WHAT YOU NEED TO KNOW:
- White House and the Senate agreed for a $2 trillion bill economic package for businesses and workers across the U.S.
- The third bill is yet to have a reading in Congress before President Trump can sign it into law.
- The package also covers health agencies, state and local governments, and individuals affected by the coronavirus outbreak.
In early Wednesday, the Trump administration and the majority leadership of the Senate have settled for a $2 trillion bill to give financial relief to businesses and employees affected by coronavirus pandemic in the U.S.
The bill’s final draft has to pass the Senate Wednesday at a later time, though as to when the legislation will be tackled on the House is still unclear. Most lawmakers on the lower chamber are currently on self-quarantine on their home districts, while some have been tested positive for COVID-19.
Once passed, President Donald Trump is most likely to sign the legislation into law.
This bill will be the third legislation intended for coronavirus emergency response being passed, and so far, the most extensive economic aid measure in the history of the U.S.
Previously, Congress enacted an $8.3 billion bill for government health offices, and approximately $100 billion legislation for free coronavirus testing provision, paid leaves, and supplemental Medicaid funding as well as food assistance.
Through direct cash payments, workers who earn $75,000 a year would receive the assistance of $1,200.
Couples who have combined income of up to $150,000 will be getting $2,400, with an extra $500 for each child.
The amount will decrease for employees making $75,000, and with an income ceiling of $99,000 or $198,000 for spouses.
Expanded unemployment insurance was another passage on the bill, and it aims to expand the state unemployment benefit at a maximum of $600 for every week and will cover up to four months.
This provision also extends to workers on a part-time employment basis, freelancers, or laid-off employees.
Meanwhile, around $350 billion of the budget is intended for small business loans.
Firms who have less than 500 staff may be qualified for up to $10 million in allowable small-business loans to help fund their salary for employees. The bill may also cover rent, utilities, and mortgage payments.
Corporations severely affected by the COVID-19 outbreak, such as airline companies, will be provided with $500 billion as economic aid.
Financial security measures are also in place to prohibit companies directly controlled by the president, vice president, lawmakers, executive departmental chief from getting these loans. Oversight committees from the Congress and an inspector general will also be tasked to confirm disbursements to corporations
The bill is also to provide over $100 billion aid to hospitals, and supplementary budget for the Centers for Disease Control and Prevention (CDD), food stamps, child nourishment, and other healthcare connected agencies
The stimulus package is also to give about $150 billion for state and local governments to lift their funding amidst expected losses from tax returns.