The White House and the U.S. Senate approved a $2 trillion stimulus package early Wednesday that includes sending checks to people affected by the coronavirus.
According to The Guardian, the rescue deal would give financial assistance to workers, businesses and the healthcare system, all of which are facing economic struggles in the wake of the pandemic.
“The Senate has reached a bipartisan agreement on a historic relief package for this pandemic,” Senate Majority leader Mitch McConnell said, calling the deal as a “wartime level of investment into our nation.”
Under the plan, single Americans would receive $1,200, married couples would receive $2,400 and parents would get $500 for each child under 17.
The plan does, however, include limitations based on adjusted gross income. Individuals earning more than $99,000 will not qualify. Qualifying income levels will be based on 2019 federal tax returns if already filed, or on 2018 returns.
“This is not a moment of celebration, but one of necessity,” Minority leader Chuck Schumer said. “To all Americans I say: help is on the way.”
Treasury Secretary Steve Mnuchin said the president would “absolutely” sign the bill if Congress approved it.
The deal also includes $500 billion in guaranteed, subsidized loans to large industries, including hospitals and airlines. Another $367 billion is earmarked for small businesses.
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