Special Report

Shutdown: The Coronavirus

Trump signs $2 trillion coronavirus stimulus package

President Donald Trump signed a massive stimulus package bill to support Americans hurt by the COVID-19 global pandemic lockdown. Photo by @photos via Twenty 20

President Donald Trump today signed the massive $2 trillion stimulus bill meant to keep the U.S. economy afloat and provide financial relief to companies and Americans losing income amid the coronavirus pandemic. 

The largest economic stimulus package in modern U.S. history includes direct payments of $1,200 to many individual Americans, including those who earn up to $75,000, and an additional $500 per child.

“I just signed the CARES Act, the single biggest economic relief package in American History – twice as large as any relief bill ever enacted,” said Trump this afternoon on Twitter. “At $2.2 trillion dollars, this bill will deliver urgently-needed relief for our nation’s families, workers, and businesses.”

The Coronavirus Aid, Relief, and Economic Security (CARES) Act secures $100 billion for healthcare workers on the front lines of the crisis and provides $150 billion for state and local governments. The package also allocates $58 billion to aid airlines, which have been hit hard by travel bans and general fears of flying.

The bipartisan legislation includes $377 billion in loans for small businesses and $250 billion towards unemployment insurance, with $600 checks per week for four months for unemployed workers. Self-employed workers will be newly eligible for unemployment benefits. 

The act establishes a $500 billion government lending program to businesses hit hard by the outbreak. The law prohibits taxpayer-backed loans from going to businesses owned by President Donald Trump, members of his administration or members of Congress. 

The package allocates $25 billion for food assistance, including $16 billion for the Supplemental Nutrition Assistance Program (SNAP), and secured $24 billion for the U.S. Department of Agriculture to stabilize the farm economy. 

 The U.S. reported 85,356 cases of Covid-19, the disease caused by the novel virus, with 1,246 deaths, as of Friday afternoon, according to the Centers for Disease Control and Prevention. The U.S. has reported more cases of the coronavirus than any other country, surpassing China and Italy.

The House of Representatives earlier today passed the bill by voice vote, after Republican Representative Thomas Massie tried to block the legislation by forcing a recorded vote, which would have required legislators to log their position individually. 

“They (Democratic senators) transformed a Republican corporate-focused bill into a Democratic workers-first focus,” said House Majority Leader Nancy Pelosi this afternoon on the House floor. “We are able to dramatically expand unemployment insurance and defeated attempts on the Senate’s side to claw back the $600 per week added benefit that would provide essential relief.”

The Senate unanimously approved the legislation late Wednesday night after tense days of negotiations between Democrats, Republicans and White House aises. The Senate has struck down two previous stimulus bills, as Democrats pushed to make several changes to the legislation. 

Treasury Secretary Steve Mnuchin said on Wednesday during a White House press briefing that the stimulus package could keep the U.S. economy afloat for three months and mentioned the government expects to issue direct payments to citizens within three weeks of the bill being signed into law.

 


Tags


Other Stories in Special Report: Shutdown: The Coronavirus

A dictatorship called COVID-19

Alpha Kamara May 28, 2020

During pandemic, Rio de Janeiro residents fear police

Marina Guimaraes May 27, 2020

Recovering from drugs during a pandemic

Kyla Milberger May 26, 2020

  Covid-19 takes away the communal joy at Eid-al-Fitr celebration

Narkwor Kwablaa May 25, 2020

Beloved old school game sees boom in numbers during coronavirus quarantine

Michael Yang May 15, 2020

Coronavirus leaves the fate of some beloved New York events uncertain

Emily Glass May 15, 2020

South Africa’s lockdown exposes inequalities

Kathleen Taylor May 14, 2020

Churchgoers find spiritual growth through virtual services 

Harrison Tsui May 14, 2020

” I’m working with COVID patients tonight”

Margaret Guzman May 14, 2020

Singles connect on Tinder to fight quarantine blues 

Yaroslava Bondar May 14, 2020

Jewish traditions during a pandemic

Sydney Fishman May 13, 2020

The Bible and Coronavirus

Jonathan Sarabia May 13, 2020

Doctor uses social media to give advice and hope

Sope Aluko May 12, 2020

First Sandy, Now COVID: Lower East Side Activists Grapple With Construction for Climate Project

Izzie Ramirez May 12, 2020

Dating during a pandemic

Bessie Liu May 12, 2020

The last reponders

Shiyu Xu May 11, 2020

When the pandemic hits a shelter for abused boys 

Amanda Perez Pintado May 11, 2020

Portugal contains the coronavirus despite Spain’s woes

Catarina Lamelas Moura May 11, 2020

Warm weather brings crowds to Prospect Park

Bessie Liu May 11, 2020

New York coronavirus numbers continue to fall

Jonathan Sarabia May 10, 2020

Living through the pandemic while a loved one is behind bars

Amanda Perez Pintado May 10, 2020

Pandemic ends all high school senior year traditions

Jonathan Sarabia May 10, 2020

Coronavirus might have caused the death of many children who were misdiagnosed 

Ximena Del Cerro May 9, 2020

Farmers destroy staggering amounts of food even as food lines grow

Karen Camela Watson May 9, 2020

Coronavirus pandemic threatens border towns in Mexico

Sydney Fishman and Ximena Del Cerro May 9, 2020

Pence’s press secretary tests positive for Covid-19

Shiyu Xu May 8, 2020

During pandemic NYC tenants in limbo

John DiLillo May 8, 2020

Llamas could be coronavirus heroes

Catarina Lamelas Moura May 8, 2020

Lawmakers, Legal Experts Clash Over Much Needed Business Interruption Insurance Coverage for Small Businesses

James Duffy May 8, 2020

Rent relief in NY, JetBlue’s flyover and Trump’s valet tests positive for coronavirus in today’s news

Amanda Perez Pintado May 7, 2020

Coronavirus tears through the Navajo Nation 

Amanda Perez Pintado May 7, 2020

In Singapore, spaces close, but restaurants open

Yifan Yu May 6, 2020

Press secretary calls Fauci testifying before congress “publicity stunt”

Kathleen Taylor May 6, 2020

Harry Potter and the Magical Malady of the Movies

Ahad Sanwari May 6, 2020

Trump speaks to human loss, Cuomo lashes out at President’s comments

Catarina Lamelas Moura May 5, 2020

PPE in the city

Narkwor Kwabla May 5, 2020

Boring Politics is Good Politics – Especially in a Pandemic

Serafina Smith May 5, 2020

Stuck: Life under quarantine in Rio de Janeiro

Marina Guimaraes May 5, 2020

New York’s Emptiness

Maria Abreu May 5, 2020

In an Airbnb Room During Lockdown in Jamaica, Queens

Dayo Paul May 4, 2020

What Temporary Means: Portraits of family at home

Guillermo Manning May 4, 2020

Stockholm Stays Open

Tatiana Kireeva May 4, 2020

NYC now producing its own coronavirus test kits

Maureen Mullarkey May 3, 2020

Miss you, mom: Spending Ramadan together through a screen

Maznah Shehzad May 3, 2020

Life in front of a screen

Patricio Zenklussen May 3, 2020

Coronavirus and the Shincheonji

Bessie Liu May 3, 2020

It’s The Little Things

Sope Aluko May 3, 2020

Days In, Days Out: A doctor’s life during Covid-19

Elsa Benamouzig May 2, 2020

Contactless: Food Delivery amid COVID-19

Keighton Li May 2, 2020

Hasidic South Williamsburg Resists the New Reality

Leo Schwartz May 2, 2020