A view of the Capitol’s Rotunda is seen reflected in an ambulance as discussions on a COVID-19 economic bailout continue on Capitol Hill March 24, 2020, in Washington, DC.
Brendan Smialowski | AFP | Getty Images
The Senate published an unprecedented stimulus bill Wednesday, estimated to cost $2 trillion, as Congress attempts to decrease the coronavirus pandemic’s human and financial toll.
The chamber hopes to move quickly to pass the legislation Wednesday night as employees face widespread layoffs, hospitals and countries starve for funds and companies small and large worry about their survival. The home is not likely to pass the proposal before Thursday.
The bill, designed to provide relief to people, the medical care system and even a whole corporate industry ravaged by the outbreak, could:
- Give direct payments of around $1,200 for individuals and $2,400 for couples, with $500 additional for each child, according to 2019 tax returns for people who registered them and 2018 information, if they haven’t. The benefit would begin to phase out over $75,000 in earnings for individuals and $150,000 for couples, going away entirely at the $99,000 and $198,000 thresholds, respectively
- Boost unemployment insurance, including $600 weekly for up to four weeks on top of beneficiaries normally receive from nations. It expands eligibility to self-employed individuals and independent contractors
- Produce a $500 billion pool of taxpayer money to make loans, loan guarantees or investments to or in companies, states and municipalites damaged by the crisis
- Give $25 billion in grants to airlines and $4 billion to freight carriers to be used exclusively to cover employee wages, salaries and benefits, and set aside another $25 billion and $4 billion, respectively, for loans and loan guarantees
- Offer $17 billion in loans and loan guarantees for unspecified “businesses critical to maintaining national security”
- Put $117 billion into associations and veterans’ healthcare
- Offer $16 billion to the strategic national stockpile of pharmaceutical and medical supplies
- Give $350 billion in loans for small businesses to pay salary, salary and benefits, worth 250percent of an employer’s monthly payroll, with a maximum loan of $10 million
- Contain a tax credit for keeping workers, worth up to 50percent of salary paid during the catastrophe, for companies forced to suspend operations or who have witnessed gross receipts fall by 50% from the prior year
- Require group health plans and insurance companies to cover preventive services associated with coronavirus without cost sharing
- Delay payroll tax for companies, requiring half of the deferred tax to be paid by the end of 2021 and the other half from the end of 2022
- Ban businesses that take government loans from buying back stock until a year after the loan is paid back
- Bar workers or executives who made at least $425,000 last year from receiving a raise
- Cease President Donald Trump and his family members’ companies from getting emergency taxpayer relief. The provision also applies to Vice President Mike Pence, heads of executive departments, members of Congress and their family members
- Suspend national student loan obligations through Sept. 30 with no accrual of interest on these loans
As the coronavirus disease COVID-19 spreads across the U.S., there are now greater than 65,000 instances and at least 900 deaths from it, according to information compiled by Johns Hopkins University. Patients have flooded hospitals in New York City, the epicenter of the epidemic in the U.S., as nations around the country plead for more critical resources such as masks and ventilators.
As schools and businesses close across the country to slow the outbreak, a wave of layoffs and furloughs has struck Americans. States are expected to report historical unemployment claims as the economy slows and workers struggle to pay statements.
— CNBC’s Kayla Tausche contributed to this report