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What's in the Senate's $2 trillion coronavirus stimulus package?

Senate reaches deal on $2 trillion economic lifeline

Washington — After five days of negotiations and heightened tensions on Capitol Hill, senators and the White House reached a deal on a massive $2 trillion economic stimulus package designed to help American workers, small businesses and hospitals pushed to the brink because of the coronavirus pandemic.

Senate Majority Leader Mitch McConnell announced the bipartisan agreement in remarks on the Senate floor just after 1 a.m., during which he proclaimed that hurting health care workers on the front lines of the coronavirus outbreak and American families would finally see relief.

The legislative text has yet to be released, but senators began circulating summaries of its provisions on Wednesday. Here's what's in the $2 trillion package, the largest in U.S. history: 

  • 食色最新版本Direct payments of $1,200 to most individuals making up to $75,000, or $2,400 for couples making up to $150,000. Each dependent child increases the amount by an additional $500. The amount decreases for individuals with incomes above $75,000, and payments cut off for those above $99,000.

  • Expanded unemployment benefits that boost the maximum benefit by $600 per week and provides laid-off workers their full pay for four months. Eligibility is extended to independent contractors and the self-employed.

  • 食色最新版本$367 billion in loans for small businesses

  • $150 billion for state and local governments

  • $130 billion for hospitals

  • 食色最新版本$500 billion in loans for larger industries, including $25 billion for passenger airlines; $4 billion for carriers; $3 billion for aviation contractors and $17 billion for "businesses critical to maintaining national security.

  • 食色最新版本Creation of an oversight board and inspector general to oversee loans to large companies

  • Measure prohibiting companies owned by President Trump and his family from receiving federal relief

  • $25 million for the John F. Kennedy Center for the Performing Arts

  • 食色最新版本$400 million for election security grants

食色最新版本Minority Leader Chuck Schumer, who engaged in intense negotiations with Treasury Secretary Steven Mnuchin, said the bipartisan agreement comes "after five days of arduous negotiations, after sleep deprived nights and marathon negotiating sessions."

食色最新版本The deal, McConnell said, "will rush new resources onto the front lines of our nation's historic fight and it will inject trillions of dollars of cash into the economy as fast as possible to help American workers, families, small businesses and industries it make it through this disruption and emerge on the other side ready to soar," he said.

食色最新版本While McConnell and Schumer have praised the bipartisan deal as providing necessary relief, a group of Republican senators said the package includes a "drafting error" that they said incentivizes layoffs and are drafting an amendment to address it.

Senators Ben Sasse of Nebraska, Rick Scott of Florida, Tim Scott of South Carolina and Lindsey Graham of South Carolina said the current text of the bill allows workers to collect more in unemployment benefits than their regular pay. 

食色最新版本"We cannot encourage people to make more money in unemployment than they do in employment," Tim Scott said. The group proposed capping unemployment benefits at 100% of income.

While negotiations between senators began last week, efforts to pass the massive stimulus package stalled食色最新版本 earlier in the week after Senate Democrats twice blocked the measure from advancing due to concerns about a lack of oversight of $500 billion for hurting industries, as well as what they said was inadequate funding for hospitals, health care centers and medical workers.

Tensions reached a fever pitch after the second failed vote Monday as senators called for urgent action to help businesses and Americans battered by the coronavirus outbreak, and White House officials worked with Senate leaders to work out the final details Tuesday.

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