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US Senate Approves Stimulus Package to Help Economy During Coronavirus Crisis

-Editorial

A $2 trillion stimulus package that would provide help for families, businesses and health care workers on the front lines of the coronavirus outbreak passed in the Senate late Wednesday night by a vote of 96-0. Most single Americans will receive a direct payment of $1,200 if they make up to $75,000 a year.

That amount drops for those who make more than that. Couples making a combined income of $150,000 will receive $2,400. Parents would get $500 for each child under the age of 17.

The measure would also provide $350 billion in federally guaranteed loans to small businesses and establish a $500 billion government lending program for distressed companies reeling from the crisis. It would also send $100 billion to hospitals on the front lines of the pandemic.

Assuming no substantial changes from the House and assuming President Donald Trump signs the bill when it hits his desk, the economic relief package will be the biggest-ever in terms of dollar amount. It will include forgivable low-interest loans for small businesses, loans to big businesses and direct payments to Americans affected by COVID-19 and the coronavirus pandemic.

“Ten days ago, I laid out four urgent priorities for new Senate legislation to help our nation through this crisis. I led Republicans and Democrats to work together around the clock to make the bill even better. And I am proud to say the Senate stood together, acted together, and passed this historic relief package,” Senator McConnell said. “In the coming days and weeks, our nation is going to meet new heroes. Heroes who rush toward the sick, and wash their hands until they bleed, and work around the clock to heal our friends and our families. When our nation comes through this and takes flight again on the other side, it will be because American heroes won this fight. All the Senate can do is give them the resources to do it. So that’s exactly what we did.”

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