Late Wednesday night US Senate unanimously passed a $2.2 trillion stimulus package to aid in the fight against Coronavirus. CARES Act, The Coronavirus Aid, Relief and Economic Security Act. Senate Majority Leader Mitch McConnell characterizes the act as, “Emergency relief.” Senate Minority Leader Charles Schumer called on colleagues to act quickly to pass the bill, finishing a statement about the act with, “…we all know we must do these things.” Provisions include:
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Direct one-time cash payments of $1,200 will be made to individuals who make up to $75,000. Payments will begin phasing out at income levels higher than $75,000 and phase out all together for those earning more than $99,000.
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$377 billion in small business aid
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Student loan payment deferrals until September 30th
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4 months of boosted unemployment, increasing the max unemployment by $600
