The $2 trillion dollar rescue package to confront the coronavirus pandemic is the largest economic stimulus measure in modern history.
Here is what is in the legislation:
The government will send direct payments to taxpayers.
Lawmakers agreed to provide $1,200 in direct payments to taxpayers with incomes up to $75,000 per year before starting to phase out and ending altogether for those earning more than $99,000. Families would receive an additional $500 per child, in an attempt to create a safety net for those whose jobs and businesses are affected by the pandemic.
Unemployment benefits will grow substantially and go to many more Americans.
Lawmakers agreed to a significant expansion of unemployment benefits that would extend jobless insurance by 13 weeks and include a four-month enhancement of benefits. During negotiations on the bill, the program was broadened to include freelancers, furloughed employees and gig workers, such as Uber drivers.
Small businesses will receive emergency loans if they keep their workers.
The bill provides federally guaranteed loans available at community banks to small businesses that pledge not to lay off their workers. The loans would be available during an emergency period ending June 30, and would be forgiven if the employer continued to pay workers for the duration of the crisis.
Distressed companies can receive government bailouts — but with strings attached.
Loans for distressed companies would come from a $425 billion fund controlled by the Federal Reserve, and an additional $75 billion would be available for industry-specific loans — including to airlines and hotels.
Written into the bill after negotiations between Democrats and Republican lawmakers are requirements around disclosure of the recipients and stronger oversight, including installing an Inspector General and congressionally appointed board to monitor it. Companies that benefit could not engage in stock buybacks while they received government assistance or for an additional year after that.
There is also a provision in the bill ensuring that President Trump’s family businesses — or those of any other senior government officials — cannot receive loan money through that fund, though they could potentially still benefit from other parts of the bill.
Hospitals staggering under the burden of the coronavirus would receive aid.
The agreement includes $100 billion for hospitals and health systems across the nation. The bill also includes billions more to furnish personal and protective equipment for health care workers, testing supplies, and new construction to house patients.
Lawmakers also agreed to increase Medicare payment increases to all hospitals and providers.
READ THE COMPLETE LIST in part 1 & 2 below
