House Passes Historic $2 Trillion Stimulus Package
The U.S. House of Representatives passed a $2 trillion spending bill aimed at bringing some financial relief to American families and businesses in the midst of the coronavirus pandemic.
The Senate unanimously approved the unprecedented package late Wednesday night.
It includes a payment of up to $1,200 for most working Americans with another $500 per child.
It also expands unemployment insurance for most people and it boosts benefits by $600 a week through July.
In addition, more than $130 billion would go to the nation’s health care providers, $150 billion would go to state and local governments. Small businesses would get $350 billion in loans and grants and another $500 billion in loans would go to major corporations hurt by the crisis.
It now heads to the White House, where President Trump says he plans to sign it immediately.
The stimulus package is good news for unemployed workers, especially after the Department of Labor reported a historic number of jobless claims.
It comes as the outbreak has caused businesses to close and many people to lose their jobs, even just temporarily.
The labor department says it saw nearly 3.3 million unemployment claims last week.
That shatters the previous record of nearly 700,000 claims in 1982.
The surge in claims is overwhelming many unemployment agencies.
It usually takes two to three weeks for claims to be processed and payments made. But with the massive spike in unemployment, there could be delays.