The White House and Senate leaders reached an agreement early this morning on a $2 trillion coronavirus spending bill. The bill has not yet passed. However, President Trump has vowed to sign it if the Senate passes it today when it resumes at noon ET.
The full text of the bill has not been released, but preliminary reports indicate that it contains the following provisions:
- Direct cash payments to Americans.
Individuals making up to $75,000 annually are expected to receive checks for $1,200. Couples making up to $150,000 would receive $2,400. Households with children will receive an additional $500 per child. The payments would decrease for those making more than $75,000, with an income cap of $99,000 per individual or $198,000 for couples. - $350 billion in assistance to small businesses.
- $500 billion in aid to corporations, including airlines and cruise lines.
- $150 billion for state and local stimulus funds.
- $100 billion in assistance for hospitals.
- A significant increase in unemployment insurance.
The bill is rumored to increase the maximum unemployment benefit that a state gives to a person by $600 per week for four months. The bill also would extend the benefit to those who typically do not qualify, such as gig economy workers, furloughed employees, and freelancers.
Businesses controlled by President Trump, VP Mike Pence, members of Congress and heads of executive departments would be prohibited from receiving loans or investments from Treasury programs.
If it passes, the spending package would be the third round of emergency legislation that Congress has approved to combat the outbreak. Lawmakers approved an $8.3 billion bill for health agencies and a roughly $100 billion bill aimed at providing free coronavirus testing, some paid leave and unemployment benefits, as well as additional Medicaid funding and food assistance.
We will keep you posted as the day progresses.
