The largest economic relief in United States history has just been passed. The $2.2 trillion Coronavirus Stimulus package bill was passed by The United States House of Representatives on March 27, 2020. The Coronavirus has sent unemployment claims soaring to 3.3 million people without work.
The bill will provide one-time direct payments to Americans of $1,200 per adult making $75,000 or less a year and $2,400 to a married couple making up to $150,000, with $500 payments per child.
Treasury Secretary Steven Mnuchin said he expects most people will get their payments within three weeks.
Billions of dollars will be pumped into unemployment payments for struggling people. The stimulus package would allow people to receive an extra $600 a week in unemployment benefits for up to four months — on top of the amount they get from the state.
For any student loans held by the federal government, payments will be automatically suspended until Sept. 30, 2020. During the six-month period, the bill says borrowers shouldn’t be charged interest.
The bill also includes a heavily negotiated $500 billion program for guaranteed, subsidized loans to larger industries, including airlines.
Businesses big and small will get hundreds of billions of dollars in loans, grants, and tax breaks. State municipalities will get billions of dollars. $150 billion of the bill will go directly to the health care system.
CORONAVIRUS IMPACT
The Coronavirus has had a brutal impact on the United States of America and the world. The 2020 Olympics were cancelled.
Barbershops, massage parlors, etc. were ordered to close.
Tax deadlines were delayed, and malls were shutdown.
