Senate, White House reach $2tn Covid-19 rescue deal

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The gargantuan $2 trillion package contains provisions for everything from individual payments to many Americans to health care funding to expanded unemployment benefits and, very importantly, loans for businesses. Here's a glimpse into what the deal will offer.

The plan marks the largest rescue package in American history. Many members are relying on highlights from the plan, and the legislative text of the bill has yet to be released to the public.

Visit Business Insider's homepage for more stories. It also intends to provide $1,200 in direct payments to adult citizens and $500 to minors, in one of the largest capital infusions in USA history.

The more a person makes, the smaller the check: payments would be phasing out starting at $75,000 for individuals and will end completely at $99,000.

As negotiations over an economic rescue package continued over the weekend, a reporter asked Donald Trump a question about an unexplored area: the possibility that the president's private-sector enterprise would benefit directly from taxpayer investments. Families receive an additional $500 per child.

Schumer said it would nearly certainly include a guarantee the federal government will broaden eligibility of unemployment insurance and offer expanded benefits for four months to workers sickened by or sacked due to the pandemic.

Under Schumer's proviso, businesses owned by the children or spouses of top officials and lawmakers are also barred from the aid package, CNN's Manu Raju tweeted.

Small businesses will get $367 billion to keep making payroll while workers have to stay home.

The Senate bill also includes some oversight over the $450 billion fund aimed at propping up struggling industries. The treasury and lawmakers will have to disclose who receives these loans in real-time and an inspector general for pandemic recovery will be appointed to oversee the distribution of funds and other elements.

The latest $2 trillion stimulus bill is expected to include direct payments of $1,200 or less to most adults, loans to businesses and an expansion of unemployment insurance and other aspects of the social safety net.

Senate Democratic Leader Chuck Schumer called the measure "the largest rescue package in American history", describing it as a "Marshall Plan" for hospitals and medical needs, in a reference to the US -funded program that helped rebuild Europe after World War Two. Two members of the House and one senator have recently tested positive for the coronavirus illness COVID-19.

Congress and the Trump administration were "on the verge" of passing the stimulus package, according to the Post, with the final language being reviewed and the Senate leaning toward an evening vote Tuesday.

While there is little doubt the legislation will pass, getting Congress to act quickly will require the consent of essentially every member of Congress. Pollitico cites a Republican whip team source as saying that there is "a strong possibility" of that happening, while several self-styled progressives in the Democratic Party, including Rep. Alexandria Ocasio-Cortez, have publicly criticised the current proposal as well.

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