Record $2 trillion rescue package gives lifeline for businesses, workers

https://www.mobilepaymentstoday.com/news/record-2-trillion-rescue-package-gives-lifeline-for-businesses-workers/
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Record $2 trillion rescue package gives lifeline for businesses, workers

Photo: iStock

The largest stimulus bill in U.S. history is almost reality, thanks to a deal struck this morning between the White House and U.S. Senate okaying $2 trillion to keep alive and revive the nation’s faltering economy under the weight of COVID-19 restrictions, according to CNN. 

“At last, we have a deal,” said Senate Majority Leader Mitch McConnell, wrapping up days of round-the-clock negotiations. 

The Senate is set to reconvene today at noon, but a time for the official vote hasn’t been publicized. Likewise, complete details are still to be released, but the measure is said to include $250 billion for direct payments to individuals and families, $350 billion for small business loans, $250 billion in unemployment insurance and $500 billion in distressed company loans.

Senate Minority Leader Chuck Schumer’s office said it also contains a provision blocking President Donald Trump, his family, top government officials and members of Congress, from obtaining Treasury program stimulus loans or investments 

“This is not a moment of celebration but of necessity,” Schumer told the Senate early this morning.


Topics: Coronavirus / COVID-19, Mobile Banking, Regulatory Issues, Restaurants, Retail


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