The U.S. Senate unanimously passed the $2 trillion economic relief package late Wednesday, the latest federal aid effort to address the COVID-19 crisis.
The bill now goes to the Democrat-controlled House of Representatives, which is expected to pass the bill by a voice vote on Friday.
Senate Minority Leader Chuck Schumer (D-New York) said the bill “could make the difference in the next few months between putting food on the table and going hungry,”¯between surviving this period of unemployment and financial ruin.”
The legislation will reportedly account for about 8% of the entire gross domestic product of the United States, and is worth more than half of the $3.5 trillion the federal government expects to collect in taxes this year.
Among the bill”™s provisions is direct payments of $1,200 to Americans earning up to $75,000 ”” which would gradually phase out for higher earners and end for those with incomes more than $99,000 ”” and an additional $500 per child. According to Treasury Secretary Steve Mnuchin, those funds should begin arriving within three weeks.
The measure also includes $500 billion in loans to struggling businesses, $377 billion in loans and grants for small businesses, $150 billion for local, state and tribal governments, and $130 billion for hospitals.
It further prevents foreclosures and evictions during the crisis on properties where the federal government backs the mortgage; pauses federal student loan payments for six months and waives the interest; gives states millions of dollars to begin offering mail or early voting; and provides more than $25 billion in new money for food assistance programs like SNAP.
Earlier yesterday, U.S. Sen. Richard Blumenthal (D-Connecticut) told webinar listeners that “we have tried to do very quickly what normally would have taken months. I hope we can get money out as soon as possible.”
The webinar, hosted by the New Haven Chamber of Commerce, also found the senator predicting a surge in coronavirus cases, as “Connecticut is on the border with New York, now the epicenter” of the pandemic.
“We don”™t have a vaccine or cure yet,” Blumenthal reminded listeners. “We have to prepare for the worst and hope for the best. We may see a resurgence in the fall. This challenge is going to be with us for a while. We all hope staying home and social distancing will succeed.”
