This morning, the House of Representatives officially passed the $2.2 trillion coronavirus relief stimulus package. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by the Senate on Wednesday in a unanimous 96-0 vote. It is expected to be signed into effect by President Trump later today.
✓ Passed the Senate
✓ Passed the House
Next stop → @realdonaldtrump's desk
Help is on the way. pic.twitter.com/oCGRMwh2Ia
— Senate Republicans (@SenateGOP) March 27, 2020
As we reported previously, the main components of the bill include:
- Providing direct payments to Americans. $1,200 for single Americans and $2,400 for couples, plus $500 for each child under the age of 17. The payment amount would decrease for individuals that make over $75,000 and individuals making more than $99,000 would not qualify. The thresholds are doubled for couples.
- Student loan payments will be suspended, without penalty, through September 30.
- The REAL ID deadline has been delayed.
- Unemployment benefits will now provide workers with an extra $600 per week for four months.
- $500 billion in lending problems will provide relief to struggling industries.
- Hospitals will receive about $117 billion, according to the American Hospital Association.
The only notable opposition to the vote today came from Rep. Thomas Massie (R-KY), who took issue with the lack of an official roll call vote. Other than that, the bill attained broad bipartisan support both in Congress and across the nation.
The funds appropriated in the CARES Act will be disseminated in the coming weeks, with details to come from President Trump and Treasury Secretary Steve Mnuchin.
