US Senate passes $2 trillion coronavirus rescue package

ANI
26 Mar 2020, 10:48 GMT+10

WASHINGTON, DC - The United States Senate has approved a $2 trillion emergency aid package -- the largest in U.S. history - to rescue the country's economy reeling under the impact of the coronavirus pandemic.

The Senate passed the bill late Wednesday night by a vote of 96-0, sending it to the U.S. House of Representatives, CNN reported.

The legislation will provide a massive infusion of financial aid into a struggling economy hard hit by job losses. The proposal includes: Setting aside $250 billion for direct payments to individuals and families, $350 billion in small business loans, $250 billion in unemployment insurance benefits and USD 500 billion in loans for distressed companies.

Under the plan, individuals who earn $75,000 in adjusted gross income or less would get direct payments of $1,200 each, with married couples earning up to $150,000 receiving $2,400 - and an additional $500 per each child.

The development comes after U.S. Senate leaders and Trump Administration reached an agreement early Wednesday on the package early.

President Donald Trump has indicated he will sign the measure.

The United States has over 51,000 cases of COVID-19 with over 600 deaths, as per the World Heath Organization. (ANI)

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