Late Wednesday the US Senate passed the $2 trillion fiscal package aimed at stimulating and assisting the US economy through the crisis. The historic package passed with a 96-0 vote.
Key highlights of the package include:
- $250 billion to make unemployment insurance enhancements.
- $301 billion in direct payments to households.
- $349 billion in loans to small businesses for mostly payroll, with some overhead allowances.
- $500 billion for loans, loan guarantees or other aid to businesses, states and municipalities (majority remaining backstopping losses in lending facilities established or expanded by the Federal Reserve).
- $32 billion in grants to cover wages at passenger air carriers, cargo air carriers and contractors.
- $150 billion in direct aid to states, distributed according to population size.
- $221 billion in a variety of tax benefits for businesses, including allowing businesses to defer payroll taxes, which finance Medicare and Social Security
- $117 billion for hospitals and veterans’ care.
The bill will move onto the House of Representatives for a vote Friday. Trump has already indicated he will quickly sign the bill into law should it pass through the House.
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