Early Thursday morning, U.S. Senators passed a $2 trillion relief package to help businesses and Americans suffering the impacts of the COVID-19 pandemic.
“It’s been a long hard road with a remarkable number of twists and turns, but for the sake of millions of Americans, it will be worth it,” Senate Minority Leader Chuck Schumer said.
Highlighted in the package, large businesses struggling during the healthcare crisis will have access to a $500 billion loan program. In addition, small businesses can take advantage of a $350 billion loan program.
#BREAKING: U.S. Senate PASSES $2 Trillion Coronavirus Economic Stimulus Bill, 96-0. https://t.co/t1gjDcdRXa
Goes now to House. pic.twitter.com/2FxSbWnyiR
— CSPAN (@cspan) March 26, 2020
In the $2 trillion package, transit systems will also have access to a $25 billion fund. Of that $25 billion, $3.8 billion has been dedicated to New York’s MTA. New York has been one of the hardest hit areas during this pandemic. As of Thursday morning, approximately 45% of COVID-19 related deaths in the United States have been in New York.
The health industry will also get a boost. $150 billion has been allocated to hospital funding. Another $150 billion has also been set aside for local and state governments.
Most notably, Americans earning $75,000 or less are eligible for a $1,200 check.
Moving forward, the U.S. House of Representatives will vote on the package. House Speaker Nancy Pelosi has said that she hopes to pass the bill unanimously as the Senate did.
