Senate leaders and the White House reached an agreement on Wednesday on a massive $2 trillion stimulus package hoping to help businesses and workers negatively affected by the ongoing coronavirus pandemic.
The agreement followed five days of negotiations between the Democrats, the Republicans and Treasury Secretary Steven Mnuchin, among others, as the package was unable to advance through the Senate as Democrats twice declined to sign off on it saying it focused too much on helping big corporations and didn’t do enough for workers.
The legislation includes an expansion to unemployment insurance that will see the salaries of every worker who is laid off due to COVID-19 remunerated by the federal government, checks of $1,200 sent directly to middle-class and below Americans, a $367 billion small business loan program, a $500 billion fund for industries and $150 billion earmarked for states and localities whose coffers are stressed by combating the virus. It also includes $130 billion for hospitals, nursing homes and other healthcare facilities.
