What’s in the Senate’s $2 trillion coronavirus stimulus package?

Author: MELISSA QUINN, CBS NEWS
Published: Updated:
What’s in the Senate’s $2 trillion coronavirus stimulus package? (CBS)

After five days of negotiations and heightened tensions on Capitol Hill, senators and the White House reached a deal on a massive $2 trillion economic stimulus package designed to help American workers, small businesses and hospitals pushed to the brink because of the coronavirus pandemic.

Senate Majority Leader Mitch McConnell announced the bipartisan agreement in remarks on the Senate floor just after 1 a.m., during which he proclaimed that hurting health care workers on the front lines of the coronavirus outbreak and American families would finally see relief.

The legislative text has yet to be released, but Minority Leader Chuck Schumer sent a summary of its provisions to colleagues early Wednesday. Here’s what’s in the $2 trillion package, the largest in U.S. history:

  • Direct payments of $1,200 to most individuals making up to $75,000, or $2,400 for couples making up to $150,000. The amount decreases for individuals with incomes above $75,000, and payments cut off for those above $99,000.
  • Expanded unemployment benefits that boost the maximum benefit by $600 per week and provides laid-off workers their full pay for four months
  • $367 billion in loans for small businesses
  • $150 billion for state and local governments
  • $130 billion for hospitals
  • $500 billion in loans for larger industries, including airlines
  • Creation of an oversight board and inspector general to oversee loans to large companies
  • Measure prohibiting companies owned by President Trump and his family from receiving federal relief

Schumer, who engaged in intense negotiations with Treasury Secretary Steven Mnuchin throughout Monday, said the bipartisan agreement comes “after five days of arduous negotiations, after sleep deprived nights and marathon negotiating sessions.”

The deal, McConnell said, “will rush new resources onto the front lines of our nation’s historic fight and it will inject trillions of dollars of cash into the economy as fast as possible to help American workers, families, small businesses and industries make it through this disruption and emerge on the other side ready to soar,” he said.

While negotiations between senators began last week, efforts to pass the massive stimulus package stalled earlier in the week after Senate Democrats twice blocked the measure from advancing due to concerns about a lack of oversight of $500 billion for hurting industries, as well as what they said was inadequate funding for hospitals, health care centers and medical workers.

Tensions reached a fever pitch after the second failed vote Monday as senators called for urgent action to help businesses and Americans battered by the coronavirus outbreak, and White House officials worked with Senate leaders to work out the final details Tuesday.

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