White House, Senate Strike Historic $2 Trillion Economic Relief Bill
by Emmitt Barry, Worthy News Correspondent
(Worthy News) – The Senate announced a bipartisan agreement on an unprecedented $2 trillion coronavirus relief package for workers and businesses.
The emergency legislation is the most significant economic rescue measure in United States history and would give direct financial relief to most Americans and expand unemployment benefits.
The measure will provide $1200 in direct cash payments to individuals as well as an average of $3000 for families. It also expands unemployment insurance by raising the payment by $600, as well as providing coverage for four months.
The bill also provides $350 billion in aid to small businesses through forgivable loans. For larger industries hit by the coronavirus epidemic, such as the airline industry, the package includes $500 billion for guaranteed, subsidized loans.
“This is a very important bipartisan piece of legislation that is going to be very important to help American workers, American business and people across America. So, we couldn’t be more pleased. I’ve spoken to the president, many times today, and he’s very pleased with this legislation, and the impact that this is going to have,” Treasury Secretary Steven Mnuchin told reporters after the bi-partisan bill was agreed upon.
The Senate is expected to vote upon the bill when the chamber convenes at noon.
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