WASHINGTON – (CBS) The Senate has reached a deal on a two-trillion dollar economic stimulus package that will help American workers and businesses impacted by the coronavirus. The agreement comes as cases of the virus continue to climb across the US while the nation remains on “pause.”
“After days of intense discussions, the senate has reached a bipartisan agreement on a historic relief package for this pandemic,” said Senate Majority Leader Mitch McConnell, (R) Kentucky
“To all Americans I say, help is on the way , big help and quick help. We’re going to take up and pass this package to care for those who are now caring for us,” said Senate Minority Leader Charles Schumer, (D) New York.
The Senate likely will vote on the bill later today, then send it to the House. President Trump must sign it into law before the funds start flowing.
It provides $500 billion in loans for big businesses. Nearly $400 billion in grants and loans for small businesses.
“This package will be the single largest ‘main street’ assistance program in the history of the united states,” said Larry Kudlow, White House Financial Advisor.
The bill includes a one-time cash payment for most working Americans. up to $1,200 for individuals, $3,000 for the average family.
It also expands unemployment insurance from 26 weeks to 39 in most states, boosting benefits by $600 a week.
“Easter is our timeline,” said President Donald Trump as to when he hopes America is back to normal. “What a great timeline that would be.”
The Senate reached the deal on the relief package hours after President Trump said he wants the country up and running by Easter.
Coronavirus cases in the us continue to accelerate as more people are tested.
News that a deal was close sent stocks soaring on Tuesday.
The Dow gained more than 2200 points, about 11%, its largest one day percentage gain since 1933.