COVID-19 Federal Stimulus
Overnight, the U.S. Senate and House of Representatives reached agreement on a historic $2 trillion stimulus package. The full details of the bipartisan effort have not yet been released, but are believed to include $250 billion for direct payments to individuals and families, $250 billion for unemployment insurance, approximately $350 billion for small business loans, and $500 billion for loans to distressed companies and industries. The package also includes stimulus funding for states and hospitals. The legislation contains provisions making it clear that these loan programs cannot go to entities owned by President Trump, members of Congress or the White House administration. Both chambers still need to vote on the legislation. The Senate could vote as soon as today. The House is out of session, and thus the vote will come more slowly, perhaps on Sunday or Monday.
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