples earning $198,000 wouldn’t receive payments (reduce check by $5 per each $100 over $75K).
- Head-of-household will get $1,200 earning up to $112,500 and reduce payment in sliding scale for earners up to $136,500, plus $500 per child.
- Unemployment benefits would increase up to $600 per week and expand to include part-time and self-employed workers for a total of 39 weeks.
- State social services will receive $150 billion.
- Small businesses would receive up to $350 billion in loans which could turn into grants.
- Large industries would receive up to $425 billion in loans.
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States and municipal governments are also slated to get $150 billion in additional federal funding to fight the outbreak under the relief bill. Another $100 billion will be directed to hospitals and healthcare facilities.
The House passed the legislation on Friday after the Senate approved it in a 96-0 vote on Wednesday.
The coronavirus pandemic has ravaged vast swaths of the American economy. It has sparked shutdowns that are fueling layoffs at a breakneck pace. Bars, restaurants, nail salons, and other businesses across the country have closed their doors in a bid to keep the virus from spreading.
Many Americans are also being urged by public-health officials to avoid leaving their homes.
Those factors created a sense of urgency among top Democrats and the Trump administration, which quickly negotiated the federal spending package over the past two weeks. Four members of Congress have tested positive for COVID-19, the respiratory disease caused by the coronavirus.