By a vote of 96-0, the Senate unanimously passed a $2 trillion economic relief package late Wednesday night, sending the bill to the House of Representatives, which House Speaker Nancy Pelosi said will soon take up the historic measure to bring relief to individuals, small businesses, and larger corporations “with strong bipartisan support.”
The Senate just pivoted from one of the most divided periods in recent memory to passing the largest rescue package in American history. And we passed it unanimously.
Americans deserved this outcome. I am proud the Senate stepped up.
— Leader McConnell (@senatemajldr) March 26, 2020
The 880-page legislation is the largest economic relief bill in U.S. history.
“96-0 in the United States Senate,” President Trump wrote on Twitter. “Congratulations AMERICA!”
96-0 in the United States Senate. Congratulations AMERICA!
— Donald J. Trump (@realDonaldTrump) March 26, 2020
The ‘Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, would provide one-time direct payments to Americans of $1,200 per adult making up to $75,000 a year, and $2,400 to married couples making up to $150,000, with $500 payments per child.
After a $75,000 threshold for individuals, the benefit would be reduced by $5 for each $100 the taxpayer makes. A similar $150,000 threshold applies to couples, and a $112,500 threshold for heads of households.
The legislation passed by the Senate will use 2019 tax returns, if available, or 2018 tax returns to assess income for determining how much direct financial aid individuals receive.
Additionally, the bill allocates $250 billion to extend unemployment insurance to more workers, and lengthen the duration to 39 weeks, up from the normal 26 weeks. $600 extra a week would be provided for four months.
The final package would additionally provide $349 billion in loans to small businesses — and money spent on rent, payroll and utilities becomes grants that don’t need to be paid back.
House Majority Leader Steny Hoyer, D-Md., said the House would vote on the matter on Friday.
You can read the full text of the CARES Act per Fox News here.