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Senate Reaches Bipartisan Agreement on Unprecedented $6 Trillion Coronavirus Stimulus.
https://www.thenewamerican.com/usnews/politics/item/35244-senate-reaches-bipartisan-agreement-on-unprecedented-6-trillion-coronavirus-stimulus
The announcement was made hours after White House Director of the National Economic Council Larry Kudlow revealed that a $6 trillion stimulus package ($2.2 trillion in direct assistance from Congress and $4 trillion in Federal Reserve lending power) was imminent. At a colossal $6 trillion, the stimulus package is equal to roughly 28 percent of the country's $21.44 trillion gross domestic product (GDP) in 2019, and is by far the largest stimulus in U.S. history.
The Senate bill also includes $500 billion for a corporate credit program administered by the Federal Reserve, establishing an oversight board with an inspector general at the Treasury Department for the $500 billion corporate liquidity program; $357 billion in forgivable bridge loans for small businesses that keep paying their employees; $150 billion for state and local governments, $130 billion for hospitals; paying the full salaries of furloughed workers for up to four months; $45 billion towards disaster relief; and $27 billion to resupply the nation’s Strategic National Stockpile of masks, gowns, gloves, ventilators, and other medical supplies.
In addition to the $2.2 trillion from Congress, the Federal Reserve will pump more than $4 trillion into the economy and credit markets. On Wednesday, during the White House Coronavirus Task Force daily briefing, Treasury Secretary Steven Mnuchin further elaborated. “Treasury [Department] will have additional authorities. We have $500 billion that we can use to work with the Federal Reserve for emergency programs that will create up to an additional $4 trillion, if needed, to support American business and American workers in an unprecedented way.”
The $2.2 trillion bipartisan Senate bill would provide taxpayers with a one-time rebate check of $1,200 for individual adults ($2,400 for joint-filing), and $500 for each child in a household. The payments would be phased out at $75,000 in adjusted gross income based on 2018 tax returns.
