Senators Reach Accord on $2 Trillion Stimulus Package

By:
Chris Gaetano
Published Date:
Mar 25, 2020
1280px-Capitol-Senate

Senators, after days of negotiations, have finally agreed on a stimulus package meant to address the economic impact of the coronavirus epidemic, a $2 trillion spending measure that includes direct cash payments to most Americans, according to CNN. The text of the legislation itself is still being drafted, and the Senate hasn't even formally voted on the bill, and so fine details are scarce. In broad strokes, however, the bill will, among many other things,

* Send checks of $1,200 (plus $500 for each child in a family) to Americans making under $75,000. Those making between $75,000 to $99,000 will receive a lesser payment. Thresholds are doubled for married couples.

* Dramatically expand unemployment benefits.

* Provide $350 billion in assistance in loans to small businesses.

* Provide $500 billion in loans for distressed companies.

* Provide $130 billion in aid to hospitals.

* Provide $150 billion in aid to state and local governments. 

Bloomberg is reporting that stocks are reacting cautiously to this news before the full details emerge. The S&P 500 has largely lost all the gains it made yesterday, as has the Nasdaq, while the Dow has been rapidly alternating between gains and losses throughout the morning.

The Trusted Professional is watching developments closely and shall have a more detailed account of the stimulus deal once they become available.

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