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The White House and Senate leaders struck a major deal early Wednesday over a $2 trillion package to provide a jolt to an economy struggling amid the coronavirus pandemic, CNN reported.
The bill is being called the largest Main Street financial package in the history of the United States. It includes $250 billion set aside for direct payments to individuals and families, $350 billion in small-business loans, $250 billion in unemployment insurance benefits and $500 billion in loans for distressed companies.
Under the plan as it was being negotiated, individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each, with married couples earning up to $150,000 receiving $2,400 — and an additional $500 per each child. The payment would scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children.
In addition, the bill would provide a major amount of funding for hard-hit hospitals — $130 billion — as well as $150 billion for state and local governments that are cash-strapped due to their response to combat coronavirus. It would ensure the Small Business Administration could serve as a guarantor for loans of up to $10 billion for small businesses to ensure they can maintain their payrolls and pay off their debts.
According to Senate Minority Leader Chuck Schumer, D-N.Y., one provision in the bill would block President Donald Trump and his family, as well as other top government officials and members of Congress, from getting loans or investments from Treasury programs in the stimulus.
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