Some Details of the $2 Trillion U.S. Senate Coronavirus Rescue Bill
Here are major elements of the plan, which would be the largest such stimulus ever approved by Congress:
– About $500 billion in direct payments to people, in two waves of checks of up to $1,200 each. Additional payments for families with children could push the total to $3,000 for a family of four, according to Treasury Secretary Steven Mnuchin, who has played a key role in the negotiations. Payments would be reduced for high-income earners. Businesses owned by Trump, other administration officials or Congress members would not be eligible for assistance.
– Up to $500 billion in “liquidity assistance” for distressed industries, including hard-hit airlines. The fund would be overseen by an inspector general and a congressional oversight board. The treasury secretary would have to disclose transactions, and companies that participate in it would face restrictions on stock buybacks and executive pay.
– $250 billion to expand unemployment insurance. Payments would increase by up to $600 per week per worker, and laid-off workers would get those payments for up to four months, according to Senate Democratic Leader Chuck Schumer. Self-employed workers would also qualify for benefits.
– $350 billion in loans to small businesses, according to Republican Senator Marco Rubio, chairman of the Senate Small Business Committee.
– $100 billion for hospitals and other elements of the healthcare system, according to Schumer.
– $150 billion for state, local and Native American tribal governments, according to Schumer.
– $30 billion for education, according to Schumer.
– $25 billion for mass transit systems, according to Schumer.
– $30 billion in disaster aid for local governments and nonprofits, according to Schumer.
The measure also needs House approval before going to President Trump.
(Reporting by Susan Cornwell and Andy Sullivan; Editing by Scott Malone)