Connect with us

News

The $2 Trillion Coronavirus Stimulus Package Deal Is Done, Now Awaiting Vote

After days of uncertainty and arguments between Republicans and Democrats, a deal has been reached on a nearly $2 trillion stimulus package intended to combat the economic fallout caused by the COVID-19 pandemic.

The bill, which is the largest ever proposed, is meant to provide direct financial assistance to hospitals, businesses, and individuals. According to those involved in the negotiations, it includes $300 billion for small business, $150 billion for local and state governments, and $130 billion for hospitals. If the bill passes Congress, it would be the most significant legislative action taken to address the coronavirus crisis.

Through Monday night and all day Tuesday, Treasury Secretary Steve Mnuchin and Senate Minority Leader Charles Schumer (D-N.Y.) negotiated the terms. House Speaker Nancy Pelosi said the final bill would represent a compromise between Senate Republicans and Democrats—who halted the bill’s progress in order to ensure more financial aid went to workers.

“At last we have a deal,” Senate Majority Leader Mitch McConnell (R-Ky.) said. “At will rush new resources onto the front lines of our nation’s healthcare fight. And it will inject trillions of dollars in cash into the economy as fast as possible to help American workers, families, small businesses and industries make it through this disruption and emerge on the other side ready to soar.”

This stimulus package is the third proposed by Congress to address the fallout from the pandemic. First, there was an $8.3 billion bill largely aimed at developing a vaccine. Then, a second package passed last week mandating greater access to paid sick leave for workers as well as free COVID-19 testing.

At a time in which many Americans have lost their jobs or have to stay home from school (or both), the $2 trillion bill is expected to include direct payments of $1,200 or less to most adults, loans to businesses, and an expansion of unemployment insurance.

Officials are hopeful that the one-time payments can get to Americans as soon as early April.

Schumer said negotiators agreed to put “unemployment insurance on steroids” by expanding those covered to include people who are furloughed, gig workers and freelancers, and by increasing the payments by $600 dollars per week for four months on top of what states provide as a base unemployment compensation: “It will put money into the hands of those who need it so much, because they have lost their jobs through no fault of their own.”

Schumer also called the bill “the largest rescue package in American history.”

“This is not a moment of celebration—but of necessity,” he said.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending Now

Mayor Of Flavortown Guy Fieri Helps Raise $10 Million For Restaurant Workers, Urges Us All To Order Take-Out

Celebs With Heart

Lady Gaga Helps Raise $35 Million For The World Health Organization, Organizes Virtual Music Festival

Celebs With Heart

Ohio Family Starts “Drive-Thru Chat” For Socially Distant Socializing

Incredible Kids

Researchers Develop Test For Coronavirus Antibodies, Which Could Help Save Lives

Trending

Cottonelle Announces A $1 Million Donation To COVID-19 Recovery Fund

Good Business

Doctor Pulled Over For Speeding Gets N95 Masks Instead Of A Ticket

Trending

Shelters Across The Country Are Running Out Of Dogs And Cats Because Folks Want To Foster A Furry Friend Now More Than Ever

Trending

Soccer Star Cristiano Ronaldo Is Funding Three New Hospital Wings For Coronavirus Victims

Celebs With Heart

COVID-19 Doesn’t Like Change Either—Coronavirus Stability Is Good News For Scientists Working On A Vaccine

News

Ryan Reynolds’ Aviation Gin Company Is Tipping Bartenders 30% Of Their Profits While You Learn How To Make a Martini At Home

Celebs With Heart

Wonderfully Cranky Pig And Dairy Farmer Throws Meat To Customers To Maintain Social Distancing

Wholesome

Thankfully, Over 100,000 People Have Recovered From Coronavirus (But Keep Up The Social Distancing)

News

Connect
Love good news? Get it delivered straight to your inbox!

Sign up FREE!