WASHINGTON, DC –
Early Wednesday (March 25) morning, a $2 trillion stimulus deal was agreed on in congress. The deal aids Americans in stimulating personal finances and the economy after the coronavirus.
The pandemic has its hands in our wallets in some way, shape, or form. Government officials have been aware of the financial strains of COVID-19 and have dedicated their efforts to reviving the struggling economy. After failed initial negotiations, members of congress were able to agree on a bill that will put money in American’s pockets and help small business owners in the country.
“Ladies and gentleman, we are done,” White House legislative affairs director Eric Ueland said right before 1 a.m. “We have a deal.” The comments were made as he exited Senate Majority Leader Mitch McConnell’s office after spending days negotiating. CNN reports that moments later, McConnell announced the deal on the senate floor. “At last, we have a deal. After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic.”
The bill includes:
- $250 billion in direct payments to American families. Income restrictions applied.
- $350 billion in small business loans.
- $250 billion in unemployment insurance benefits.
- $500 billion in loans to “distressed companies”.
What’s it mean for you?
I especially like what Minority Leader Chuck Schumer said about the deal. “This is not a moment of celebration — but of necessity,” he said.
A necessity that will be met.
According to reports, individuals who make less than $75,000 annually will be blessed with a $1,200 check to help repair coronavirus damages. Also, married couples who make less than $150,000 annually will be given a $2,400 check. The payment will also cover up to $500 per child for families. $130 billion will be distributed to hospitals — which are pretty much germicidal war-zones right now. Then, $150 billion will be distributed to various local and state governments who are exhausting funds to fight the virus. $500 billion has been set aside to rescue multiple businesses including $50 billion in loans to help the airline industry.
As Larry Kudlow, President Trump’s chief economic adviser, shares, “this legislation is urgently needed to bolster the economy, provide cash injections and liquidity and stabilize financial markets to get us through a difficult and challenging period in the economy facing us right now,”
Wishing you physical and financial help in this time of distress. Thank you to our lawmakers for putting differences aside and uniting for the country’s sake.