The Senate passed a sweeping $2 trillion stimulus package that extends a lifeline to Americans who have been affected by the coronavirus.
The Senate reached a deal on a sweeping $2 trillion stimulus package Wednesday that extends an extraordinary lifeline to Americans in virtually every circumstance who have been affected by the coronavirus – workers, the unemployed, the self-employed and contractors.
Under the latest proposal, adults would receive a lump-sum check of up to $1,200 , and those with little or no tax liability would get at least $600 . Families would receive an additional $500 for each qualifying child. The belief is that people, especially lower-income workers, who receive a financial boost will spend it on necessities like food and rent, helping them make those payments even if their hours are cut. That’s a huge infusion of cash into the economy.It's not just restaurants and movie theaters cutting jobs. Small business layoffs spread.Americans losing jobs because of the outbreak would see their weekly state insurance benefits – which average about $400 – increased by $600 for four months.
But after the government bailed out the banks in 2008 through the Troubled Asset Relief Program, the financial institutions paid that money back with interest, leaving the government with a profit.How much would the bill help the economy?
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