On Friday, March 27 President Donald Trump signed into law a roughly $2 trillion Coronavirus stimulus bill in an attempt to add some much needed relief to the U.S. economy. The bill is the largest economic relief package in modern U.S. history.
The bill passed in the Senate on Wednesday and then moved to the House early on Friday where it was passed unanimously. Before signing the bill, Trump expressed his gratitude to both parties.
“I want to thank Democrats and Republicans for coming together and putting America first,” Trump said. “This will deliver urgently needed relief to our nation’s families, workers and businesses, and that’s what this is all about.”
The bill, among other things, will provide a $1,200 direct payment to most Americans that make up to $75,000 a year, and $2,400 to married couples that make up to $150,000. The payments begin to decrease for those that make over $75,000 with an income cap at $99,000 per person. Parents will also receive $500 dollars per child under 17.
However, those listed as dependents will not be able to receive the direct payment. A dependent is a person who relies on someone else as the primary source of income and is indicated during tax filing. Most high school seniors and college students under the age of 24 are considered a dependent.
The bill also provides around $100 billion for hospitals and healthcare facilities, $350 billion to small businesses, $150 billion for state and local funds and $500 billion to corporations including airlines and cruise lines which have been hit hard by the COVID-19 closures. However, according to the L.A. Times, cruise lines will not receive relief if they have registered outside the U.S. in order to avoid U.S. tax and employment laws.
The bill was signed a day after the U.S. Department of Labor announced that a record 3.3 million Americans filed for unemployment claims, as many businesses continue to close across the country to stop the spread of COVID-19. In many parts of the country all non-essential businesses have been ordered to close and roughly 160 million Americans have been asked to shelter in place.
The bill passed on the same day that the United States surpassed 100,000 COVID-19 cases according to Worldometers. As of Saturday afternoon, there are an estimated 119,682 reported cases in the U.S. with 1,988 deaths and 3,229 recovered. On Thursday, the United States reportedly became the world leader in COIVD-19 cases, surpassing China and Italy.
To stay up to date on the COVID-19 pandemic, visit the CDC website or WHO website.
