The Senate passed the Coronavirus Aid, Relief, and Economic Security Act or the ”CARES Act,’ on Wednesday, March 25, sending it to the House of Representatives, and setting President Trump up to usher in roughly $2 trillion in economic stimulus as the coronavirus threatens near-term recession.
The stimulus measure passed 96 to none at around 11:35 p.m. ET and includes payments for millions of Americans, unemployment benefit expansions, and loans for struggling businesses.
The passage follows back-to-back blockages from Senate Democrats as the party demanded stronger worker protections and specifics around the allocation of corporate relief loans.
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The Senate passed the Coronavirus Aid, Relief, and Economic Security Act or the ”CARES Act,” on Wednesday, March 25, to bring financial relief to Americans and businesses hammered by the coronavirus and its economic toll.
The fiscal package passed 96 to none at around 11:35 p.m. ET. The stimulus measure includes direct payments worth $1,200 to millions of Americans, boosts unemployment benefits, and shores up hundreds of billions of dollars worth of loans for ailing businesses.
About $150 billion will be allocated to hospitals and healthcare workers for equipment. US airlines hammered by the virus and resulting travel shutdowns …read more
Source:: Businessinsider – Politics