What $2 Trillion Stimulus Package Means For You

As of Wednesday morning, there have been over 428,000 confirmed cases COVID-19 globally resulting in over 19,000 deaths.

As the United States copes with this pandemic politicians have been trying to pass a historic economic stimulus package that would help businesses and individuals.

It appears that as of early Wednesday morning an agreement between Senators and administration officials has been reached.

According to the New York Times here is a brief outline of what is contained in the $2 Trillion Stimulus Package:

-Expansion of unemployment benefits that would extend unemployment insurance by 13 weeks and include a four-month enhancement of benefits.

-Provide $1,200 in direct payments that would apply equally to workers with incomes up to $75,000 per year before phasing out and ending altogether for those earning more than $99,000. Families would receive an additional $500 per child.

-A $500 billion fund - $425 billion for the Federal Reserve to leverage for loans in order to help broad groups of distressed companies and $75 billion for industry-specific loans. Will have stricter oversight, in the form of an inspector general and a 5-person panel appointed by Congress. Companies that accept money must also agree to halt any stock buybacks for the length of the government assistance, plus an additional year.

-Also, a provision that will block Trump family businesses or those of other senior government officials from receiving loan money under the programs.

-$130 billion for hospitals, $55 billion more than originally agreed to.

-$150 billion for state and local governments.