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Senate Approves $2 Trillion Economic Rescue Package on Unanimous Vote

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WASHINGTON — The Senate late Wednesday passed an unparalleled $2.2 trillion economic rescue package steering aid to businesses, workers and health care systems engulfed by the coronavirus pandemic.
It now moves to the House of Representatives, which is expected to pass it Friday.
The unanimous vote came despite misgivings on both sides about whether it goes too far or not far enough and capped days of difficult negotiations as Washington confronted a national challenge unlike it has ever faced.

Includes $1,200 Checks for Most Americans

The 880-page measure is the largest economic relief bill in U.S. history. Majority Leader Mitch McConnell appeared somber and exhausted as he announced the vote — and he released senators from Washington until April 20, though he promised to recall them if needed.
“Pray for one another, for all of our families, and for our country,” said McConnell, R-Ky.
The package would give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small businesses to keep making payroll while workers are forced to stay home.
It provides for one-time direct payments to Americans of $1,200 per adult making up to $75,000 a year, and $2,400 to a married couple making up to $150,000, with $500 payments per child.
A huge cash infusion for hospitals expecting a flood of COVID-19 patients grew during the talks to an estimated $130 billion. Another $45 billion would fund additional relief through the Federal Emergency Management Agency for local response efforts and community services.

Additional $600 Per Week for Those on Unemployment

Democrats said the package would also help replace the salaries of furloughed workers for four months, rather than the three months first proposed. Furloughed workers would get whatever amount a state usually provides for unemployment, plus a $600 per week add-on, with gig workers like Uber drivers covered for the first time.
It includes a controversial, heavily negotiated $500 billion program for guaranteed, subsidized loans to larger industries, including airlines. Hospitals would get significant help as well.
Businesses controlled by members of Congress and top administration officials — including Trump and his immediate family members — would be ineligible for the bill’s business assistance.
“The legislation now before us now is historic because it is meant to match a historic crisis,”said Minority Leader Chuck Schumer, D-N.Y. “Our health care system is not prepared to care for the sick. Our workers are without work. Our businesses cannot do business. Our factories lie idle. The gears of the American economy have ground to a halt.”

Companies Get $50B Incentive to Retain Employees

Republicans won inclusion of an “employee retention” tax credit that’s estimated to provide $50 billion to companies that retain employees on payroll and cover 50% of workers’ paycheck up to $10,000. Companies would also be able to defer payment of the 6.2% Social Security payroll tax.
A companion appropriations package ballooned as well, growing from a $46 billion White House proposal to $330 billion, which dwarfs earlier disasters — including Hurricane Katrina and Superstorm Sandy combined.
The package is intended as relief for an economy spiraling into recession or worse and a nation facing a grim toll from an infection that’s killed more than 21,000 people worldwide. Treasury Secretary Steven Mnuchin, asked how long the aid would keep the economy afloat, said: “We’ve anticipated three months. Hopefully, we won’t need this for three months.”

Total Cost Estimated at $2.2 Trillion

Underscoring the effort’s sheer magnitude, the bill finances a response with a price tag that equals half the size of the entire $4 trillion-plus annual federal budget. The $2.2 trillion estimate is the White House’s best guess.
Insistently optimistic, President Donald Trump said of the greatest public-health emergency in anyone’s lifetime, “I don’t think its going to end up being such a rough patch” and anticipated the economy soaring “like a rocket ship” when it’s over.
The drive by leaders to speed the bill through the Senate was slowed as four conservative Republican senators from states who economies are dominated by low-wage jobs demanded changes, saying the legislation as written might give workers like store clerks incentives to stay on unemployment instead of returning return to their jobs since they may earn more money if they’re laid off than if they’re working. They settled for a failed vote to modify the provision.

House Leader Promises Vote on Friday

House Speaker Nancy Pelosi, D-Calif., swung behind the bipartisan agreement, saying it “takes us a long way down the road in meeting the needs of the American people.”
House members are scattered around the country, but House Majority Leader Steny Hoyer, D-Md., said the measure would pass by voice vote Friday without lawmakers having to return to Washington.
Pelosi was a force behind $400 million in grants to states to expand voting by mail and other steps that Democrats billed as making voting safer but Republican critics called political opportunism. The package also contains $15.5 billion more for a surge in demand for food stamps as part of a massive $330 billion title for agency operations.
State and local authorities would receive up to $150 billion in grants to fight the virus, care for their residents and provide basic services.
For most people, the new coronavirus causes mild or moderate symptoms, such as fever and cough that clear up in two to three weeks. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia, or death.
In the United States, more than 69,000 people have been sickened and more than 1,000 have died.