Cash For Every American Household: Government & Senate Reach Deal
White House and Senate leaders worked late into the night on Tuesday striking a deal which includes a $2 trillion stimulus package aimed at boosting demand and economic viability during the coronavirus crisis.
The full slate of funds is unknown, but it has been said the plan includes $250B for direct payments to families and individuals, along with an additional $250B to unemployment insurance, and a total of $850B in loans for small and distressed businesses going through liquidity issues. This package would be the biggest stimulus package in American history, which speaks to the severity of the crisis.
Direct payments to individuals would include $1200 payments to people earning below $75,000, with married couples earning under $150,000 receiving $2400. The payment scales down by income after that threshold, scaling down to 0 by $99,000/198,000 for individuals and families respectively.
The bill includes $130B for hospital funding and state government funding to compensate the hardest hit hospitals and areas which are increasing spending to deal with the pandemic. The bill also includes other provisions which prevent government officials from directly receiving funds through the program in the wake of an insider trading scandal.
