The White House and Senate have reached a $2 trillion spending package deal aimed at helping individuals, businesses and the health care system amid the COVID-19 pandemic. Senate Majority Leader Mitch McConnell (R-KY) and Minority Leader Charles Schumer (D-NY) announced the negotiation deal on the Senate floor around 1:30 AM, after meeting with Treasury Secretary Steven Mnuchin and other White House administration officials.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, S.3548, includes funding to increase duration of unemployment insurance, to provide immediate relief for small businesses, and to provide emergency education funding.
The bill also includes funding for the following:
- $1,200 checks to many Americans for immediate relief and an additional $500 payment is available per child
- $260 billion in funding for Unemployment Insurance program
- $150 billion in the nations health system
- $367 billion in loan programs to help aid small businesses
- $150 billion to states, tribes, and local governments to respond to new expenses related to COVID-19
- $330 billion to emergency appropriations which include funding for medical supplies to State and local health agencies, hospitals, and other healthcare entities facing shortages
The bill does not include expanding Supplemental Nutrition Assistance Program (SNAP) benefits, expanding paid sick leave for all workers, and assurance that everyone is able to receive access to care, regardless of immigration status. The Senate is set to vote on the bill later today.