Congress passes stimulus bill and Trump signs it into law

Congress today agreed and passed an economic stimulus plan to offer assistance to millions of Americans affected by the coronavirus pandemic. The $2 trillion dollar bill includes payments to individuals, lengthened and expanded unemployment coverage, student loan changes, new retirement account rules and much more. 

President Trump signed the historic $2 trillion economic recovery package into law late this afternoon, shortly after the House of Representatives approved the bill.

The legislation, which had bi-partisan support in both the Senate and the House, is known as the CARES Act and is the third aid package from Congress this month that directly addresses the growing pandemic.

"This is an emergency, a challenge to the conscience as well as the budget of our country, and every dollar that we spend is an investment in the lives and the livelihood of the American people," House Speaker Nancy Pelosi, D-Calif., told reporters on Thursday.

House of Representatives Minority Leader Kevin McCarthy also lauded the plan.

"This is not another day in Congress; this is a time when we have to come together to deliver results," McCarthy, R-Calif., said.

Some of the items in the package include:

  • The plan includes $300 billion in direct payments to Americans of $1,200 or less, per person, depending on income level. Families could also receive payments of $500 per child.
  • It includes $260 billion to pump up the unemployment insurance program, expanding coverage to four months and raises the weekly benefit by $600. It could also include some  nontraditional workers, including the self-employed, freelancers and those working in the gig economy.
  • A large share of the package includes $500 billion in loans and other money for industries, such as airlines. That provision comes with strings attached, banning use of the the funds toward stock buybacks, CEO pay boosts and other requirements.
  • It also provides $100 billion to hospitals responding to the coronavirus to obtain equipment and provide treatment.
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Submitted by New Fairfield, CT

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