What $2 Trillion Stimulus Package Means For You
As of Wednesday morning, there have been over 428,000 confirmed cases COVID-19 globally resulting in over 19,000 deaths.
As the United States copes with this pandemic politicians have been trying to pass a historic economic stimulus package that would help businesses and individuals.
It appears that as of early Wednesday morning an agreement between Senators and administration officials has been reached.
-Expansion of unemployment benefits that would extend unemployment insurance by 13 weeks and include a four-month enhancement of benefits.
-Provide $1,200 in direct payments that would apply equally to workers with incomes up to $75,000 per year before phasing out and ending altogether for those earning more than $99,000. Families would receive an additional $500 per child.
-A $500 billion fund - $425 billion for the Federal Reserve to leverage for loans in order to help broad groups of distressed companies and $75 billion for industry-specific loans. Will have stricter oversight, in the form of an inspector general and a 5-person panel appointed by Congress. Companies that accept money must also agree to halt any stock buybacks for the length of the government assistance, plus an additional year.
-Also, a provision that will block Trump family businesses or those of other senior government officials from receiving loan money under the programs.
-$130 billion for hospitals, $55 billion more than originally agreed to.
-$150 billion for state and local governments.