The White House negotiated a $2 trillion stimulus package, which is the largest bailout in American history.
Early Wednesday morning, Senate Majority Leader Mitch McConnell (R-KY) tweeted “After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic. This is a war-time level of investment for our nation.”
Money will go directly to individuals, hospitals, states and the industries hardest-hit by the growing coronavirus pandemic. The agreement includes:
- $1,200 checks to many Americans and $500 for most children
- Unemployment insurance will be expanded and supplemented
- $367 billion loan program for small businesses grappling with short term payroll issues
- $150 billion to hospitals, which have been particularly disrupted
- $150 billion for state and local stimulus funds
- $500 billion lending program for distressed companies
Votes in Congress and the Senate, followed by President Donald Trump signing the bill is expected to occur in a matter of days. White House economic advisor Larry Kudlow called the legislation the “single largest Main Street assistance program in the history of the United States.” (Washington Post)