Breaking: Senate Democrats and the White House agreed to a nearly $2-trillion stimulus package to combat the economic fallout of the coronavirus outbreak, including direct payments to most Americans and a half-trillion-dollar fund for struggling companies.
The latest $2 trillion stimulus bill is expected to include direct payments of $1,200 or less to most adults, loans to businesses and an expansion of unemployment insurance and other aspects of the social safety net. It comes at a time when millions of Americans have been asked to stay away from school and work, and remain inside their homes to reduce the spread of the disease.
Schumer said negotiators agreed to put “unemployment insurance on steroids” by expanding those covered to include people who are furloughed, gig workers and freelancers, and by increasing the payments by $600 dollars per week for four months, on top of what states provide as a base unemployment compensation.
Other changes to the final bill included increased oversight of the $500-billion fund managed by the Treasury to shore up struggling businesses through loans and loan guarantees. Recipients are expected to include airlines and other hard hit travel sectors. The final deal includes an inspector general to oversee the $500 billion fund, as well as a five-person congressional panel.“We cannot have a situation where when a company is getting money from the Treasury, the Federal Reserve, that we don’t know about it,” Schumer said.
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