The White House and Senate negotiators struck a deal early Wednesday morning on a huge $2 trillion package which will provide essential relief to an economy struggling amid the coronavirus crisis.
The $2 trillion relief package is that the biggest in American history.
Senate legislator Mitch McConnell said the Senate will vote and pass the legislation later Wednesday. The House must pass the bill before it can reach President Donald Trump’s desk.
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Full details of the package have yet to be released, but some elements of the proposal are being touted among Republican and Democratic leaders on Capitol Hill .
Here are the key takeaways on who would get what and when:
Direct payments for many Americans taxpayers
Under the plan, individuals who earn $75,000 or less in adjusted gross income would get direct payments of $1,200 each, with married couples earning up to $150,000 receiving $2,400.
An additional $500 per child are going to be tacked on thereto .
The payment would scale down as income rises, phasing out entirely at $99,000 for singles and $198,000 for couples without children.
Ninety-percent of usa citizens would be eligible to receive full or partial payments, consistent with estimates by the tax program Center.
It’s unclear how long it’ll take the interior Revenue Service to process and calculate each and each payment. The White House has indicated that Americans might be seeing direct payments as soon as April 6.
Expanded unemployment insurance
Lawmakers agreed to a big expansion of unemployment benefits that might expand unemployment insurance by 13 weeks and include a four-month enhancement of advantages , on top of what state unemployment programs pay.
The program was expanded to incorporate freelancers, furloughed employees and gig workers, like Uber drivers.
The massive boost in unemployment insurance is predicted to cost $250 billion.
Small business to receive emergency loans
The legislation creates a $367 billion federally-guaranteed loan program for little businesses who must pledge to not lay off their workers.
The loans would be available during an emergency period ending at the of June, and would be forgiven if the employer pays its workers for the duration of the crisis.
According to Senate legislator Chuck Schumer’s office, the deal also includes $10 billion in Small Business Administration emergency grants and up to $10 million of emergency relief per business. It allocates $17 billion for the SBA to hide six months of payment for little businesses with existing SBA loans.
It will offer $30 billion in emergency education funding and $25 billion in emergency transit funding.
Big companies get cash
The plan includes loans for distressed companies from a $425 billion fund controlled by the Federal Reserve System . a further $75 billion would be available for industry-specific loans, including to airlines and hotels.
This was a serious detail for Democrats: they successfully pushed for oversight, including the installment of an military officer and a congressionally appointed board to watch the fund.
The plan also involves an instantaneous disclosure of the fund recipients.
The stimulus bill also includes a provision that forbids President Trump and his family, also as other top officialdom and members of Congress from getting loans or investments from Treasury programs within the stimulus, consistent with Schumer’s office.
As a part of the deal, airlines are going to be prohibited from stock buybacks and CEO bonuses, Schumer wrote during a letter Wednesday to Democratic senators.
Hospitals drowning under crisis to receive aid
The massive package also includes $100 billion in assistance for hospitals and health systems across the state .
Schumer said the plan offers “billions more” for critical investments into personal and protective equipment for health care workers, testing supplies, increased workforce and training, among other things.
Lawmakers also agreed to extend medicare check increases to all or any hospitals and providers, Schumer said.