- The Senate's $ 2 trillion spending package will use historic government funds to combat the corona virus and its economic consequences.
- Legislators presented the economic recovery plan on Wednesday evening after days of blockades and hasty negotiations.
- Here, the Coronavirus Aid, Relief and Economic Security Act or the CARES Act allocates its massive sum of direct payments to Americans of up to almost $ 1 trillion in far-reaching business aid.
- You can find more stories on the Business Insider homepage.
A $ 2 trillion spending bill releases unprecedented aid to combat the effects of the corona virus on the U.S. economy.
The senators unveiled the full text of the Coronavirus Aid, Aid and Economic Security Act or the CARES Act on Wednesday evening after days of blockades and negotiations between Congress and White House leaders. The sum of approximately $ 2 trillion will arrive if the coronavirus spreads across the country and measures to limit contagion rapidly slow economic activity.
The economic stimulus package went through several iterations before the Senate voted on the CARES law at around 11 p.m. on Wednesday evening. Easter time. Amendments that were voted on included changes to unemployment insurance provisions introduced by Republican Senator Ben Sasse of Nebraska.
The legislation still has to be passed by the Senate and the House of Representatives before it reaches President Trump's desk.
Here the bill will allocate its funds, from corporate loans to direct payments for Americans.