The United States Senate passed a stimulus package of $2 trillion bill by a vote of 96-0 to combat coronavirus, just before Wednesday midnight. Furthermore, the Senate sends the bill for approval to the House of Representatives. Nancy Pelosi, the House Speaker, said that the House would immediately take some positive historic measures to bring the relief to common Americans, small businesses as well as larger corporations with the strong support of both political parties. Tuesday midnight, the White House and the Senate settled on a $2T stimulus package to fight coronavirus consequences.
The legislation consists of 880 pages, and it is the largest economic relief bill in the history of the United States. Mitch McConnell, the Senate Majority Leader, appeared dull and bushed when he announced the vote. He released Washington senators until 20th April; however, he assured them to recall them if needed. Whereas, the President of the United States, Donald Trump tweeted with lines, 96-0 in the U.S. Senate, Congratulations America.
96-0 in the United States Senate. Congratulations AMERICA!
— Donald J. Trump (@realDonaldTrump) March 26, 2020
The mutual vote came regardless of reservations on two sides about whether the bill goes too far or not. The vote plugged days of tough negotiations as Washington met with a nationwide challenge unlike any it ever faced. Before the start of final package voting, the Senate was discussing an amendment from Senator Ben Sasse, R-Neb., to ban people from receiving more from benefits of new unemployment than they received on the job; the amendment needed sixty votes to pass bit it failed with 48-48.
Odd Thing of generous unemployment package – Alex Godofsky
On his official Twitter account, Alex Godofsky wrote that the strange thing of the senate approved unemployment pay will discourage individuals from joining the dangerous industries – they could raise salaries? Amazon, the e-commerce giant, already raised salaries. It’s fine if wages and prices both go up for a while.
The weird thing about this hypothetical “generous unemployment pay will discourage people from entering critical industries” is… they could just raise wages? Amazon has already raised wages. Like, it’s okay if wages – and prices – go up for a while. It’s fine.
— Alex Godofsky (@AlexGodofsky) March 25, 2020
About Stimulus Package Details
The announced package would give one-time straight payments of $1200 every adult of the U.S. citizens making up to $75000 per year. Similarly, it will provide $2400 to each married couple making up to $150000, with $500 payment to every child. After the threshold of $75000 for people, the benefit would lessen by five dollars for every $100 the taxpayer makes. In the same way, $150000 threshold would applicable for couples, as well as a $112500 threshold for heads of families.
The passed Senate legislation will use the tax returns of 2019, if available, or tax returns of 2018 to evaluate income for finding how much direct economic relief individuals receive. On the other hand, those U.S. citizens who didn’t file tax returns have the option to use Form SSA-1099, Form RRB-1099 or Social Security Benefits Statement, a Social Security Equivalent Benefit Statement, per bill’s Page 149.
Moreover, the passed bill assigns $250 billion to extend redundancy insurance to more workforce, and extend the duration to thirty-nine weeks, more from the usual twenty-six weeks. $600 additional per week would provide for 4 months.
The announced package would further offer $349 billion in the form of loans to businesses at a small level – and money consumed on rent, payroll, and utility bills become allowances that do not need to pay back. Under the package, several hotels qualify as small businesses. Passenger carriers would receive $25 billion under the plan for employees’ benefits and wages, additionally up to $25 billion further in loan guarantees and loans.
Likewise, contract staff members would receive $3 billion in aid. Airlines must need to agree not to furlough employees until at least the September end in return. Around seventeen billion dollars will go to other distressed firms such as Boeing, seen as crucial for national security.