The Senate and the White House agreed early Wednesday morning 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 to shore up struggling companies. The bill now goes back to the House for review and approval. The stimulus bill – by far the largest ever proposed is believed to include more than $300 billion for small businesses, $150 billion for local and state governments and $130 billion for hospitals.
The measure is the third stimulus bill proposed by Congress to address the economic and social disruptions of the COVID-19 health crisis. It follows an initial $8.3-billion measure largely aimed at developing a vaccine and a second package, passed last week, that mandated greater access to paid sick leave for workers as well as free COVID-19 testing.
The $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.
As details of the legislation become available CMA will work quickly to get the information out to you.