The Senate plans to vote this afternoon on a $2 trillion stimulus bill that would inundate American households and businesses with cash with the intention of reviving the economy, which has endured mass layoffs and business suspensions due to the outbreak of the coronavirus.
The most updated version of the “Coronavirus Aid, Relief, and Economic Security Act (CARES)” hasn’t been released to the public yet, but negotiations late into Wednesday morning fleshed out some key details it will include. They are:
- $1,200 checks would be sent to eligible American households.
- $350 billion would be made available in loans for small businesses with less than 500 employees.
- Establish a $500 billion lending fund for industries and cities.
- $150 billion would be made available in state and local stimulus funds.
- $130 billion would be allocated to hospitals that have been hit hard by the pandemic.
- Eligibility for unemployment benefits would be expanded and workers would receive another $600 per week for four months on top of what they receive from their state’s program.
President Trump has said he would sign the Republican-sponsored bill if it makes it to his desk, although members of Congress from both parties have said they don’t support it, criticizing its subsidies for private corporations and saying it doesn’t provide enough aid for families.
“For weeks now, the American people have been contending with the coronavirus pandemic that is spreading across our country and the massive disruptions to daily life it is creating,” Senator Mitch McConnell, R-KY, one of the bill’s sponsors, said Tuesday on the Senate floor, urging colleagues to vote for the bill. “They’re grappling with small business closures, mass layoffs and uncertainty for their families.”
This story will be updated.