UPDATE (9:00 a.m. ET): Senate Minority Leader Chuck Schumer insists that Donald Trump's businesses are barred from receiving any stimulus money. (NBC News)
The White House negotiated a $2 trillion stimulus package, which is the largest bailout in American history.
Early Wednesday morning, Senate Majority Leader Mitch McConnell (R-KY) tweeted, “After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic. This is a war-time level of investment for our nation.”
Money will go directly to individuals, hospitals, states and the industries hardest-hit by the growing coronavirus pandemic. The agreement includes:
- $1,200 checks to many Americans and $500 for most children
- Unemployment insurance will be expanded and supplemented
- $367 billion loan program for small businesses grappling with short term payroll issues
- $150 billion to hospitals, which have been particularly disrupted
- $150 billion for state and local stimulus funds
- $500 billion lending program for distressed companies
Votes in Congress and the Senate, followed by President Donald Trump signing the bill is expected to occur in a matter of days. White House economic adviser Larry Kudlow called the legislation the “single largest Main Street assistance program in the history of the United States.” Checks could start going out in a few weeks. (Washington Post)