26
Mar
Senate Approves $2.2 Trillion Economic Stimulus Package
The Senate shortly before midnight, March 25, voted unanimously to approve a $2.2 trillion economic stimulus package in response to the coronavirus pandemic that has wreaked havoc on the U.S. economy. The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes several provisions to help small businesses and those engaged in the residential construction sector.
The House is expected to approve the bill on Friday morning and President Trump said he will sign the bill immediately.
At the top level, the CARES Act would:
- Make direct payments of $1,200 to most individuals earning up to $75,000, or $2,400 for couples earning up to $150,000. The amount decreases for individuals making more than $75,000 and payments cut off for those earning above $99,000.
- Provide an additional $367 billion in loans for small businesses to help deal with payroll issues.
- Create a $500 billion lending program for larger companies, including airlines, as well as states and cities.
- Establish an oversight board and inspector general to oversee loans to large companies.
- Provide $130 billion for hospitals.
- Earmark $150 billion for state and local governments.