We are talking about TWO TRILLION DOLLARS….
The money is supposed work to arrest the fall in the American economy due the actions of the Carona virus and other economic problem’s…
Democrats have indicated that this Phase III action will probably need even more legislative action…..
The stock market has begun to crawl back up on this news…
“This is a very important bipartisan piece of legislation that is going to be very important to help American workers, American business and people across America,” Mnuchin told reporters early Wednesday morning. “We couldn’t be more pleased.”
House Speaker Nancy Pelosi (D-Calif.) gave an upbeat assessment of the bill early Wednesday, but the logistics of the legislation’s passage through the House remain unclear. The House could likely vote as soon as Thursday on the measure, but New York Governor Andrew Cuomo was demanding changes on Wednesday and it appeared it was taking lawmakers longer than expected to release the final text. Nearly half of the country’s 55,000 cases are in New York, and the health care system around New York City is completely overwhelmed.
Cuomo said the bill would be “terrible” for his state and added that “We need the House to make adjustments.”
The Senate bill, unprecedented in its size and scope, would send $1,200 checks to many Americans, create a $367 billion loan program for small businesses, and establish a $500 billion lending fund for industries, cities and states.
The legislation ensures that these taxpayer-backed loans cannot go to firms owned by President Trump, other White House officials or members of Congress. This would suggest that Trump-owned properties, including hotels that have been impacted, cannot seek taxpayer assistance.
Other provisions include $150 billion for state and local stimulus funds and $130 billion for hospitals.
It would significantly boost unemployment insurance benefits, expanding eligibility and offering workers an additional $600 a week for four months, on top of what state unemployment programs pay. Millions of Americans have filed for unemployment benefits in the past few weeks, flooding a system that isn’t designed to cope with a sudden wave of applicants.
As the bill was coming together in the final days, Democrats fought to make numerous changes. For example, the White House and Republicans agreed to allow an oversight board and create a Treasury Department special inspector general for pandemic recovery to scrutinize the lending decisions and detect abusive or fraudulent behavior…..
Jobless numbers are gonna be coming out soon that are gonna be sky high….