The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was passed late Wednesday night by the Senate, paving the way for it to go to the House of Representatives and eventually President Trump. The legislation is meant to provide financial relief to Americans and businesses suffering from the virus’ economic toll.
The vote passed 96 to 0 at about 11:50 p.m. ET. The bill includes direct payments of $1,200 to millions of Americans, boost unemployment benefits, and shore up hundreds of billions of dollars’ worth of loans for businesses.
It allocates about $150 billion for hospitals and healthcare workers for supplies. U.S. airlines hammered by the shutdowns would receive $50 billion.
The bill was met with two stoppages by Senate Democrats who wanted stronger worker protections and stricter guidelines for which corporations would receive the payments.
President Trump originally wanted the bill to be passed by Monday, but due to disagreements and stoppages, it had to wait until Wednesday night.
Stocks posted a 11% recovery in Tuesday’s sessions in hopes of the bill passing, but very little new information was passed during the session.
The economic toll of the coronavirus has many businesses and companies, as well as employees, worrying about their income. While many people wait inside for quarantines to pass, the long-term economic repercussions are what have many people scared.
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