The House and Senate have passed a $2 trillion stimulus plan—the largest economic rescue package in U.S. history. The legislation now heads to the President Donald Trump, who has indicated he will sign it.
The relief package is intended to help offset the toll the coronavirus pandemic has taken on American lives, wallets, and portfolios.
Here’s what’s in it:
- The legislation would give Americans a direct payment of $1,200, with an additional $500 per child. That direct payment lessens for those who made over $75,000 in 2019 and disappears for those who made over $99,000.
The package would boost unemployment insurance, adding $600 per week for up to 4 months on top of the usual payment.
- It would give $350 billion in loans to small businesses.
- The package would establish a $500 billion government lending program for companies, states, and municipalities.
- It would send $100 billion to hospitals fighting the pandemic.
Once signed by the President, the direct payments should take about three weeks to arrive.
"Our expectation is within three weeks we will have direct payments out where we have depository information,” said Treasury Secretary Steven Mnuchin.
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