Update
The White House has announced that President Trump was scheduled to sign the $2 trillion coronavirus relief bill at 4 p.m. ET.
What We Reported (March 27, 2020, 2:12 p.m. ET): The $2 Trillion Coronavirus Stimulus Package Has Passed the House. Now What?
The historic $2 trillion stimulus package that passed in the Senate early this week has been given the seal of approval in the House of Representatives.
The bill, designed to protect the coronavirus-battered economy, would not only send direct payments and grant unemployment benefits to millions of Americans, but also provide financial aid to states and businesses that have suffered amid the pandemic. It is now making its way to President Donald Trump’s desk, where it is expected to be signed and enacted. It is recognized as the largest fiscal stimulus package in modern U.S. history.
The key elements of the measure include $500 billion for loans, loan guarantees or other assistance to businesses, states and municipalities, as well as $349 billion for the Small Business Administration to guarantee loans to companies and nonprofits with fewer than 500 employees.
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Further, every eligible individual is expected to receive a direct payment of $1,200 within a few weeks, while married couples get $2,400 and parents take home an additional $500 for each child under the age of 17. These payments will be phased out for those whose adjusted gross incomes total more than $75,000, while people who make more than $99,000 do not qualify.
On top of the so-called stimulus checks, unemployed workers will be given weekly pay of $600 for four months on top of state benefits, which averaged about $372 a week at the end of February, according to the Labor Department. What’s more, the bill pledges up to 13 weeks of extended benefits, covered by the federal government. (Across most states, laid-off workers receive a maximum of 26 weeks of benefits.) It will also provide benefits to self-employed and gig workers, who typically aren’t eligible for such assistance.
As of noon on Friday, data compiled by Johns Hopkins University showed that the U.S. has more than 94,000 confirmed coronavirus cases — the most in the world — and at least 1,438 deaths.
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