Politics

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Senate unanimously passes $2 trillion stimulus package Wednesday evening in an attempt to soften the economic blow of the Coronavirus

The Senate unanimously passed a $2 trillion stimulus package late Wednesday – the largest emergency aid package in US history – with the intent of softening the economic blow of the Coronavirus, specifically for American workers, small businesses, and big corporations. The 880-page bill was passed in a bipartisan 96-0 vote, and is expected to be passed in the house and signed by President Trump as early as Friday. House Speaker Nancy Pelosi, speaking after the Senate Vote thursday morning, stated that “On Friday, the House will take up the legislation with strong bipartisan support.” ~

The massive stimulus package includes $350 billion in loans to small businesses to help keep them afloat, $100 billion to help hospitals stay on top of supplies and personnel amid an influx of patients, a $500 billion fund for certain large industries, and $454 billion for the Federal Reserve to leverage zero interest loans to businesses, states, and municipalities. The package also allocates $1,200 checks for all taxpayers making $75,000 a year and below, $2,400 checks for married couples making $150,000 a year and below –  including $500 checks per child – and $1,200 checks for all people who file as “head of household” on their taxes (unmarried, have children or dependants, and pay more than half of the expenses of their household). According to the office of Sen. Charles Grassley, these check amounts for individuals will be directly deposited in less than three weeks (according to the bank information provided on one’s 2018 or 2019 tax return), and would phase out for incomes above $75,000 to the cap of $99,000, and likewise for married couples to the cap of $198,000 and head of households to $146,500. ~

Since the outbreak began on December 31, the economy has taken a dramatic hit, with the Dow Jones Industrial Average dropping 31.1%. Furthermore, a record 3.38 million Americans applied for unemployment benefits last week, up from 282,000 the week before, according to the Labor Department. However, due to the prospect of the new stimulus bill, Tuesday saw the Dow increase 2,112.98 points, more than 11%, to 20,704.91 which is the biggest single-day increase in over 80 years. ~

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