[UPDATED] $2 Trillion Economic Stimulus Package in Response to Coronavirus

(UPDATE – WHITE HOUSE REACHES A DEAL) Senate has just passed a large coronavirus response package, which will establish free testing and provide paid sick leave. And now, Wednesday night, negotiations begin on a $1 Trillion Stimulus Package.

The coronavirus has infected over 200,000 people world-wide, killed over 8,500, and now, with people out of work and businesses shutting down, it’s threatening economic hardship for an indeterminable amount of time. The proposal is designed to pour money back into the economy.

The stimulus package comes in three phases:

Phase 1:

Which was signed into law on March 6. It provides $4 billion in aid to make coronavirus tests available and provides loan subsidies for small businesses.

Phase 2:

Was signed into law on Wednesday, March 18. It provides free COVID-19 testing across the board, including testing for the uninsured. Also included is two weeks paid sick and family leave, funds for Medicaid and food security programs, and increased unemployment benefits.

Phase 3:

*UPDATE WEDNESDAY (3/25)White House Reaches a Deal

*UPDATE TUESDAY (3/24): Negotiations are still underway, but their getting close.

There are new additions to the bill, including the federal government’s promise to pay 4 months of your full salary if you’re laid off during this time.

Also added, is $100M in the form of loans, grants, and other to hospitals.

Still, however, negotiations continue. The Senate, in this time of national crisis is coming together to bring relief to the American people.

“If we act today, what Americans will remember, and what history will record, is that the Senate did the right thing. That we came together,” said Senate Majority Leader Mitch McConnell.

*UPDATE MONDAY (3/23): Lawmakers are at a standstill. Democrats feel the bill is tilted too far in favor of companies and want more for families and health care. And Republicans argue that “the bill offers unprecedented financial assistance to the entire economy and needs to be passed before more people lose their jobs.”

“This has got to stop and today is the day it has to stop,” an exasperated Senate Majority Leader Mitch McConnell (R-Ky.) said. “The country is out of time.”

Included in the proposal for phase 3:

$250 billion for two direct payments to Americans: one on April 6, and the other on May 18. The amounts received will be based on income level and family size. Other benefits include: small business loans ($300 billion) to employers with 500 or fewer employees; aid to the airline industry ($50 billion; $150 billion to other, affected industries; guaranteed money market mutual funds.

Negotiations are still underway on Phase 3.

Trump explained in his tweet: “For the people that are now out of work because of the important and necessary containment policies, for instance the shutting down of hotels, bars and restaurants, money will soon be coming to you. The onslaught of the Chinese Virus is not your fault! Will be stronger than ever!”

A rescue plan of this caliber hasn’t been seen since the great recession, and could exceed $1 Trillion dollars. Determined to get checks to Americans within two weeks, Trump urgesCongress to pass the bill within days.

Senate Majority Leader Mitch McConnell said, “I will not adjourn the Senate until we pass a far bolder package. We aren’t leaving until we deliver.”

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2 thoughts on “[UPDATED] $2 Trillion Economic Stimulus Package in Response to Coronavirus

  1. We appreciate all the help in the packages BUT why do the Democrats insist on slipping in large amounts of money going to: Kennedy Center of Arts, funding Planned Parent Hood and slipping in other things that THEY want. This is a stimulus Bill for the American People and the American People only. Pelosi, Schiff and her other tribe should ONCE and for ALL get off their high horses and think about others rather then themselves. Actually, isn’t it time for those two to RETIRE???? v

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