Tuesday night, the White House and Senate leadership came to an agreement on a $2-trillion bill to provide economic relief to workers and businesses.
According to NBC News, the Senate may pass the bill on Wednesday but it is unknown when the House will vote on the legislation due to a members self-isolating after testing positive for COVID-19.
Here's a breakdown of the bill:
Direct cash payments
- Individuals making up to $75,000 a year would receive checks for $1,200.
- Couples making up to $150,000 would receive $2,400
- An addition $500 would be given per child
Expanded unemployment insurance
- Increase the maximum state unemployment benefit by $600 per week for up to four months
- Unemployment benefits would extend to those who do not typically qualify such as freelancers
Small business support
- $350 billion would go towards loans for small businesses
- Companies with less than 500 employees could be eligible for up to $10 million
- $500 billion for aid of corporations such as airline companies
Public health funding
- $100 billion in assistance to hospitals
- Additional money would be given to the Centers for Disease Control and Prevention, public transportation, food stamp and child nutrition
- $150 billion would be given to state and local governments
- Students will be allowed to defer loan payments for six months and keep their Pell grants