Newsweek reached out to Senate Majority Leader Mitch McConnell and Minority Leader Chuck Schumer for comment but did not receive responses in time for publication. Married couples earning up to $150,000 will receive $2,400 and an additional $500 per each child.
The U.S. Senate on Wednesday unanimously adopted a sweeping relief package that will channel around $2 trillion to hospitals, businesses and workers whose health and livelihoods have been sickened by the global coronavirus pandemic.
The bill also calls for the government sending $1,200 checks to individuals who make less than $75,000 and $2,400 for couples making less than $150,000.
The House will take up the bill on Friday morning and it is expected to pass by voice vote with members scattered around the country, House Majority Leader Steny Hoyer said Wednesday night.
Ninety-percent of Americans would be eligible to receive full or partial payments, according to estimates by the Tax Policy Center.
Lawmakers agreed to a significant expansion of unemployment benefits that would expand unemployment insurance by 13 weeks and include a four-month enhancement of benefits, on top of what state unemployment programs pay. The direct payments to Americans remain one of the centerpieces of the proposal. Additionally, self-employed workers, like Uber drivers, are covered for the first time.
The loans would be available during an emergency period ending at the of June, and would be forgiven if the employer pays its workers for the duration of the crisis.
$367 billion for small-business loans.
The bill includes $500 billion for large corporations as the US grapples with a major economic freefall putting it on the verge of a full-blown recession as well as a $367 billion loan program for small businesses and $150 billion for assistance to state and local governments.
An additional $25 billion is provided for the food stamp program, along with $9.5 billion for the agricultural industry. The Treasury Department would have to disclose the terms of loans or other aid to companies and a new Treasury inspector general would oversee the lending program. The White House also plans to send out $500 to each child.
Chuck Schumer, the Senate's most senior Democrat, said the deal included four extra months of unemployment insurance and prohibited bailed-out airlines from buying back stock or issuing bonuses, per the FT report. They said the expanded unemployment benefits were overly generous and would encourage workers to get laid off - an objection that immediately triggered a counterthreat from Senator Bernie Sanders of Vermont, who promised to place his own hold on the bill over his concerns about "corporate welfare" if they did not drop theirs.
It also funnels $130 billion into the stretched-thin healthcare system to get more resources and equipment to those directly fighting the disease.
The Senate Democrats also added a provision that bans businesses owned by the President, Vice President, members of Congress and the heads of the executive branch from receiving loans or investments through that fund.
Lawmakers also agreed to increase Medicare payment increases to all hospitals and providers, Schumer said.