Wednesday, Senate leaders from both sides reached an agreement in the $2 Trillion dollar stimulus package for the American economy. The agreement was good news to many Americans and it showed as the stock market went up in the U.S. as well as in Japan's Nikkei rising more than 8%, while Hong Kong's Hang Seng index was up 3.8%. The agreement is believed to be the biggest economic rescue package in modern American history.
The full details have yet to be released, but here's what we know so far:
- $250 billion has been set aside for direct payments to individuals and families
- $350 billion in small business loans
- an additional $250 billion in unemployment insurance benefits
- $500 billion fund designated to help distressed businesses
- Boosts Medicare payments for hospitals that treat coronavirus patients by 20% and hospitals can request accelerated payments from Medicare
- Expands telehealth access
- Lifts Medicare sequester, which would have cut Medicare payments by 2% and eliminates Medicare Part B cost-sharing for coronavirus vaccine
- $1.3 billion in additional funding for Community Health Centers.
- Allows students to defer loan payments for six months and keep Pell Grants.
- Waives federal testing rules for K-12 students.
- Provides permanent liability protection for manufacturers of personal respiratory protective equipment, such as masks and respirators, in the event of a public health emergency, to incentivize production and distribution
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Under the plan as it stands, individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each, with married couples earning up to $150,000 receiving $2,400 -- and an additional $500 per each child. The payment would...
...scale down by income, phasing out entirely at $99,000 for singles and $198,000 for couples without children.
It also has a provision that would block President Donald Trump and his family, as well as other top government officials and members of Congress, from getting loans or investments from Treasury programs in the stimulus, according to Minority Leader Chuck Schumer's office.
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During a Wednesday evening press briefing, President Trump urged Congress to quickly pass the stimulus bill and get it to his desk.
"I will sign it immediately," he said.
