Early Wednesday morning, Senators Mitch McConnell and Chuck Schumer announced a massive $2 trillion stimulus deal set to be the largest economic stimulus package in modern American history as it faces the novel coronavirus outbreak.
“This is a wartime level of investment into our nation,” McConnell said.
The deal is set to include a range of far-reaching provisions. Everything from $1,200 government checks for individuals to hundreds of billions of dollars to fight the crisis are included.
But the most contentious part of the negotiations were clearly provisions to send over half a trillion dollars directly to impacted businesses.
The initial proposal from Senate Majority Leader Mitch McConnell was repeatedly slammed as a “$500 billion slush fund” by Democrats who held up the bill until changes were made. Treasury Secretary Steven Mnuchin and fellow Republicans ultimately agreed to a range of oversight measures for how companies will be able to spend the money.
“Like all compromises, this bill is far from perfect, but we believe the legislation has improved significantly,” Senate Minority Leader Schumer said after the deal was announced.
Both the Republican and Democratic leaders predict the bill will be passed quickly in the Senate.
As of early Wednesday, parts of the final bill were still being written; but here’s a rundown of what we know what’s in the deal aimed specifically at the businesses community.
Source: Yahoo! Finance