Senate Passes $2 Trillion Coronavirus Relief Bill

Late Wednesday, March 25th, 2020, the Senate approved a $2 trillion economic rescue package designed to provide financial assistance to Americans and their families, and billions of dollars in loans for businesses. Voting in the House of Representatives is expected Friday.

While the final bill has yet to be signed into law, there have been some publicly debated points. The economic rescue package includes a plan to provide two waves of direct financial assistance to Americans, a plan to stabilize the airline industry, a plan to provide small businesses with funds and a plan to issue loan guarantees to other hard-hit sectors in the economy. The package also includes provisions to extend unemployment insurance, increase funding for Medicaid and add additional assistance for small businesses throughout the country.

The stimulus package would provide two waves of direct payments to all Americans, coming weeks apart. American adults making up to $75,000 would receive $1,200 each and $500 per child. Married couples earning up to $150,000 would receive $2,400. Adults making more than $75,000 but less than $99,000 would receive less, and adults making more than $99,000 would not receive any government financial assistance.

What's next?

The economic relief package has been passed by the Senate, but not the House of Representatives. After the House votes—expected Friday—the president will be able to sign it into law.