WASHINGTON - Senate leaders and the White House early Wednesday morning hammered out a $2 trillion stimulus package to help Americans affected by coronavirus.
It's the largest economic rescue measure in history.
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Here are some of the key points:
- $1,200 checks will be sent out to many Americans, with $500 per child.
- A $367 billion loan program will be available to small businesses.
- A $500 billion fund will be set up for industries, cities, and states.
- Furloughed workers would get whatever amount the state provides for unemployment, plus $600 per week.
- $150 billion would go toward state and local stimulus funds and $130 billion for hospitals.
Senate Majority Leader Mitch McConnell and Minority Leader Chuck Schumer announced the deal on the Senate floor around 1:30 a.m.
"Like all compromises, this bill is far from perfect. But we believe the legislation has been improved significantly to warrant its quick consideration and passage because many Democrats and Republicans were willing to do the serious and hard work, the bill is much better off than where it started," Schumer said.
"In effect, This is a wartime level of investment into our nation. The men and women of the greatest country on earth are going to defeat this coronavirus and reclaim our future," McConnell said.
McConnell expects the Senate to pass the legislation later in the day on Wednesday.
The final bill may take longer to reach President Donald Trump's desk because the House has to be called back to vote from recess.