Congress Reaches Deal on Coronavirus Stimulus Package. Here’s What You Can Expect

After days of bickering, finger pointing and some name calling – or you know, just another day in Washington DC – lawmakers agreed to a stimulus law to the tune of $2 TRILLION! The two chambers still need to vote to approve the agreement, but its looking good!

That’s all well and good, but what does that mean for you?

Well, the exact text of the law hasn’t been released, but Chuck Schumer sent bullet points colleagues early this morning, which CBS News has published. Here’s what’s in the $2 trillion package, the largest in U.S. history:

  • Direct payments of $1,200 to most individuals making up to $75,000, or $2,400 for couples making up to $150,000. The amount decreases for individuals with incomes above $75,000, and payments cut off for those above $99,000.
  • Expanded unemployment benefits that boost the maximum benefit by $600 per week and provides laid-off workers their full pay for four months
  • $367 billion in loans for small businesses
  • $150 billion for state and local governments
  • $130 billion for hospitals
  • $500 billion in loans for larger industries, including airlines
  • Creation of an oversight board and inspector general to oversee loans to large companies
  • Measure prohibiting companies owned by President Trump and his family from receiving federal relief

It’s too bad it took five days, but we can all agree we hope this truly helps everyone that needs it!

Be safe!