The Senate unanimously passed a historic $2 trillion stimulus bill late Wednesday to provide the economy with a shot in the arm as the coronavirus pandemic continues to spread across the country and wreak financial havoc.
Senators voted 96-to-0 for the bill, the largest emergency aid package in the nation’s history. Senate Majority Leader Mitch McConnell called the stimulus package “a wartime level of investment for our nation” in introducing the legislation.
The House is expected to approve the package Friday morning. President Trump is expected to sign the bill, the third coronavirus stimulus package passed by Congress.
The package includes $250 billion earmarked for direct payments to Americans, which will amount to $1,200 for individuals, $2,400 for married couples, and $500 for each child under age 17.
The stimulus bill also provides $350 billion in loans for small businesses hit hard by the pandemic, $250 billion in expanded unemployment insurance, and $500 billion in corporate relief.
Treasury Secretary Steven Mnuchin said the White House is pushing to distribute direct payments by April 6.
“Our expectation is within three weeks we will have direct payments out where we have depository information,” Mnuchin said. “We’re looking to get a lot more information and we have procedures to do that.”