Senate passes $2.2 trillion emergency relief bill

Business

The Senate unanimously passed a $2.2 trillion stimulus package late Wednesday that aims to provide economic relief to businesses and individuals during the COVID-19 coronavirus pandemic.

The measure expands unemployment benefits, gives $100 billion to hospitals dealing with coronavirus, provides $350 billion in federally guaranteed loans to small businesses, and sends direct payments of $1,200 to Americans earning up to $75,000.

Senate Minority Leader Chuck Schumer (D-N.Y.) said the measure is “historic because it is meant to match a historic crisis. Our health care system is not prepared to care for the sick. Our workers are without work. Our businesses cannot do business. Our factories lie idle. The gears of the American economy have ground to a halt.”

The House is expected to vote on the legislation — the largest economic relief bill in U.S. history — on Friday.

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Source:: The Week – Business

      

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