House Passes $2 Trillion Economic Relief Package

The package will provide temporary relief for businesses and workers impacted by the economic downturn caused by the pandemic

Win McNamee / Getty Images

The House of Representatives passed an unprecedented $2 trillion economic relief package on Friday designed to address the fallout from the ongoing coronavirus pandemic.

Some of the main provisions include:

  • A $500 billion lending program for cities, states and businesses, with $29 billion in loans earmarked for the airline industry and $17 billion for businesses deemed critical for national security (which includes Boeing)
  • A $350 billion loan program for businesses with under 500 workers that pledge not to lay off any workers
  • An expansion of unemployment insurance that allows freelancers, gig workers and furloughed employees to receive $600 a week for four months
  • $150 billion in emergency aid for states
  • $117 billion for hospitals
  • $75 million each for the National Endowment for the Arts, the National Endowment for the Humanities and the Corporation for Public Broadcasting, $50 million to the Institute of Museum and Library Services and $25 million for the Kennedy Center in Washington, D.C.
  • $1,200 in direct payments for individual Americans who make $75,000 or less a year

More to come…

Source: Read Full Article