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February 24, 2024
Saarc Express
Business

Here’s how the government wants to spend $2 trillion to protect the economy from coronavirus’ effects

A $2 trillion Senate bill would release unprecedented amounts of aid to combat the novel coronavirus’ effects across the US economy.

Senators unveiled the full text of the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, on Wednesday evening after days of blockages and negotiation between leaders in Congress and the White House. The approximately $2 trillion proposal arrives as the coronavirus spreads throughout the US and measures to restrict contagion rapidly slow economic activity.

The stimulus package went through several iterations before the Senate voted on the CARES Act on Wednesday evening at about 11 p.m. ET. The amendments voted on included changes to unemployment-insurance provisions introduced by Republican Sen. Ben Sasse of Nebraska. 

The legislation passed the Senate by a vote of 96 to zero on Wednesday evening. It now heads to the House of Representatives before making it to President Donald Trump’s desk. 

Here’s where the bill allocates its funds, from corporate loans to direct payments for Americans.

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