Late Wednesday the US Senate passed the $2 trillion fiscal package aimed at stimulating and assisting the US economy through the crisis. The historic package passed with a 96-0 vote.
Key highlights of the package include:
- $250 billion to make unemployment insurance enhancements.
- $301 billion in direct payments to households.
- $349 billion in loans to small businesses for mostly payroll, with some overhead allowances.
- $500 billion for loans, loan guarantees or other aid to businesses, states and municipalities (majority remaining backstopping losses in lending facilities established or expanded by the Federal Reserve).
- $32 billion in grants to cover wages at passenger air carriers, cargo air carriers and contractors.
- $150 billion in direct aid to states, distributed according to population size.
- $221 billion in a variety of tax benefits for businesses, including allowing businesses to defer payroll taxes, which finance Medicare and Social Security
- $117 billion for hospitals and veterans’ care.
The bill will move onto the House of Representatives for a vote Friday. Trump has already indicated he will quickly sign the bill into law should it pass through the House.
Information for this briefing was found via the provided links. The author has no securities or affiliations with any of the mentioned securities. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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