“The White House and Senate leaders reached a deal early Wednesday on a massive $2 trillion coronavirus stimulus bill to combat the economic impact of the outbreak, NBC News reported.
“‘At last we have a deal,’ Senate Majority Leader Mitch McConnell announced shortly before 2 a.m. Wednesday, according to NBC. ‘In effect, this is a wartime investment…'”
“It also offered cash payments of up to $1,200 for individuals, $2,400 for married couples and $500 per child. Those amounts are reduced if an individual makes more than $75,000 or a couple makes more than $150,000.”
Once the bill is voted on in the Senate, it will go to the House of Representatives for a vote. If they agree with an unmodified bill, it will go to Trump for signature. Americans can expect a check from the IRS in the coming weeks.
The full text of the new law will be released later today. Early reports say there will be help for businesses to meet payroll (loans that turn into grants if used for payroll) and a huge extension and increase in unemployment insurance:
– Payroll Assistance:
Companies with 500 or fewer employees can get up to 10 million dollars if they use the money to pay workers over the next eight weeks. The amount of the loan they spend on payroll will be forgiven. What they spend on mortgage interest, rent, and utilities will be forgiven.
– Unemployment Insurance:
Also adds $600 a week to normal state benefits for up to four months. Coverage would be retroactive to January 27th and it extends to give workers and independent contractors. There would be an extra 13 weeks of regular unemployment benefits.