Senate unanimously passes $2 trillion emergency relief package

The US Senate passed the much-anticipated stimulus package overnight Wednesday. Now the final vote awaits in the House.

Members of the US Senate voted 96-0 to pass the Emergency Relief Bill in response to the coronavirus pandemic.

It comes after Democrats and Republicans finally reached an agreement on the $2 trillion bill after days of negotiations. The long-awaited stimulus package will send direct payments to American families and save the economy and small businesses that have been forced to shut down amid the coronavirus pandemic. The package will also provide relief to hospitals and state and local governments.

For more information :

https://www.congress.gov/bill/116th-congress/house-bill/6201/text

https://abcnews.go.com/Politics/trillion-stimulus-package/story?id=69791823

Here’s what you need to know:

Families & Individuals

• Individuals with an annual income of $75,000 will receive a direct check for $1,200.
• Families with an annual income of $150,000 or less will receive direct checks for $2,400 plus $500 per child (up to 3 children).
• People who earn more than $75,000 but less than $99,000 will receive checks for smaller amounts. The same goes for families earning more than $150,000 and less than $198,000.
• Those living on Social Security or not earning money will still get checks.
• Extended unemployment insurance and improved benefits for four months, including for the self-employed and independent contractors.
• If you are older, the minimum distribution requirement for retirement is waived.
• The 10% early withdrawal fee on retirement accounts is waived for coronavirus-related distributions.
• The federal income tax filing date has been extended.

Small enterprises

• $350 billion to establish loan programs.
• Small businesses that retain their employees and payroll will be able to apply for loans. For eight weeks, the portion of the loan that covers payroll, mortgage interest, or rent will be yours.
• Furloughed workers would receive the amount a state usually provides for unemployment, plus an additional $600 per week.
• Payroll taxes are deferred until 2021 or later.
• Principal and interest on existing SBA loans are forgiven for six months.

Health care and hospitals

• $130 billion for hospitals.
• Provides additional funding for the prevention, diagnosis and treatment of coronavirus and expands health insurance coverage.
• Develops nutrition, Medicare and Medicaid services.
• Prioritizes Food and Drug Administration (FDA) review of certain promising treatments and allows emergency use of certain diagnostic tests not yet approved by the FDA.
• Essential medicines and medical equipment––Made in America.

An additional $150 billion has been agreed for local and state governments. One of the last issues to be settled involved $500 billion in guaranteed and subsidized loans to big industries, including a fight over generosity with airlines.

Nebraska Congressman Jeff Fortenberry said the bill seeks to do three main things.

“Protecting health, protecting individuals and families, and protecting small businesses,” Fortenberry said.

The congressman also said small businesses in Nebraska struggling with the pandemic can start taking action now.

“They need to talk to their banker immediately and start putting this process in place where they get a loan and possible salary forgiveness for 8 weeks as well as rent for 8 weeks, again to bridge that and make them get through this system,” Fortenberry says. .

This is a developing story, we will continue to provide updates as they become available and make changes to this article.