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WASHINGTON —  After haggling for days over the final details, Senate Democrats and the White House agreed Wednesday 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 stimulus bill — by far the largest ever proposed — comes with a price tag equivalent to 9% of the nation’s gross domestic product and is meant to provide direct financial aid to help individuals, hospitals and businesses. It includes $300 billion for small businesses, $150 billion for local and state governments and $130 billion for hospitals, according to those involved in the negotiations.


The latest $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. It comes at a time when millions of Americans have been asked to stay away from school and work, and remain inside their homes to reduce the spread of the disease.

The amounts of the one-time payments, which officials hope could go out to Americans as soon as early April, will be based on income reported in 2018 taxes, declining gradually beginning with individuals who made $75,000 or married couples filed jointly who made $150,000. Individuals making $99,000 or above or married couples making $198,000 or more would receive no check. People would also receive an additional $500 per child.

Schumer said negotiators agreed to put “unemployment insurance on steroids” by expanding those covered to include people who are furloughed, gig workers and freelancers, and by increasing the payments by $600 dollars per week for four months on top of what states provide as a base unemployment compensation.

“It will put money into the hands of those who need it so much, because they have lost their jobs through no fault of their own,” Schumer said.

Others involved in negotiations said the deal also includes around $130 billion for hospitals dealing with a shortage in medical masks, ventilators and hospital beds ahead of an expected wave of cases — a $25-billion increase from what was initially proposed. And it provides $150 billion directly to state and local governments dealing with the outbreak.


Stocks rose sharply in America and around the world Tuesday in anticipation of the infusion of aid into the U.S. economy.


Other changes to the final bill included increased oversight of the $500-billion fund managed by the Treasury to shore up struggling businesses through loans and loan guarantees. Recipients are expected to include airlines and other hard-hit travel sectors.

In a major sticking point for Democrats, the initial proposal gave Treasury latitude to disburse the funds, including the discretion not to disclose for up to six months which companies got taxpayer dollars.

https://www.latimes.com/politics/story/2020-03-24/congress-white-house-stimulus-deal-coronavirus

Advance vote buying.....


If he really means well for his citizens he should cut down on taxs this period.. What's the point of giving them money that would go back to the government as tax?

Time to reward the tax payers. This is what every sane country should be doing now.

nrexzy:
Advance vote buying.....


If he really means well for his citizens he should cut down on taxs this period.. What's the point of giving them money that would go back to the government as tax?

The way you people reason tho.

You didn't hear about Tax relief?

thesicilian:
Time to reward the tax payers. This is what every sane country should be doing now.

No be small thing o

Anywhere can be turned to hospital

Sehindemi:
The way you people reason tho.

You didn't hear about Tax relief?

I didn't tell me about it

Make the mods push the top five church that can be use for hospital to the front page again!!!

What exactly is FGN doing.

Teejazy:
What exactly is FGN doing.

laugh in japanese.....